Commitments and Contingencies (Details Narrative) |
12 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Aug. 15, 2020
USD ($)
|
Dec. 13, 2019
USD ($)
$ / shares
shares
|
Dec. 13, 2019
EUR (€)
shares
|
Dec. 31, 2020
USD ($)
|
Dec. 31, 2020
EUR (€)
|
Dec. 31, 2020
EUR (€)
|
Dec. 31, 2019
USD ($)
|
|
Total Long-Term Debt | $ 3,448,204 | ||||||
Net Operating Losses | $ 24,000,000 | $ 17,300,000 | |||||
Operating Lease Right of Use Obligations [Member] | |||||||
Weighted average discount rate | 2.87% | 2.87% | |||||
Weighted average remaining lease term | 39 months | 39 months | |||||
Operating lease right-of-use assets and liabilities | $ 326,085 | $ 331,452 | |||||
Payment of lease liabilities | 230,627 | ||||||
Operating lease expense | 231,343 | ||||||
Short term lease costs | 30,117 | ||||||
Collaborative Agreement [Member] | |||||||
Total long-term debt | 0 | ||||||
Repayment of long-term loan amount | 160,000 | ||||||
Managing Director's Agreement [Member] | |||||||
Total long-term debt | $ 176,085 | ||||||
Transaction agreement description | In connection with the transaction agreement, the Company also entered into a 2-year Managing Director’s agreement with the founder of Octamer to continue to manage Volition Germany for a payment of €288,000 Euros payable in equal monthly installments over such 2-year period and a royalty agreement with the founder providing for the payment of royalties in the amount of 6% of net sales of Volition Germany’s nucleosomes as reagents to pharmaceutical companies for use in the development, manufacture and screening of molecules for use as therapeutic drugs for a period of 5 years post-closing. | In connection with the transaction agreement, the Company also entered into a 2-year Managing Director’s agreement with the founder of Octamer to continue to manage Volition Germany for a payment of €288,000 Euros payable in equal monthly installments over such 2-year period and a royalty agreement with the founder providing for the payment of royalties in the amount of 6% of net sales of Volition Germany’s nucleosomes as reagents to pharmaceutical companies for use in the development, manufacture and screening of molecules for use as therapeutic drugs for a period of 5 years post-closing. | |||||
Holdback liabilities | $ 52,581 | ||||||
Royalty payment | 134,217 | ||||||
Amount payable | $ 239 | ||||||
Royality | 6.00% | 6.00% | |||||
Stock based compensation expenses | $ 753,000 | ||||||
November 4, 2020 [Member] | Novis Animal Solutions LLC [Member] | |||||||
Compensation payable | $ 19,000 | ||||||
October 25, 2019 [Member] | TAMU [Member] | |||||||
Non-controlling interest | 7.50% | 7.50% | |||||
Equity interest | 12.50% | 12.50% | |||||
Additional interest | 5.00% | 5.00% | |||||
November 3, 2020 [Member] | Diagnostic Oncology CRO, LLC [Member] | |||||||
Transaction agreement description | The initial projects contemplated by the agreement relating to Non-Hodgkin’s Lymphoma obligate the Company to pay in aggregate of up to $2.9 million over a period of 22 months. Such payment obligations are on a project-by-project basis as deliverables are executed and subject to certain terms and conditions. Additionally, the Company may terminate the agreement or any project with or without cause upon at least 30 days’ prior written notice | The initial projects contemplated by the agreement relating to Non-Hodgkin’s Lymphoma obligate the Company to pay in aggregate of up to $2.9 million over a period of 22 months. Such payment obligations are on a project-by-project basis as deliverables are executed and subject to certain terms and conditions. Additionally, the Company may terminate the agreement or any project with or without cause upon at least 30 days’ prior written notice | |||||
November 10, 2020 [Member] | Singapore Volition and PB Commodities Pte Ltd [Member] | |||||||
Monthly Fees | $ 35,650 | ||||||
January 10, 2020 [Member] | |||||||
Common stock, restricted shares issued in exchange of purchased outstanding shares, value | $ 333,969 | ||||||
Restricted shares issued | shares | 73,263 | 73,263 | |||||
Common stock, restricted shares issued in exchange of purchased outstanding shares, shares | shares | 73,263 | 73,263 | |||||
Weighted trading price per share | $ / shares | $ 4.56 | ||||||
Repayment of debt | € | € 350,000 | ||||||
Common stock adjusted amount | $ 357,000 | ||||||
Holdback period | 9 months | 9 months | |||||
Holdback liabilities | $ 55,404 | ||||||
Net liabilities | $ 6,535 | ||||||
On September 16, 2020 [Member] | Bioinformatic Analytics Of Cell Free DNA [Member] | |||||||
Total long-term debt | 44,738 | ||||||
Repayment of long-term loan amount | € | € 54,879 | ||||||
In 2019 [Member] | Taxes A&M University [Member] | |||||||
Repayment of long-term loan amount | $ 400,000 | ||||||
Loan agreement term | 5 years | 5 years | |||||
Collaborative obligations amount due | $ 329,986 | ||||||
In 2018 [Member] | Long-term Debt [Member] | Namur Innovation and Growth [Member] | |||||||
Fixed interest rate on lease | 4.00% | 4.00% | |||||
In 2018 [Member] | Loan Agreement [Member] | Long-term Debt [Member] | Namur Innovation and Growth [Member] | |||||||
Total long-term debt | $ 272,524 | ||||||
Repayment of long-term loan amount | € | € 500,000 | ||||||
Loan agreement term | 4 years | 4 years | |||||
Maturity date | Jun. 30, 2022 | Jun. 30, 2022 | |||||
In 2015 [Member] | Finance Lease Obligations [Member] | Automated Liquid Handling Robots [Member] | |||||||
Maturity date | May 31, 2020 | May 31, 2020 | |||||
Amount payable | $ 0 | ||||||
Purchase price for the property | € | € 550,454 | ||||||
In 2018 [Member] | Finance Lease Obligations [Member] | BNP Paribas leasing solutions [Member] | |||||||
Maturity date | Jan. 31, 2022 | Jan. 31, 2022 | |||||
Amount payable | $ 11,688 | ||||||
Purchase price for the property | € | € 25,000 | ||||||
Implicit interest | 1.35% | 1.35% | |||||
Leased equipment amortized term | 5 years | 5 years | |||||
In 2016 [Member] | Finance Lease Obligations [Member] | ING Asset Finance Belgium S.A. [Member] | |||||||
Maturity date | May 31, 2031 | May 31, 2031 | |||||
Amount payable | $ 650,209 | ||||||
Purchase price for the property | € | € 1,120,000 | ||||||
Implicit interest | 2.62% | 2.62% | |||||
In 2019 [Member] | Collaborative Arrangement, Co-promotion [Member] | |||||||
Collaborative obligations amount due | $ 96,000 | ||||||
Research collaboration agreement description | The Company entered into a research collaboration agreement with the University of Taiwan to collect a total of 1,200 samples for a 2-year period for a cost to the Company of up to $320,000 payable over such period | The Company entered into a research collaboration agreement with the University of Taiwan to collect a total of 1,200 samples for a 2-year period for a cost to the Company of up to $320,000 payable over such period | |||||
Namur [Member] | October 13, 2020 [Member] | Loan Agreement [Member] | Long-term Debt [Member] | |||||||
Fixed interest rate on lease | 4.00% | 4.00% | |||||
Total long-term debt | $ 934,896 | ||||||
Principal balance payable | € | € 764,547 | ||||||
Repayment of long-term loan amount | € | € 830,000 | ||||||
Loan agreement term | 10 years | 10 years | |||||
Maturity date | Mar. 31, 2021 | Mar. 31, 2021 | |||||
Belgian Volition [Member] | October 1, 2020 [Member] | Chief Executive Officer [Member] | |||||||
Description of agreement | i) €10,000 per month, and (ii) the equivalent of one-half of his salary for the 12-month non-competition period following termination of the agreement, subject to adjustments. | i) €10,000 per month, and (ii) the equivalent of one-half of his salary for the 12-month non-competition period following termination of the agreement, subject to adjustments. | |||||
Novis Animal Solutions LLC [Member] | |||||||
Monthly Fees | $ 20,000 | ||||||
sales commission | 5.00% | ||||||
Potential Equity Interest | 2.00% | ||||||
Namur Invest [Member] | In 2019 [Member] | Loan Agreement [Member] | Long-term Debt [Member] | |||||||
Fixed interest rate on lease | 4.80% | 4.80% | |||||
Total long-term debt | $ 611,406 | ||||||
Repayment of long-term loan amount | € | € 500,000 | ||||||
Loan agreement term | 4 years | 4 years | |||||
Maturity date | Sep. 30, 2024 | Sep. 30, 2024 | |||||
Namur Invest [Member] | In 2017 [Member] | Long-term Debt [Member] | |||||||
Fixed interest rate on lease | 4.00% | 4.00% | |||||
Namur Invest [Member] | In 2017 [Member] | Loan Agreement [Member] | Long-term Debt [Member] | |||||||
Total long-term debt | $ 64,863 | ||||||
Repayment of long-term loan amount | € | € 350,000 | ||||||
Loan agreement term | 4 years | 4 years | |||||
Maturity date | Jun. 30, 2021 | Jun. 30, 2021 | |||||
Namur Invest [Member] | In 2016 [Member] | Long-term Debt [Member] | |||||||
Fixed interest rate on lease | 4.85% | 4.85% | |||||
Namur Invest [Member] | In 2016 [Member] | Loan Agreement [Member] | Long-term Debt [Member] | |||||||
Total long-term debt | $ 269,400 | ||||||
Repayment of long-term loan amount | € | € 440,000 | ||||||
Loan agreement term | 7 years | 7 years | |||||
Maturity date | Dec. 31, 2023 | Dec. 31, 2023 | |||||
SOFINEX [Member] | In 2017 [Member] | Long-term Debt [Member] | |||||||
Fixed interest rate on lease | 4.50% | 4.50% | |||||
SOFINEX [Member] | In 2017 [Member] | Loan Agreement [Member] | Long-term Debt [Member] | |||||||
Total long-term debt | $ 1,039,390 | ||||||
Repayment of long-term loan amount | € | € 1,000,000 | ||||||
Loan agreement term | 7 years | 7 years | |||||
Maturity date | Sep. 30, 2024 | Sep. 30, 2024 | |||||
ING [Member] | In 2016 [Member] | Long-term Debt [Member] | |||||||
Fixed interest rate on lease | 2.62% | 2.62% | |||||
ING [Member] | In 2016 [Member] | Loan Agreement [Member] | Long-term Debt [Member] | |||||||
Total long-term debt | $ 255,725 | ||||||
Repayment of long-term loan amount | € | € 270,000 | ||||||
Loan agreement term | 15 years | 15 years | |||||
Maturity date | Dec. 31, 2031 | Dec. 31, 2031 | |||||
Walloon Region Government [Member] | In 2018 [Member] | Colorectal Cancer Research Agreement [Member] | |||||||
Amount payable | $ 221,940 | ||||||
Grant receivable | € | € 605,000 | ||||||
Repayment of grants | € | 181,500 | ||||||
Terms of agreement description | It is due to pay a 3.53% royalty on such revenue to the Walloon Region. The maximum amount payable to the Walloon Region, in respect of the aggregate of the amount repayable of €181,500 and the 3.53% royalty on revenue, is equal to the amount of funding received | It is due to pay a 3.53% royalty on such revenue to the Walloon Region. The maximum amount payable to the Walloon Region, in respect of the aggregate of the amount repayable of €181,500 and the 3.53% royalty on revenue, is equal to the amount of funding received | |||||
Total grants repayable | $ 328,821 | ||||||
Walloon Region Government [Member] | In 2010 [Member] | |||||||
Repayment of long-term loan amount | € | € 733,614 | ||||||
Amount payable | $ 106,881 | ||||||
Grant receivable | € | 1,050,000 | ||||||
Repayment of grants | € | 314,406 | ||||||
Terms of agreement description | It is due to pay a 6% royalty on such revenue to the Walloon Region. The maximum amount payable to the Walloon Region, in respect of the aggregate of the amount repayable of €314,406 and the 6% royalty on revenue, is twice the amount of funding received | It is due to pay a 6% royalty on such revenue to the Walloon Region. The maximum amount payable to the Walloon Region, in respect of the aggregate of the amount repayable of €314,406 and the 6% royalty on revenue, is twice the amount of funding received | |||||
University of Michigan [Member] | In 2017 [Member] | Clinical Study Research Agreement [Member] | |||||||
Collaborative obligations amount due | $ 0 | ||||||
Lease agreement expire period | 3 years | 3 years | |||||
Collaborative obligations amount | € | 3,000,000 | ||||||
Munich University [Member] | In 2017 [Member] | Collaborative Research Agreement [Member] | |||||||
Collaborative obligations amount due | $ 0 | ||||||
Lease agreement expire period | 3 years | 3 years | |||||
Collaborative obligations amount | € | 360,000 | ||||||
DKFZ [Member] | In 2016 [Member] | Research Co-operation Agreement [Member] | |||||||
Collaborative obligations amount due | $ 244,562 | ||||||
Lease agreement expire period | 5 years | 5 years | |||||
Collaborative obligations amount | € | 400,000 | ||||||
DKFZ [Member] | In 2015 [Member] | Research Sponsorship Agreement [Member] | |||||||
Collaborative obligations amount due | $ 0 | ||||||
Lease agreement expire period | 3 years | 3 years | |||||
Collaborative obligations amount | € | € 338,984 | ||||||
University of Taiwan [Member] | In 2018 [Member] | Clinical Study Research Agreement [Member] | |||||||
Collaborative obligations amount due | $ 892,500 | ||||||
Lease agreement expire period | 3 years | 3 years | |||||
Collaborative obligations amount | $ 2,550,000 |