0001213900-20-011459.txt : 20200508 0001213900-20-011459.hdr.sgml : 20200508 20200508162355 ACCESSION NUMBER: 0001213900-20-011459 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 48 CONFORMED PERIOD OF REPORT: 20200331 FILED AS OF DATE: 20200508 DATE AS OF CHANGE: 20200508 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BioSolar Inc CENTRAL INDEX KEY: 0001371128 STANDARD INDUSTRIAL CLASSIFICATION: UNSUPPORTED PLASTICS FILM & SHEET [3081] IRS NUMBER: 000000000 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-54819 FILM NUMBER: 20860933 BUSINESS ADDRESS: STREET 1: 27936 Lost Canyon Road STREET 2: Suite 202 CITY: Santa Clarita STATE: CA ZIP: 91387 BUSINESS PHONE: 6612510001 MAIL ADDRESS: STREET 1: 27936 Lost Canyon Road STREET 2: Suite 202 CITY: Santa Clarita STATE: CA ZIP: 91387 10-Q 1 f10q0320_biosolar.htm QUARTERLY REPORT

 

  

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

(Mark One)

☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

 

FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2020

 

☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

FOR THE TRANSITION PERIOD FROM __________ TO __________

 

COMMISSION FILE NUMBER: 000-54819

 

BIOSOLAR, INC.

(Name of registrant in its charter)

 

Nevada   20-4754291

(State or other jurisdiction of

incorporation or organization)

   (I.R.S. Employer
Identification No.)

 

27936 Lost Canyon Road, Suite 202, Santa Clarita, CA 91387

(Address of principal executive offices) (Zip Code)

 

Issuer’s telephone Number: (661) 251-0001

 

Indicate by check mark whether the registrant (1) has filed all reports required by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company or emerging growth company. See definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer ☐ Accelerated filer ☐
Non-accelerated filer ☒ Smaller reporting company ☒
  Emerging growth company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided to Section 7(a)(2)(B) of the Securities Act. ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
None   None   None

  

The number of shares of registrant’s common stock issued and outstanding as of May 7, 2020 was 221,637,126.

 

 

 

 

 

  

BIOSOLAR, INC.

 

INDEX

   

  Page
PART I: FINANCIAL INFORMATION 1
   
ITEM 1 FINANCIAL STATEMENTS (Unaudited) 1
  Condensed Balance Sheets 1
  Condensed Statements of Operations 2 
  Condensed Statement of Shareholders’ Deficit 3
  Condensed Statements of Cash Flows 4 
  Notes to the Condensed Financial Statements 5
ITEM 2 MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 13
ITEM 3 QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 16
ITEM 4 CONTROLS AND PROCEDURES 16
     
PART II: OTHER INFORMATION 17
   
ITEM 1 LEGAL PROCEEDINGS 17
ITEM 1A RISK FACTORS 17
ITEM 2 UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 17
ITEM 3 DEFAULTS UPON SENIOR SECURITIES 17
ITEM 4 MINE SAFETY DISCLOSURES 17
ITEM 5 OTHER INFORMATION 17
ITEM 6 EXHIBITS 18
     
SIGNATURES 19

  

i

 

   

PART I – FINANCIAL INFORMATION

 

ITEM 1. FINANCIAL STATEMENTS

 

BIOSOLAR, INC.

CONDENSED BALANCE SHEETS

    

   March 31,
2020		   December 31,
2019		 
   (Unaudited)     
ASSETS        
         
CURRENT ASSETS          
Cash  $68,668   $61,794 
Prepaid expenses   26,705    29,956 
           
TOTAL CURRENT ASSETS   95,373    91,750 
           
PROPERTY AND EQUIPMENT          
Machinery and equipment   37,225    37,225 
Less accumulated depreciation   (31,017)   (30,681)
           
NET PROPERTY AND EQUIPMENT   6,208    6,544 
           
OTHER ASSETS          
Patents, net of amortization of $12,845  and $12,090, respectively   32,491    33,246 
Deposit   770    770 
           
TOTAL OTHER ASSETS   33,261    34,016 
           
TOTAL ASSETS  $134,842   $132,310 
           
LIABILITIES AND SHAREHOLDERS’ DEFICIT          
           
CURRENT LIABILITIES          
Accounts payable  $6,723   $58 
Accrued expenses   892,484    830,425 
Derivative liability   15,755,378    8,919,202 
Convertible promissory notes net of debt discount of $262,169 and $254,897, respectively   664,293    390,987 
           
TOTAL CURRENT LIABILITIES   17,318,878    10,140,672 
           
LONG TERM LIABILITIES          
Convertible promissory notes net of debt discount of $731 and $800, respectively   1,943,909    2,207,349 
           
TOTAL LONG TERM LIABILITIES   1,943,909    2,207,349 
           
TOTAL LIABILITIES   19,262,787    12,348,021 
           
SHAREHOLDERS’ DEFICIT          
Preferred stock, $0.0001 par value; 10,000,000 authorized shares, none issued and outstanding   -    - 
           
Common stock, $0.0001 par value; 3,000,000,000 authorized shares 166,447,022 and 133,912,520 shares issued and outstanding, respectively   16,644    13,391 
           
Preferred treasury stock, 1000 and 0 shares outstanding, respectively   -    - 
Additional paid in capital   12,451,764    12,301,739 
Accumulated deficit   (31,596,353)   (24,530,841)
           
TOTAL SHAREHOLDERS’ DECIFIT   (19,127,945)   (12,215,711)
           
TOTAL LIABILITIES AND SHAREHOLDERS’ DEFICIT  $134,842   $132,310 

    

The accompanying notes are an integral part of these unaudited condensed financial statements.

 

1

 

 

BIOSOLAR, INC.

CONDENSED STATEMENTS OF OPERATIONS

FOR THE THREE MONTHS ENDED MARCH 31, 2020 AND 2019

(Unaudited)

 

   Three Months Ended 
   March 31,
2020		   March 31,
2019		 
         
REVENUE  $-   $- 
           
OPERATING EXPENSES          
General and administrative expenses   118,819    106,133 
Research and development   43,620    75,000 
Depreciation and amortization   1,091    1,729 
           
TOTAL OPERATING EXPENSES   163,530    182,862 
           
LOSS FROM OPERATIONS BEFORE  OTHER INCOME (EXPENSES)   (163,530)   (182,862)
           
OTHER INCOME/(EXPENSES)          
Interest income   7    7 
Loss on conversion of debt   -    (204,534)
Gain (Loss) on change in derivative liability   (6,676,676)   4,100,543 
Interest expense   (225,313)   (232,540)
           
TOTAL OTHER INCOME (EXPENSES)   (6,901,982)   3,663,476 
           
NET INCOME (LOSS)  $(7,065,512)  $3,480,614 
           
BASIC AND DILUTED LOSS PER SHARE  $(0.05)  $0.07 
           
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING          
BASIC AND DILUTED   

145,334,913

    47,105,672 

  

The accompanying notes are an integral part of these unaudited condensed financial statements.

 

2

 

  

BIOSOLAR, INC.

CONDENSED STATEMENT OF SHAREHOLDERS’ DEFICIT

FOR THE THREE MONTHS ENDED MARCH 31, 2020 AND 2019

(Unaudited) 

 

   THREE MONTHS ENDED MARCH 31, 2019 
           Additional           Additional         
   Preferred Stock   Paid-in   Common Stock   Paid-in   Accumulated     
   Shares   Amount   Capital   Shares   Amount   Capital   Deficit   Total 
Balance at December 31, 2018        -        -           -    60,639,308    6,064    11,646,932    (28,653,206)   (17,000,210)
                                         
Issuance of common shares for converted promissory notes and accrued interest   -    -    -    12,263,930    1,226    349,130    -    350,356 
                                         
Net Income   -    -    -    -    -    -    3,480,614    3,480,614 
                                         
Balance at March 31, 2019 (unaudited)   -   $-   $-    72,903,238   $7,290   $11,996,062   $(25,172,592)  $(13,169,240)

 

   THREE MONTHS ENDED MARCH 31, 2020 
           Additional           Additional         
   Preferred Stock   Paid-in   Common Stock   Paid-in   Accumulated     
   Shares   Amount   Capital   Shares   Amount   Capital   Deficit   Total 
Balance at December 31, 2019       -          -       -    133,912,520    13,391    12,301,739    (24,530,841)   (12,215,711)
                                         
Issuance of common shares for converted promissory notes and accrued interest   -    -    -    32,534,502    3,253    150,025    -    153,278 
                                         
Net Loss   -    -    -    -    -    -    (7,065,512)   (7,065,512)
                                         
Balance at March 31, 2020 (unaudited)   -   $-   $-    166,447,022   $16,644   $12,451,764   $(31,596,353)  $(19,127,945)

  

 

The accompanying notes are an integral part of these unaudited condensed financial statements.

 

3

 

    

BIOSOLAR, INC.

CONDENSED STATEMENTS OF CASH FLOWS

FOR THE THREE MONTHS ENDED MARCH 31, 2020 AND 2019

(Unaudited)

 

   Three Months Ended 
   March 31,
2020		   March 31,
2019		 
CASH FLOWS FROM OPERATING ACTIVITIES:          
Net Income (Loss)  $(7,065,512)  $3,480,614 
Adjustment to reconcile net income(loss) to net cash (used in) provided by operating activities          
Depreciation and amortization expense   1,091    1,729 
(Gain) Loss on net change in derivative liability   6,676,676    (4,100,543)
Loss on conversion of debt   -    204,534 
Amortization of debt discount recognized as interest expense   152,798    163,992 
(Increase) Decrease in Changes in Assets          
Prepaid expenses   3,251    (3,059)
Increase (Decrease) in Changes in Liabilities          
Accounts payable   6,665    329 
Accrued expenses   72,405    51,452 
           
NET CASH USED IN OPERATING ACTIVITIES   (152,626)   (200,952)
           
CASH FLOWS FROM INVESTING ACTIVITIES:   -    - 
           
CASH FLOWS FROM FINANCING ACTIVITIES:          
Proceeds from convertible promissory notes   159,500    184,500 
           
NET CASH PROVIDED BY FINANCING ACTIVITIES   159,500    184,500 
           
NET INCREASE (DECREASE) IN CASH   6,874    (16,452)
           
CASH, BEGINNING OF PERIOD   61,794    82,697 
           
CASH, END OF PERIOD  $68,668   $66,245 
           
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION          
Interest paid  $110   $178 
Taxes paid  $-   $- 
           
SUPPLEMENTAL SCHEDULE OF NON-CASH TRANSACTIONS          
Common stock issued for convertible notes and accrued interest  $153,278   $350,356 
Fair value of initial derivative  $159,500   $176,694 

 

The accompanying notes are an integral part of these unaudited condensed financial statements.

 

4

 

     

BIOSOLAR, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS – UNAUDITED

FOR THE THREE MONTHS ENDED MARCH 31, 2020 AND 2019

 

1.Basis of Presentation

 

The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all normal recurring adjustments considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020. For further information refer to the financial statements and footnotes thereto included in the Company’s Form 10-K for the year ended December 31, 2020.

 

Going Concern 

The accompanying condensed financial statements have been prepared on a going concern basis of accounting, which contemplates continuity of operations, realization of assets and liabilities and commitments in the normal course of business. The accompanying unaudited financial statements do not reflect any adjustments that might result if the Company is unable to continue as a going concern. The Company has not generated revenue, and has negative cash flows from operations, which raise substantial doubt about the Company’s ability to continue as a going concern. The ability of the Company to continue as a going concern and appropriateness of using the going concern basis is dependent upon, among other things, additional cash infusion. The Company has historically obtained funds through private placements offerings of equity and debt. Management believes that it will be able to continue to raise funds by sale of its securities to its existing shareholders and prospective new investors to provide the additional cash needed to meet the Company’s obligations as they become due, and will allow the development of its core of business. No assurance can be given that any future financing will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company is able to obtain additional financing, it may contain undue restrictions on our operations, in the case of debt financing or cause substantial dilution for our stock holders, in case of equity financing. 

 

2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

This summary of significant accounting policies of the Company is presented to assist in understanding the Company’s financial statements. The financial statements and notes are representations of the Company’s management, which is responsible for their integrity and objectivity. These accounting policies conform to accounting principles generally accepted in the United States of America and have been consistently applied in the preparation of the financial statements.

 

Revenue Recognition

The Company will recognize revenue when services are performed, and at the time of shipment of products, provided that evidence of an arrangement exists, title and risk of loss have passed to the customer, fees are fixed or determinable, and collection of the related receivable is reasonably assured. To date, the Company has not had significant revenues and is in the development stage.

 

Cash and Cash Equivalent

The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents.

 

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the accompanying financial statements. Significant estimates made in preparing these financial statements, include the estimate of useful lives of property and equipment, the deferred tax valuation allowance, derivative liabilities and the fair value of stock options. Actual results could differ from those estimates.

 

Intangible Assets

The Company has patent applications to protect the inventions and processes behind its proprietary bio-based back-sheet, a protective covering for the back of photovoltaic solar modules traditionally made from petroleum-based film. Intangible assets that have finite useful lives continue to be amortized over their useful lives.

 

  Useful Lives   3/31/20   12/31/19 
Patents      $45,336   $45,336 
Less accumulated amortization   15 years    (12,845)   (12,090)
      $32,491   $33,246 

 

Amortization expense for the years ended March 31, 2020 and December 31, 2019 was $755 and $755, respectively.

 

5

 

 

BIOSOLAR, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS – UNAUDITED

FOR THE THREE MONTHS ENDED MARCH 31, 2020 AND 2019

  

2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

 

Stock-Based Compensation

The Company measures the cost of employee services received in exchange for an equity award based on the grant-date fair value of the award. All grants under our stock-based compensation programs are accounted for at fair value and that cost is recognized over the period during which an employee, consultant, or director are required to provide service in exchange for the award (the vesting period). Compensation expense for options granted to employees and non-employees is determined in accordance with the standard as the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measured. Compensation expense for awards granted is re-measured each period.

 

Determining the appropriate fair value of the stock-based compensation requires the input of subjective assumptions, including the expected life of the stock-based payment and stock price volatility.  The Company used Black Scholes to value its stock option awards which incorporated the Company’s stock price, volatility, U.S. risk-free rate, dividend rate, and estimated life. The stock options terminate seven (7) years from the date of grant or upon termination of employment. As of March 31, 2020, 15,950,000 stock options are outstanding.

 

Net Earnings (Loss) per Share Calculations

Net earnings (Loss) per share dictates the calculation of basic earnings (loss) per share and diluted earnings per share. Basic earnings (loss) per share are computed by dividing by the weighted average number of common shares outstanding during the year. Diluted net earnings (loss) per share is computed similar to basic earnings (loss) per share except that the denominator is increased to include the effect of stock options and stock based awards (Note 4), plus the assumed conversion of convertible debt (Note 5).   

  

For the three months ended March 31, 2020, the Company’s diluted loss per share is the same as the basic loss per share, and the inclusion of any potential shares would have had an anti-dilutive effect due to the Company generating a loss. The Company has excluded 15,950,000 stock options and the shares issuable from convertible debt of $2,871,102, because their impact was anti-dilutive.

 

For the three months ended March 31, 2019, the Company’s diluted loss per share is the same as the basic loss per share, and the inclusion of any potential shares would have had an anti-dilutive effect due to the Company generating a loss. The Company has excluded 15,950,000 stock options, and the shares issuable from convertible debt of $2,795,990, because their impact was anti-dilutive.

 

Fair Value of Financial Instruments

Fair Value of Financial Instruments, requires disclosure of the fair value information, whether recognized in the balance sheet, where it is practicable to estimate that value. As of March 31, 2020, the amounts reported for cash, inventory, prepaid expenses, accounts payable, and accrued expenses, approximate the fair value because of their short maturities.

 

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic 820 established a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). These tiers include:

 

●Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets;
●Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and
●Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

 

6

 

 

BIOSOLAR, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS – UNAUDITED

FOR THE THREE MONTHS ENDED MARCH 31, 2020 AND 2019

 

2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

 

We measure certain financial instruments at fair value on a recurring basis. Assets and liabilities measured at fair value on a recurring basis are as follows at March 31, 2020:

 

   Total   (Level 1)   (Level 2)   (Level 3) 
                 
Derivative Liability  $15,755,378   $-   $-   $15,755,378 
Total Liabilities measured at fair value  $15,755,378   $-   $-   $15,755,378 

 

The following is a reconciliation of the derivative liability for which Level 3 inputs were used in determining the approximate fair value:

 

Balance as of December 31, 2019  $8,919,202 
Fair value of derivative liabilities issued   159,500 
Loss on change in derivative liability   6,676,676 
Balance as of March 31, 2020  $15,755,378 

 

Recently Issued Accounting Pronouncements

Management does not believe that any recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying condensed financial statements.

 

3.CAPITAL STOCK

 

During the three months ended March 31, 2020, the Company issued 32,534,502 shares of common stock upon conversion of convertible promissory notes in the amount of $142,432, plus accrued interest of $10,346, and other fees of $500 at prices ranging from $0.00175 - $0.0070. The Company had no gain or loss upon conversion, since the conversions were made under the terms of the agreements.

 

During the three months ended March 31, 2019, the Company issued 12,263,930 shares of common stock upon conversion of convertible promissory notes in the amount of $132,670, plus accrued interest of $13,152, with an aggregate fair value loss of $204,534 at prices ranging from $0.0235 - $0.0341.

 

4.STOCK OPTIONS

 

Stock Options

The Company did not grant any stock options during the three months ended March 31, 2020 and 2019, respectively.

  

   3/31/2020   3/31/2019 
   Number of Options   Weighted average exercise price   Number of Options   Weighted average exercise price 
Outstanding as of the beginning of the periods   15,950,000   $0.23    15,950,000   $0.23 
Granted   -    -    -    - 
Exercised   -    -    -    - 
Expired   -    -    -    - 
Outstanding as of the end of the periods   15,950,000   $0.23    15,950,000   $0.23 
Exercisable as of the end of the periods   15,950,000   $0.23    15,950,000   $0.23 

 

7

 

 

BIOSOLAR, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS – UNAUDITED

FOR THE THREE MONTHS ENDED MARCH 31, 2020 AND 2019

 

4.STOCK OPTIONS (Continues)

 

The weighted average remaining contractual life of options outstanding as of March 31, 2020 and 2019 was as follows:

 

3/31/2020   3/31/2019 
Exercisable Price   Stock Options Outstanding   Stock Options Exercisable   Weighted Average Remaining Contractual Life (years)   Exercisable Price   Stock Options Outstanding   Stock Options Exercisable   Weighted Average Remaining Contractual Life (years) 
$0.09    2,450,000    2,450,000    1.98   $0.09    2,450,000    2,450,000    2.98 
$0.26    13,500,000    13,500,000    2.43   $0.26    13,500,000    13,500,000    3.43 
      15,950,000    15,950,000              15,950,000    15,950,000      

 

The stock-based compensation expense recognized in the statement of operations during the three months ended March 31, 2020 and 2019, related to the granting of these options was $0 and $0, respectively.

 

As of March 31, 2020 and 2019, respectively, there was no intrinsic value with regards to the outstanding options.

 

5.CONVERTIBLE PROMISSORY NOTES

 

As of March 31, 2020, the outstanding convertible promissory notes net of debt discount are summarized as follows:

 

Convertible Promissory Notes, net of debt discount  $2,608,202 
Less current portion   164,504 
Total long-term liabilities  $2,443,698 

 

Maturities of long-term debt, net of debt discount for the next five years are as follows:

 

March 31,  Amount 
2020   164,504 
2021   399,058 
2022   525,000 
2023   1,129,640 
2024   390,000 
   $2,608,202 

 

At March 31, 2020, the Company had $2,871,102 in convertible promissory notes, which had a remaining debt discount of $262,900, leaving a net balance of $2,608,202.

 

The Company issued an unsecured convertible promissory note (the May 2014 Note”), in the amount of $500,000 on May 2, 2014. The May Note matures May 2, 2022 The May 2014 Note bears interest at 10% per annum. The May 2014 Note is convertible into shares of the Company’s common stock at a conversion price of a) the lesser of $0.25 per share of common stock (subject to adjustment for stock splits, dividends, combinations and other similar transactions) or b) fifty percent (50%) of the average three (3) lowest trading prices of three (3) separate trading days recorded after the effective date, or c) the lowest effective price granted to any person or entity after the effective date to acquire common stock. If the Borrower fails to deliver shares in accordance with the time frame of three (3) business days, the Lender, at any time prior to selling all of those shares, may rescind any portion, in whole or in part of that particular conversion attributable to the unsold shares and have the rescinded conversion amount returned to the Principal Sum with the rescinded conversion shares returned to the Borrower. In addition, for each conversion, in the event shares are not delivered by the fourth business day (inclusive of the day of conversion), a penalty of $1,500 per day shall be assessed for each day after the third business day (inclusive of the day of the conversion) until the shares are delivered. The fair value of the May 2014 Note has been determined by using the Binomial lattice formula from the effective date of each tranche. During the period ended March 31, 2020, the Company issued 7,460,822 shares of common stock upon conversion of principal in the amount of $8,510, plus accrued interest of $4,546. As of March 31, 2020, the remaining balance of the May 2014 Note was $89,640.

 

8

 

 

BIOSOLAR, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS – UNAUDITED

FOR THE THREE MONTHS ENDED MARCH 31, 2020 AND 2019

 

5.CONVERTIBLE PROMISSORY NOTES (Continued)

 

The Company issued various unsecured convertible promissory notes (the 2015-2018 Notes”) in the aggregate amount of $2,500,000 on various dates of January 30, 2015 through January 17, 2019. The 2015-2018 Notes were extended and matures on dates from January 30, 2023 thru January 17, 2024. The 2015-2018 Notes bears interest at 10% per annum. The 2015-2018 Notes are convertible into shares of the Company’s common stock at conversion prices ranging from the a) the lesser of $0.03 to $0.25 per share of common stock (subject to adjustment for stock splits, dividends, combinations and other similar transactions) or b) fifty percent (50%) of the lowest trade price recorded since the original effective date, or c) the lowest effective price per share granted to any person or entity after the effective date to acquire common stock. If the Borrower fails to deliver shares in accordance within the time frame of three (3) business days, the Lender, at any time prior to selling all of those shares, may rescind any portion, in whole or in part of that particular conversion attributable to the unsold shares and have the rescinded conversion amount returned to the Principal Sum with the rescinded conversion shares returned to the Borrower. In addition, for each conversion, in the event shares are not delivered by the fourth business day (inclusive of the day of conversion), a penalty of $1,500 per day shall be assessed for each day after the third business day (inclusive of the day of the conversion) until the shares are delivered. The fair value of the 2015-2018 Notes have been determined by using the Binomial lattice formula from the effective date of each tranche. The Company recorded amortization of debt discount, which was recognized as interest expense in the amount of $800 during the period ended March 31, 2020. The 2015-2018 Notes as of March 31, 2020, had a remaining aggregate balance of $2,340,000.

 

The Company issued various unsecured convertible promissory notes (the “Feb-Apr 2019 Notes”) in the aggregate principal amount of $107,000. The Company paid an original issue discount of $4,000 and received funds in the amount of $103,000. The Feb 2019 tranche was extended to August 22, 2020. The Apr 2019 Note matures on October 11, 2020. The Feb-Apr 2019 Notes bears interest at 10% per annum. The Feb-Apr 2019 Notes may be converted into shares of the Company’s common stock at a conversion price of sixty-one (61%) percent of the lowest one (1) day trading price during the fifteen (15) trading days prior to the conversion date. The parties agree that if delivery of the common stock issuable upon conversion of these Notes are not delivered by the deadline, the Borrower shall pay to the Holder $2,000 per day in cash, for each day beyond the deadline that the Borrower fails to deliver such common stock. The conversion feature of the Feb-Apr 2019 Notes was considered a derivative in accordance with current accounting guidelines because of the reset conversion features of the Feb-Apr 2019 Notes. The fair value of the Feb-Apr 2019 Notes has been determined by using the Binomial lattice formula from the effective date of the notes. During the period ended March 31, 2020, the Company issued 3,200,000 shares of common stock upon conversion of $17,922 in principal and $500 in other fees. The Company recorded amortization of debt discount, which was recognized as interest expense in the amount of $21,070 during the period ended March 31, 2020. The Feb-Apr 2019 Notes as of March 31, 2020, had a remaining balance of $54,462.

 

The Company issued an unsecured convertible promissory note on July 16, 2019 (the July 2019 Note), in the aggregate principal amount of $53,000. The Company paid an original issue discount of $3,000 and received funds in the amount of $50,000. The July 2019 Note matures on July 16, 2020. The July 2019 Note bears interest at 10% per annum. The July 2019 Note may be converted into shares of the Company’s common stock at a conversion price of sixty-one (61%) percent of the lowest average two (2) day closing bid prices during the fifteen (15) trading days prior to the conversion date. The parties agree that if delivery of the common stock issuable upon conversion of these Notes are not delivered by the deadline, the Borrower shall pay to the Holder $2,000 per day in cash, for each day beyond the deadline that the Borrower fails to deliver such common stock. The conversion feature of the July 2019 Note was considered a derivative in accordance with current accounting guidelines because of the reset conversion features of the July 2019 Note. The fair value of the July 2019 Notes has been determined by using the Binomial lattice formula from the effective date of the notes. During the period ended March 31, 2020, the Company issued 8,248,918 shares of common stock upon conversion of principal in the amount of $53,000, plus interest of $2,650. The Company recorded amortization of debt discount, which was recognized as interest expense in the amount of $28,672 during the period ended March 31, 2020. The July 2019 Note as of March 31, 2020 had a remaining balance of $0.

 

The Company issued an unsecured convertible promissory note on August 8, 2019 (the August 2019 Note), in the aggregate principal amount of $53,500. The Company paid an original issue discount of $2,000 and received funds in the amount of $51,500. The August 2019 Note matures on August 8, 2020. The August 2019 Note bears interest at 10% per annum. The August 2019 Note may be converted into shares of the Company’s common stock at a conversion price of sixty-one (61%) percent of the lowest one (1) day trading price or lowest bid price during the fifteen (15) trading days prior to the conversion date. The parties agree that if delivery of the common stock issuable upon conversion of these Notes are not delivered by the deadline, the Borrower shall pay to the Holder $2,000 per day in cash, for each day beyond the deadline that the Borrower fails to deliver such common stock. The conversion feature of the July 2019 Note was considered a derivative in accordance with current accounting guidelines because of the reset conversion features of the August 2019 Note. The fair value of the August 2019 Notes has been determined by using the Binomial lattice formula from the effective date of the notes. The Company recorded amortization of debt discount, which was recognized as interest expense in the amount of $24,408 during the period ended March 31, 2020. The August 2019 Note as of March 31, 2020 had a remaining balance of $53,500.

 

9

 

 

BIOSOLAR, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS – UNAUDITED

FOR THE THREE MONTHS ENDED MARCH 31, 2020 AND 2019

 

5.CONVERTIBLE PROMISSORY NOTES (Continued)

  

The Company issued an unsecured convertible promissory note on August 29, 2019 (the August 29, 2019 Note), in the aggregate principal amount of $63,000. The Company paid an original issue discount of $3,000 and received funds in the amount of $60,000. The August 29, 2019 Note matures on August 29, 2020. The August 29, 2019 Note bears interest at 10% per annum. The August 29, 2019 Note may be converted into shares of the Company’s common stock at a conversion price of sixty-one (61%) percent of the lowest average two (2) day closing bid prices during the fifteen (15) trading days prior to the conversion date. The parties agree that if delivery of the common stock issuable upon conversion of these Notes are not delivered by the deadline, the Borrower shall pay to the Holder $2,000 per day in cash, for each day beyond the deadline that the Borrower fails to deliver such common stock. The conversion feature of the August 29, 2019 Note was considered a derivative in accordance with current accounting guidelines because of the reset conversion features of the August 29, 2019 Note. The fair value of the August 29, 2019 Note has been determined by using the Binomial lattice formula from the effective date of the notes. During the period ended March 31, 2020, the Company issued 13,624,762 upon conversion in principal of $63,000, plus accrued interest of $3,150. The Company recorded amortization of debt discount, which was recognized as interest expense in the amount of $24,408 during the period ended March 31, 2020. The August 2019 Note as of March 31, 2020 has a remaining balance of $0.

 

The Company issued an unsecured convertible promissory note on October 1, 2019 (the Oct 2019 Note), in the aggregate principal amount of $63,000. The Company paid an original issue discount of $3,000 and received funds in the amount of $60,000. The October 1, 2019 Note matures on October 1, 2020. The Oct 2019 Note bears interest at 10% per annum. The Oct 2019 Note may be converted into shares of the Company’s common stock at a conversion price of sixty-one (61%) percent of the lowest average two (2) day closing bid prices during the fifteen (15) trading days prior to the conversion date. The parties agree that if delivery of the common stock issuable upon conversion of these Notes are not delivered by the deadline, the Borrower shall pay to the Holder $2,000 per day in cash, for each day beyond the deadline that the Borrower fails to deliver such common stock. The conversion feature of the Oct 2019 Note was considered a derivative in accordance with current accounting guidelines because of the reset conversion features of the Oct 2019 Note. The fair value of the Oct 2019 Note has been determined by using the Binomial lattice formula from the effective date of the notes. The Company recorded amortization of debt discount, which was recognized as interest expense in the amount of $15,664 during the period ended March 31, 2020. The Oct 2019 Note as of March 31, 2020, had a remaining balance of $63,000.

 

The Company issued an unsecured convertible promissory note on November 4, 2019 (the Nov 2019 Note), in the aggregate principal amount of $58,000. The Company paid an original issue discount of $3,000 and received funds in the amount of $55,000. The November 4, 2019 Note matures on November 4, 2020. The Nov 2019 Note bears interest at 10% per annum. The Nov 2019 Note may be converted into shares of the Company’s common stock at a conversion price of sixty-one (61%) percent of the lowest average two (2) day closing bid prices during the fifteen (15) trading days prior to the conversion date. The parties agree that if delivery of the common stock issuable upon conversion of these Notes are not delivered by the deadline, the Borrower shall pay to the Holder $2,000 per day in cash, for each day beyond the deadline that the Borrower fails to deliver such common stock. The conversion feature of the Nov 2019 Note was considered a derivative in accordance with current accounting guidelines because of the reset conversion features of the Nov 2019 Note. The fair value of the Nov 2019 Note has been determined by using the Binomial lattice formula from the effective date of the notes. The Company recorded amortization of debt discount, which was recognized as interest expense in the amount of $14,421 during the period ended March 31, 2020. The Nov 2019 Note as of March 31, 2020 had a remaining balance of $58,000.

 

The Company issued an unsecured convertible promissory note on December 20, 2019 (the Dec 2019 Note), in the aggregate principal amount of $53,000. The Company paid an original issue discount of $3,000 and received funds in the amount of $50,000. The December 20, 2019 Note matures on December 20, 2020. The Dec 2019 Note bears interest at 10% per annum. The Dec 2019 Note may be converted into shares of the Company’s common stock at a conversion price of sixty-one (61%) percent of the lowest average two (2) day closing bid prices during the fifteen (15) trading days prior to the conversion date. The parties agree that if delivery of the common stock issuable upon conversion of these Notes are not delivered by the deadline, the Borrower shall pay to the Holder $2,000 per day in cash, for each day beyond the deadline that the Borrower fails to deliver such common stock. The conversion feature of the Dec 2019 Note was considered a derivative in accordance with current accounting guidelines because of the reset conversion features of the Dec 2019 Note. The fair value of the Dec 2019 Note has been determined by using the Binomial lattice formula from the effective date of the notes. The Company recorded amortization of debt discount, which was recognized as interest expense in the amount of $13,178 during the period ended March 31, 2020. The Dec 2019 Note as of March 3,1 2020, had a remaining balance of $53,000.

 

10

 

 

BIOSOLAR, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS – UNAUDITED

FOR THE THREE MONTHS ENDED MARCH 31, 2020 AND 2019

 

5.CONVERTIBLE PROMISSORY NOTES (Continued)

 

The Company issued an unsecured convertible promissory note on January 23, 2020 (the Jan 2020 Note), in the aggregate principal amount of $53,000. The Company paid an original issue discount of $3,000 and received funds in the amount of $50,000. The January 23, 2020 Note matures on January 23, 2021. The Jan 2020 Note bears interest at 10% per annum. The Jan 2020 Note may be converted into shares of the Company’s common stock at a conversion price of sixty-one (61%) percent of the lowest average two (2) day closing bid prices during the fifteen (15) trading days prior to the conversion date. The parties agree that if delivery of the common stock issuable upon conversion of these Notes are not delivered by the deadline, the Borrower shall pay to the Holder $2,000 per day in cash, for each day beyond the deadline that the Borrower fails to deliver such common stock. The conversion feature of the Jan 2020 Note was considered a derivative in accordance with current accounting guidelines because of the reset conversion features of the Jan 2020 Note. The fair value of the Jan 2020 Note has been determined by using the Binomial lattice formula from the effective date of the notes. The Company recorded amortization of debt discount, which was recognized as interest expense in the amount of $9,847 during the period ended March 31, 2020. The Jan 2020 Note as of March 31, 2020 had a remaining balance of $53,000.

 

The Company issued an unsecured convertible promissory note on February 13, 2020 (the Feb 2020 Note), in the aggregate principal amount of $53,500. The Company paid an original issue discount of $2,000 and received funds in the amount of $51,500. The Feb 2020 Note matures on February 13, 2021. The Feb 2020 Note bears interest at 10% per annum. The Feb 2020 Note may be converted into shares of the Company’s common stock at a conversion price of sixty-one (61%) percent of the lowest one (1) day trading price or lowest bid price during the fifteen (15) trading days prior to the conversion date. The parties agree that if delivery of the common stock issuable upon conversion of these Notes are not delivered by the deadline, the Borrower shall pay to the Holder $2,000 per day in cash, for each day beyond the deadline that the Borrower fails to deliver such common stock. The conversion feature of the Feb 2020 Note was considered a derivative in accordance with current accounting guidelines because of the reset conversion features of the Feb 2020 Note. The fair value of the Feb 2020 Note has been determined by using the Binomial lattice formula from the effective date of the notes. The Company recorded amortization of debt discount, which was recognized as interest expense in the amount of $6,724 during the period ended March 31, 2020. The Feb 2020 Note as of March 31, 2020 had a remaining balance of $53,500.

 

The Company issued an unsecured convertible promissory note on March 2, 2020 (the Mar 2020 Note), in the aggregate principal amount of $53,000. The Company paid an original issue discount of $3,000 and received funds in the amount of $50,000. The March 2, 2020 Note matures on March 2, 2021. The Mar 2020 Note bears interest at 10% per annum. The Mar 2020 Note may be converted into shares of the Company’s common stock at a conversion price of sixty-one (61%) percent of the lowest average two (2) day closing bid prices during the fifteen (15) trading days prior to the conversion date. The parties agree that if delivery of the common stock issuable upon conversion of these Notes are not delivered by the deadline, the Borrower shall pay to the Holder $2,000 per day in cash, for each day beyond the deadline that the Borrower fails to deliver such common stock. The conversion feature of the Mar 2020 Note was considered a derivative in accordance with current accounting guidelines because of the reset conversion features of the Mar 2020 Note. The fair value of the Mar 2020 Note has been determined by using the Binomial lattice formula from the effective date of the notes. The Company recorded amortization of debt discount, which was recognized as interest expense in the amount of $9,847 during the period ended March 31, 2020. The Mar 2020 Note as of March 31, 2020 had a remaining balance of $53,000.

 

6.DERIVATIVE LIABILITIES

 

We evaluated the financing transactions in accordance with ASC Topic 815, Derivatives and Hedging, and determined that the conversion feature of the convertible promissory note was not afforded the exemption for conventional convertible instruments due to its variable conversion rate. The note has no explicit limit on the number of shares issuable so they did not meet the conditions set forth in current accounting standards for equity classification. The Company elected to recognize the note under paragraph 815-15-25-4, whereby, there would be a separation into a host contract and derivative instrument. The Company elected to initially and subsequently measure the note in its entirety at fair value, with changes in fair value recognized in earnings. The Company recorded a derivative liability representing the imputed interest associated with the embedded derivative. The derivative liability is adjusted periodically per the stock price fluctuations.

 

11

 

 

BIOSOLAR, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS – UNAUDITED

FOR THE THREE MONTHS ENDED MARCH 31, 2020 AND 2019

 

6.DERIVATIVE LIABILITIES (Continued)

 

The convertible notes issued and described in Note 5 do not have fixed settlement provisions because their conversion prices are not fixed. The conversion feature has been characterized as derivative liabilities to be re-measured at the end of every reporting period with the change in value reported in the statement of operations.

 

During the three months ended March 31, 2020, as a result of the convertible notes (“Notes”) issued that were accounted for as derivative liabilities, we determined that the fair value of the conversion feature of the convertible notes at issuance was $159,500, based upon a Binomial-Model calculation. We recorded the full value of the derivative as a liability at issuance with an offset to valuation discount, which will be amortized over the life of the Notes.

 

During the three months ended March 31, 2020, the Company converted $142,432 in principal of convertible notes, plus accrued interest of $10,346, and other fees of $500. At March 31, 2020, the fair value of the derivative liability was $15,755,378.

 

For purpose of determining the fair market value of the derivative liability for the embedded conversion, the Company used the Binomial lattice valuation model. The significant assumptions used in the Binomial lattice valuation model for the derivative are as follows:

  

   3/31/2020
    
Risk free interest rate  0.15% - 1.55%
Stock volatility factor  109.0% -161.0%
Weighted average expected option life  6 months - 5 years
Expected dividend yield  None

 

7. COMMITMENTS AND CONTINGENCIES

  

The Company rents office space on a yearly basis with a monthly rent payment in the amount of $550.

 

In the normal course of business, the Company may be involved in legal proceedings, claims and assessments arising. Such matters are subject to many uncertainties, and outcomes are not predictable with assurance. In the opinion of management, the ultimate disposition of these matters will not have a material adverse effect on the Company’s financial position or results of operations.

 

At March 31, 2020, there were no legal proceedings against the Company.

  

8.SUBSEQUENT EVENT

 

Management has evaluated subsequent events according to the requirements of ASC TOPIC 855 and has determined that there are the following subsequent events:

 

On April 1, 2020 the Company issued 6,818,182 shares of common stock upon conversion of principal in the amount of $15.000, according to the conditions of the convertible note dated as of October 1, 2019.

 

On April 7, 2020 the Company issued 8,181,818 shares of common stock upon conversion of principal in the amount of $18.000, according to the conditions of the convertible note dated as of October 1, 2019.

 

On April 9, 2020 the Company issued 8,625,000 shares of common stock upon conversion of principal in the amount of $20,700, according to the conditions of the convertible note dated as of October 1, 2019.

 

On April 13, 2020 the Company issued 4,788,462 shares of common stock upon conversion of principal in the amount of $9,300, plus accrued interest of $3,150, according to the conditions of the convertible note dated as of October 1, 2019.

 

On April 23, 2020, the Company entered into a convertible promissory note with an investor providing for the sale by the Company of a 10% unsecured convertible note (the “April 2020 Note”) in the principal amount of $53,000. The April 2020 Note is convertible into shares of common stock of the Company at a price equal to a variable conversion price of 61% of the average of the two lowest (1) day trading prices for common stock during the fifteen (15) trading day period prior to the conversion date.

 

On April 29, 2020 the Company issued 2,003,524 shares of common stock upon conversion of principal in the amount of $962, plus accrued interest of $3,677 and $250.00 of fees, according to the conditions of the convertible note dated as of February 20, 2019.

 

On May 4, 2020, the Company issued 6,200,000 shares of common stock upon conversion of principal in the amount of $14,878 and $250 of fees, according to the conditions of the convertible note dated April 5, 2019.

 

On May 5, 2020, the Company issued 5,555,556 shares of common stock upon conversion of principal in the amount of $15,000, according to the conditions of the convertible note dated November 4, 2019.

 

On May 6, 2020, the Company issued 5,555,556 shares of common stock upon conversion of principal in the amount of $15,000, according to the conditions of the convertible note dated November 4, 2019.

 

On May 7, 2020, the Company issued 7,462,006 shares of common stock upon conversion of principal in the amount of $7,720 and $4,587 of interest, according to the conditions of the convertible note dated May 2, 2014.

 

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

Special Note on Forward-Looking Statements.

 

Certain statements in “Management’s Discussion and Analysis or Plan of Operation” below, and elsewhere in this quarterly report, are not related to historical results, and are forward-looking statements. Forward-looking statements present our expectations or forecasts of future events. You can identify these statements by the fact that they do not relate strictly to historical or current facts. These statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements frequently are accompanied by such words such as “may,” “will,” “should,” “could,” “expects,” “plans,” “intends,” “anticipates,” “believes,” “estimates,” “predicts,” “potential” or “continue,” or the negative of such terms or other words and terms of similar meaning. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, achievements, or timeliness of such results. Moreover, neither we nor any other person assumes responsibility for the accuracy and completeness of such forward-looking statements. We are under no duty to update any of the forward-looking statements after the date of this quarterly report. Subsequent written and oral forward looking statements attributable to us or to persons acting in our behalf are expressly qualified in their entirety by the cautionary statements and risk factors set forth in our annual report on Form 10-K filed with the SEC on March 9, 2020, and in other reports filed by us with the SEC.

 

You should read the following description of our financial condition and results of operations in conjunction with the financial statements and accompanying notes included in this report.

 

Overview

 

We are developing innovative technologies to increase the capacity and reduce the cost of storing electrical energy. We have previously developed an innovative material technology to reduce the cost per watt of electricity produced by Photovoltaic, or PV, solar modules. We have been and will continue working on a silicon anode additive material technology intended to increase the storage capacity of current and future generation of lithium-ion batteries while lowering the cost of storing electrical energy.

 

While we had generally focused on energy storage technology and materials in the past, we are currently focusing on developing a new EV battery material processing technology intended to drastically reduce the cost of lithium-ion batteries for EVs.

 

We were incorporated in the State of Nevada on April 24, 2006, as BioSolar Labs, Inc. Our name was changed to BioSolar, Inc. on June 8, 2006. Our principal executive offices are located at 27936 Lost Canyon Road, Suite 202, Santa Clarita, California 91387, and our telephone number is (661) 251-0001. Our fiscal year end is December 31.

 

Recent Transactions

 

None.

 

Application of Critical Accounting Policies

 

Our discussion and analysis of our financial condition and results of operations are based upon our unaudited financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities. On an ongoing basis, we evaluate our estimates, including those related to impairment of property, plant and equipment, intangible assets, deferred tax assets and fair value computation using a Binomial lattice valuation model. We base our estimates on historical experience and on various other assumptions, such as the trading value of our common stock and estimated future undiscounted cash flows, that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions; however, we believe that our estimates, including those for the above-described items, are reasonable.  

 

13

 

 

Use of Estimates

 

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the accompanying financial statements. Significant estimates made in preparing these financial statements, include the estimate of useful lives of property and equipment, the deferred tax valuation allowance, derivative liabilities and the fair value of stock options. Actual results could differ from those estimates.

 

Fair Value of Financial Instruments

 

Our cash, cash equivalents, investments, inventory, prepaid expenses, and accounts payable are stated at cost which approximates fair value due to the short-term nature of these instruments.

 

Recently Issued Accounting Pronouncements

 

Management reviewed currently issued pronouncements during the three months ended March 31, 2020, and does not believe that any other recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying condensed unaudited financial statements.

 

Results of Operations – Three Months Ended March 31, 2020 Compared to the Three Months Ended March 31, 2019

 

OPERATING EXPENSES 

 

General and Administrative Expenses

 

General and administrative (“G&A”) expenses increased by $12,686 to $118,819 for the three months ended March 31, 2020, compared to $106,133 for the prior period ended March 31, 2019. This increase in G&A expenses was the result of an increase in insurance expense and professional fees.

 

Research and Development

 

Research and Development (“R&D”) expenses decreased by $31,380 to $43,620 for the three months ended March 31, 2020, compared to $75,000 for the prior period ended March 31, 2019. This overall decrease in R&D expenses was the result of an decrease in consulting services.

 

Depreciation

 

Depreciation expense for the three months ended March 31, 2020 and 2019 was $1,091 and $1,729, respectively. 

 

Other Income/(Expenses)

 

Other income and (expenses) increased by $10,565,458 to $(6,901,982) for the three months ended March 31, 2020, compared to $3,663,476 for the prior period ended March 31, 2019. The increase in other income and (expenses) was the result of an decrease in non-cash gain on change in fair value of the derivative instruments of $10,777,219, an increase in interest expense of $7,227, which includes non-cash expense of amortization of debt discount in the amount of $152,798, with an decrease in fair value loss on conversion of debt of $204,534. The increase in other income and (expenses) was primarily due to the net change in the fair value of the derivative instruments and amortization of debt discount.

 

Net Income (Loss)

 

Our net loss for the three months ended March 31, 2020 was $(7,065,512), compared to net income of $3,480,614 for the prior period ended March 31, 2019. The increase in net loss was due to an increase in non-cash other income (expenses) associated with the net change in derivative instruments estimated each period. These estimates are based on multiple inputs, including the market price of our stock, interest rates, our stock price volatility, variable conversion prices based on market prices as defined in the respective agreements and probabilities of certain outcomes based on management projections. These inputs are subject to significant changes from period to period and to management’s judgment; therefore, the estimated fair value of the derivative liabilities will fluctuate from period to period, and the fluctuation may be material. The Company has not generated any revenues.  

 

14

 

 

LIQUIDITY AND CAPITAL RESOURCES

 

Liquidity is the ability of a company to generate funds to support its current and future operations, satisfy its obligations, and otherwise operate on an ongoing basis. Significant factors in the management of liquidity are funds generated by operations, levels of accounts receivable and accounts payable and capital expenditures.

 

The unaudited condensed financial statements have been prepared on a going concern basis of accounting, which contemplates continuity of operations, realization of assets and liabilities and commitments in the normal course of business. The accompanying unaudited condensed financial statements do not reflect any adjustments that might result if we are unable to continue as a going concern. During the three months ended March 31, 2020, we did not generate any revenues, incurred a net loss of $7,065,512, due to an overall change in non-cash derivative liability, and used cash of $152,626 in operations. As of March 31, 2020, we had a working capital deficit of $17,223,505 and a shareholders’ deficit of $19,127,945. These factors, among others, raise substantial doubt about our ability to continue as a going concern.

 

In the three months ended March 31, 2020, we obtained funding through the sale of our securities. Management believes that we will be able to continue to raise funds through the sale of our securities to existing and new investors. Management believes that funding from existing and prospective new investors and future revenue will provide the additional cash needed to meet our obligations as they become due, and will allow the development of our core business operations. No assurance can be given that any future financing will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company is able to obtain additional financing, it may contain undue restrictions on our operations, in the case of debt financing or cause substantial dilution for our stock holders, in case of equity financing. 

 

As of March 31, 2020, we had a working capital deficit of $17,223,505 compared to a working capital deficit of $10,048,922 for the year ended December 31, 2019. This increase in working capital deficit of $7,174,583 was due primarily to a decrease in prepaid expenses, with an increase in accounts payable, and accrued expenses, and derivative liability associated with our outstanding notes.

 

During the three months ended March 31, 2020, we used $152,626 of cash for operating activities, as compared to $200,952 for the prior period ended March 31, 2019. The decrease in the use of cash for operating activities for the current period was a result of a decrease in research and development cost, compared to the prior three months ended March 31, 2019.

  

Cash provided from financing activities was $159,500 for the three months ended March 31, 2020, as compared to $184,500 for the prior period ended March 31, 2020. The decrease was due to less equity financing during the current period. The convertible notes are convertible into shares of common stock, which have limitations on conversion. The lender is limited to no more than a 4.99% beneficial ownership of the outstanding shares of common stock. Beneficial ownership is determined in accordance with Section 13(d) of the Exchange Act of 1934, as amended. Our ability to continue as a going concern is dependent upon raising capital through financing transactions and future revenue. Our capital needs have primarily been met from the proceeds of the sale of our securities, as we currently have not generated any revenues. 

 

Our independent auditors, in their report on our audited financial statements for the year ended December 31, 2019, expressed substantial doubt about our ability to continue as a going concern. Our financial statements as of March 31, 2020 have been prepared under the assumption that we will continue as a going concern. Our ability to continue as a going concern ultimately is dependent upon our ability to generate revenue, which is dependent upon our ability to obtain additional equity or debt financing, attain further operating efficiencies and, ultimately, to achieve profitable operations. Our financial statements do not include any adjustments that might result from the outcome of this uncertainty.

 

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PLAN OF OPERATION AND FINANCING NEEDS

 

We are engaged in the development of innovative technologies that increase the capacity and reduce the cost of storing electrical energy. We are currently focusing on developing a high capacity silicon anode material technology to increase the storage capacity and reduce cost of the future generation of lithium-ion batteries for electric vehicles by 2021.  

 

Our plan of operation within the next three months is to utilize our cash balances to continue working with a potential customer currently evaluating prototype lithium-ion batteries incorporating our silicon additive technology, and to work on developing a new EV battery material processing technology.  We believe that our current cash and investment balances will be sufficient to support development activity and general and administrative expenses for the next three months. Management estimates that it will require additional cash resources during 2020, based upon its current operating plan and condition. We expect increased expenses during the third quarter of 2020 as we ramp up prototyping efforts for Lithium-ion batteries incorporating our electrode material and processing technology.  We will be investigating additional financing alternatives, including equity and/or debt financing. There is no assurance that capital in any form would be available to us, and if available, on terms and conditions that are acceptable. If we are unable to obtain sufficient funds during the next three months, we may be forced to reduce the size of our organization, which could have a material adverse impact on, or cause us to curtail and/or cease the development of our products

 

Off-Balance Sheet Arrangements

 

We do not have any off balance sheet arrangements that are reasonably likely to have a current or future effect on our financial condition, revenues, result of operations, liquidity or capital expenditures.

 

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

  

As a smaller reporting company, as that term is defined in Item 10(f)(1) of Regulation S-K, we are not required to provide information required by this Item. 

 

ITEM 4. CONTROLS AND PROCEDURES

 

Evaluation of Disclosure Controls and Procedures

 

As of the end of the period covered by this report, we conducted an evaluation, under the supervision and with the participation of our chief executive officer and chief financial officer of our disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) of the Exchange Act). Based upon this evaluation, our chief executive officer and chief financial officer concluded that our disclosure controls and procedures are effective to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is: (i) recorded, processed, summarized and reported, within the time periods specified in the Commission’s rules and forms, and (ii) accumulated and communicated to our management, including our chief executive officer and chief financial officer, or person performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

 

Changes in Internal Control over Financial Reporting

 

There was no change to our internal control over financial reporting that occurred during our third fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

 

16

 

 

PART II - OTHER INFORMATION

  

ITEM 1. LEGAL PROCEEDINGS

 

We are not a party to any pending legal proceeding, nor is our property the subject of a pending legal proceeding, that is not in the ordinary course of business or otherwise material to the financial condition of our business. None of our directors, officers or affiliates is involved in a proceeding adverse to our business or has a material interest adverse to our business.

 

ITEM 1A. RISK FACTORS

 

There are no material changes from the risk factors previously disclosed in the Registrant’s Form 10-K filed on March 9, 2020.

 

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

 

None

 

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

 

None

 

ITEM 4. MINE SAFETY DISCLOSURES

 

Not applicable

 

ITEM 5. OTHER INFORMATION

 

None

 

17

 

 

ITEM 6. EXHIBITS

 

Exhibit No.   Description
10.1   Convertible Promissory Note dated January 23, 2020 (Filed as an exhibit to the Company’s Current Report on Form 8-K filed with the SEC on January 24, 2020)
10.2   Securities Purchase Agreement dated January 23, 2020 (Filed as an exhibit to the Company’s Current Report on Form 8-K filed with the SEC on January 24, 2020)
10.3   Convertible Promissory Note dated February 13, 2020 (Filed as an exhibit to the Company’s Current Report on Form 8-K filed with the SEC on February 20, 2020)
10.4   Securities Purchase Agreement dated February 13, 2020 (Filed as an exhibit to the Company’s Current Report on Form 8-K filed with the SEC on February 20, 2020)
10.5   Convertible Promissory Note dated March 2, 2020 (Filed as an exhibit to the Company’s Current Report on Form 8-K filed with the SEC on March 6, 2020)
10.6   Securities Purchase Agreement dated  March 2, 2020 (Filed as an exhibit to the Company’s Current Report on Form 8-K filed with the SEC on March 6,  2020)
31.1   Certification by Chief Executive Officer and Acting Chief Financial Officer pursuant to Sarbanes-Oxley Section 302 (filed herewith).
32.2   Certification by Chief Executive Officer and Acting Chief Financial Officer pursuant to 18 U.S.C. Section 1350 (filed herewith).
EX-101.INS   XBRL Instance Document
EX-101.SCH   XBRL Taxonomy Extension Schema Document
EX-101.CAL   XBRL Taxonomy Extension Calculation Linkbase
EX-101.DEF   XBRL Taxonomy Extension Definition Linkbase
EX-101.LAB   XBRL Taxonomy Extension Labels Linkbase
EX-101.PRE   XBRL Taxonomy Extension Presentation Linkbase

 

18

 

 

SIGNATURES

 

In accordance with Section 13 or 15(d) of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Los Angeles, State of California, on May 8, 2020.

 

  BIOSOLAR, INC.
     
  By:  /s/ David Lee
   

Chief Executive Officer
(Principal Executive Officer) and
Acting Chief Financial Officer

(Principal Financial Officer and
Principal Accounting Officer)

 

 

19

 

 

 EX-31.1 2 f10q0320ex31-1_biosolar.htm CERTIFICATION

EXHIBIT 31.1

 

CERTIFICATION PURSUANT TO

RULE 13a-14(a) OR RULE 15d-14(a) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

I, David Lee, certify that:

 

1. I have reviewed this Quarterly Report on Form 10-Q of BioSolar, Inc. for the quarter ended March 31, 2020;
   
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
   
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
   
4. The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

  a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
     
  b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
     
  c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
     
  d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
   
  a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
     
  b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

  Date: May 8, 2020
   
  /s/ David Lee
  David Lee
  Chief Executive Officer and
  Acting Chief Financial Officer (Principal Executive Officer and Principal Financial and Accounting Officer)

  

 EX-32.1 3 f10q0320ex32-1_biosolar.htm CERTIFICATION

EXHIBIT 32.1

 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report of BioSolar, Inc. (the “Company”) on Form 10-Q for the quarter ended March 31, 2020, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, David Lee, Chief Executive Officer and Acting Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. section 906 of the Sarbanes-Oxley Act of 2002, that:

 

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities and Exchange Act of 1934; and

 

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

 

  Date: May 8, 2020
   
  /s/ David Lee
  David Lee
  Chief Executive Officer and
  Acting Chief Financial Officer
(Principal Executive Officer and
Acting Principal Financial and 
Accounting Officer)

 

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Notes are convertible into shares of the Company’s common stock at conversion prices ranging from the a) the lesser of $0.03 to $0.25 per share of common stock (subject to adjustment for stock splits, dividends, combinations and other similar transactions) or b) fifty percent (50%) of the lowest trade price recorded since the original effective date, or c) the lowest effective price per share granted to any person or entity after the effective date to acquire common stock. If the Borrower fails to deliver shares in accordance within the time frame of three (3) business days, the Lender, at any time prior to selling all of those shares, may rescind any portion, in whole or in part of that particular conversion attributable to the unsold shares and have the rescinded conversion amount returned to the Principal Sum with the rescinded conversion shares returned to the Borrower. In addition, for each conversion, in the event shares are not delivered by the fourth business day (inclusive of the day of conversion), a penalty of $1,500 per day shall be assessed for each day after the third business day (inclusive of the day of the conversion) until the shares are delivered. The Feb-Apr 2019 Notes bears interest at 10% per annum. The Feb-Apr 2019 Notes may be converted into shares of the Company's common stock at a conversion price of sixty-one (61%) percent of the lowest one (1) day trading price during the fifteen (15) trading days prior to the conversion date. The parties agree that if delivery of the common stock issuable upon conversion of these Notes are not delivered by the deadline, the Borrower shall pay to the Holder $2,000 per day in cash, for each day beyond the deadline that the Borrower fails to deliver such common stock. The conversion feature of the Feb-Apr 2019 Notes was considered a derivative in accordance with current accounting guidelines because of the reset conversion features of the Feb-Apr 2019 Notes. The July 2019 Note bears interest at 10% per annum. The July 2019 Note may be converted into shares of the Company's common stock at a conversion price of sixty-one (61%) percent of the lowest average two (2) day closing bid prices during the fifteen (15) trading days prior to the conversion date. The parties agree that if delivery of the common stock issuable upon conversion of these Notes are not delivered by the deadline, the Borrower shall pay to the Holder $2,000 per day in cash, for each day beyond the deadline that the Borrower fails to deliver such common stock. The conversion feature of the July 2019 Note was considered a derivative in accordance with current accounting guidelines because of the reset conversion features of the July 2019 Note. The August 2019 Note bears interest at 10% per annum. The August 2019 Note may be converted into shares of the Company's common stock at a conversion price of sixty-one (61%) percent of the lowest one (1) day trading price or lowest bid price during the fifteen (15) trading days prior to the conversion date. The parties agree that if delivery of the common stock issuable upon conversion of these Notes are not delivered by the deadline, the Borrower shall pay to the Holder $2,000 per day in cash, for each day beyond the deadline that the Borrower fails to deliver such common stock. The conversion feature of the July 2019 Note was considered a derivative in accordance with current accounting guidelines because of the reset conversion features of the August 2019 Note. The August 29, 2019 Note bears interest at 10% per annum. The August 29, 2019 Note may be converted into shares of the Company's common stock at a conversion price of sixty-one (61%) percent of the lowest average two (2) day closing bid prices during the fifteen (15) trading days prior to the conversion date. The parties agree that if delivery of the common stock issuable upon conversion of these Notes are not delivered by the deadline, the Borrower shall pay to the Holder $2,000 per day in cash, for each day beyond the deadline that the Borrower fails to deliver such common stock. The conversion feature of the August 29, 2019 Note was considered a derivative in accordance with current accounting guidelines because of the reset conversion features of the August 29, 2019 Note. The Oct 2019 Note bears interest at 10% per annum. The Oct 2019 Note may be converted into shares of the Company's common stock at a conversion price of sixty-one (61%) percent of the lowest average two (2) day closing bid prices during the fifteen (15) trading days prior to the conversion date. The parties agree that if delivery of the common stock issuable upon conversion of these Notes are not delivered by the deadline, the Borrower shall pay to the Holder $2,000 per day in cash, for each day beyond the deadline that the Borrower fails to deliver such common stock. The conversion feature of the Oct 2019 Note was considered a derivative in accordance with current accounting guidelines because of the reset conversion features of the Oct 2019 Note. The Nov 2019 Note bears interest at 10% per annum. The Nov 2019 Note may be converted into shares of the Company's common stock at a conversion price of sixty-one (61%) percent of the lowest average two (2) day closing bid prices during the fifteen (15) trading days prior to the conversion date. The parties agree that if delivery of the common stock issuable upon conversion of these Notes are not delivered by the deadline, the Borrower shall pay to the Holder $2,000 per day in cash, for each day beyond the deadline that the Borrower fails to deliver such common stock. The conversion feature of the Nov 2019 Note was considered a derivative in accordance with current accounting guidelines because of the reset conversion features of the Nov 2019 Note. The Dec 2019 Note bears interest at 10% per annum. The Dec 2019 Note may be converted into shares of the Company's common stock at a conversion price of sixty-one (61%) percent of the lowest average two (2) day closing bid prices during the fifteen (15) trading days prior to the conversion date. The parties agree that if delivery of the common stock issuable upon conversion of these Notes are not delivered by the deadline, the Borrower shall pay to the Holder $2,000 per day in cash, for each day beyond the deadline that the Borrower fails to deliver such common stock. The conversion feature of the Dec 2019 Note was considered a derivative in accordance with current accounting guidelines because of the reset conversion features of the Dec 2019 Note. The Jan 2020 Note bears interest at 10% per annum. The Jan 2020 Note may be converted into shares of the Company's common stock at a conversion price of sixty-one (61%) percent of the lowest average two (2) day closing bid prices during the fifteen (15) trading days prior to the conversion date. The parties agree that if delivery of the common stock issuable upon conversion of these Notes are not delivered by the deadline, the Borrower shall pay to the Holder $2,000 per day in cash, for each day beyond the deadline that the Borrower fails to deliver such common stock. The conversion feature of the Jan 2020 Note was considered a derivative in accordance with current accounting guidelines because of the reset conversion features of the Jan 2020 Note. The Feb 2020 Note bears interest at 10% per annum. 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Basis of Presentation
 3 Months Ended
Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation
1.Basis of Presentation

 

The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all normal recurring adjustments considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020. For further information refer to the financial statements and footnotes thereto included in the Company's Form 10-K for the year ended December 31, 2020.

 

Going Concern 

The accompanying condensed financial statements have been prepared on a going concern basis of accounting, which contemplates continuity of operations, realization of assets and liabilities and commitments in the normal course of business. The accompanying unaudited financial statements do not reflect any adjustments that might result if the Company is unable to continue as a going concern. The Company has not generated revenue, and has negative cash flows from operations, which raise substantial doubt about the Company's ability to continue as a going concern. The ability of the Company to continue as a going concern and appropriateness of using the going concern basis is dependent upon, among other things, additional cash infusion. The Company has historically obtained funds through private placements offerings of equity and debt. Management believes that it will be able to continue to raise funds by sale of its securities to its existing shareholders and prospective new investors to provide the additional cash needed to meet the Company's obligations as they become due, and will allow the development of its core of business. No assurance can be given that any future financing will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company is able to obtain additional financing, it may contain undue restrictions on our operations, in the case of debt financing or cause substantial dilution for our stock holders, in case of equity financing. 
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Balance Sheets (Parenthetical) - USD ($)
Mar. 31, 2020
Dec. 31, 2019
Statement of Financial Position [Abstract]    
Patents, net of amortization $ 12,845 $ 12,090
Convertible promissory notes net of debt discount, current 262,169 254,897
Convertible promissory notes net of debt discount, non current $ 731 $ 800
Preferred stock, par value $ 0.0001 $ 0.0001
Preferred stock, shares authorized 10,000,000 10,000,000
Preferred stock, shares issued
Preferred stock, shares outstanding
Treasury stock, shares outstanding 1,000 0
Common stock, par value $ 0.0001 $ 0.0001
Common stock, shares authorized 3,000,000,000 3,000,000,000
Common stock, shares issued 166,447,022 133,912,520
Common stock, shares outstanding 166,447,022 133,912,520
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Derivative Liabilities
 3 Months Ended
Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE LIABILITIES

6.DERIVATIVE LIABILITIES

 

We evaluated the financing transactions in accordance with ASC Topic 815, Derivatives and Hedging, and determined that the conversion feature of the convertible promissory note was not afforded the exemption for conventional convertible instruments due to its variable conversion rate. The note has no explicit limit on the number of shares issuable so they did not meet the conditions set forth in current accounting standards for equity classification. The Company elected to recognize the note under paragraph 815-15-25-4, whereby, there would be a separation into a host contract and derivative instrument. The Company elected to initially and subsequently measure the note in its entirety at fair value, with changes in fair value recognized in earnings. The Company recorded a derivative liability representing the imputed interest associated with the embedded derivative. The derivative liability is adjusted periodically per the stock price fluctuations.

 

The convertible notes issued and described in Note 5 do not have fixed settlement provisions because their conversion prices are not fixed. The conversion feature has been characterized as derivative liabilities to be re-measured at the end of every reporting period with the change in value reported in the statement of operations.

 

During the three months ended March 31, 2020, as a result of the convertible notes (“Notes”) issued that were accounted for as derivative liabilities, we determined that the fair value of the conversion feature of the convertible notes at issuance was $159,500, based upon a Binomial-Model calculation. We recorded the full value of the derivative as a liability at issuance with an offset to valuation discount, which will be amortized over the life of the Notes.

 

During the three months ended March 31, 2020, the Company converted $142,432 in principal of convertible notes, plus accrued interest of $10,346, and other fees of $500. At March 31, 2020, the fair value of the derivative liability was $15,755,378.

 

For purpose of determining the fair market value of the derivative liability for the embedded conversion, the Company used the Binomial lattice valuation model. The significant assumptions used in the Binomial lattice valuation model for the derivative are as follows:

  

   3/31/2020
    
Risk free interest rate  0.15% - 1.55%
Stock volatility factor  109.0% -161.0%
Weighted average expected option life  6 months - 5 years
Expected dividend yield  None
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Summary of Significant Accounting Policies (Tables)
 3 Months Ended
Mar. 31, 2020
Accounting Policies [Abstract]  
Schedule of intangible assets amortized over their useful lives
  Useful Lives   3/31/20   12/31/19 
Patents      $45,336   $45,336 
Less accumulated amortization   15 years    (12,845)   (12,090)
      $32,491   $33,246 
Schedule of assets and liabilities measured at fair value on recurring basis
   Total   (Level 1)   (Level 2)   (Level 3) 
                 
Derivative Liability  $15,755,378   $-   $-   $15,755,378 
Total Liabilities measured at fair value  $15,755,378   $-   $-   $15,755,378 
Schedule of reconciliation of derivative liability

Balance as of December 31, 2019  $8,919,202 
Fair value of derivative liabilities issued   159,500 
Loss on change in derivative liability   6,676,676 
Balance as of March 31, 2020  $15,755,378 
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Derivative Liabilities (Details)
 3 Months Ended
Mar. 31, 2020
Expected dividend yield
Minimum [Member]  
Risk free interest rate 0.15%
Stock volatility factor 109.00%
Weighted average expected option life 6 months
Maximum [Member]  
Risk free interest rate 1.55%
Stock volatility factor 161.00%
Weighted average expected option life 5 years
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Convertible Promissory Notes (Details)
Mar. 31, 2020
USD ($)
Debt Disclosure [Abstract]  
Convertible Promissory Notes, net of debt discount $ 2,608,202
Less current portion 164,504
Total long-term liabilities $ 2,443,698
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Summary of Significant Accounting Policies (Details) - USD ($)
 3 Months Ended
Mar. 31, 2020
Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Patents $ 45,336 $ 45,336
Less accumulated amortization (12,845) (12,090)
Patents, net $ 32,491 $ 33,246
Patents, Useful Lives 15 years  
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Capital Stock (Details) - USD ($)
 3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Dec. 31, 2019
Capital Stock (Textual)      
Common stock, par value $ 0.0001   $ 0.0001
Convertible Promissory Notes [Member]      
Capital Stock (Textual)      
Common stock issued 32,534,502 12,263,930  
Aggregate fair value loss   $ 204,534  
Amount of debt conversion $ 142,432 132,670  
Accrued interest 10,346 $ 13,152  
Other fees $ 500    
Convertible Promissory Notes [Member] | Minimum [Member]      
Capital Stock (Textual)      
Common stock conversion price per share $ 0.00175 $ 0.0235  
Convertible Promissory Notes [Member] | Maximum [Member]      
Capital Stock (Textual)      
Common stock conversion price per share $ 0.0070 $ 0.0341  
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Mar. 31, 2020
USD ($)
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 3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
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Mar. 31, 2020
USD ($)
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2021 399,058
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Total long-term debt $ 2,608,202
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Statements of Cash Flows - USD ($)
 3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net Income (Loss) $ (7,065,512) $ 3,480,614
Adjustment to reconcile net income(loss) to net cash (used in) provided by operating activities    
Depreciation and amortization expense 1,091 1,729
(Gain) Loss on net change in derivative liability 6,676,676 (4,100,543)
Loss on conversion of debt 204,534
Amortization of debt discount recognized as interest expense 152,798 163,992
(Increase) Decrease in Changes in Assets    
Prepaid expenses 3,251 (3,059)
Increase (Decrease) in Changes in Liabilities    
Accounts payable 6,665 329
Accrued expenses 72,405 51,452
NET CASH USED IN OPERATING ACTIVITIES (152,626) (200,952)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from convertible promissory notes 159,500 184,500
NET CASH PROVIDED BY FINANCING ACTIVITIES 159,500 184,500
NET INCREASE (DECREASE) IN CASH 6,874 (16,452)
CASH, BEGINNING OF PERIOD 61,794 82,697
CASH, END OF PERIOD 68,668 66,245
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION    
Interest paid 110 178
Taxes paid
SUPPLEMENTAL SCHEDULE OF NON-CASH TRANSACTIONS    
Common stock issued for convertible notes and accrued interest 153,278 350,356
Fair value of initial derivative $ 159,500 $ 176,694
XML 25 R2.htm IDEA: XBRL DOCUMENT v3.20.1
Balance Sheets - USD ($)
Mar. 31, 2020
Dec. 31, 2019
CURRENT ASSETS    
Cash $ 68,668 $ 61,794
Prepaid expenses 26,705 29,956
TOTAL CURRENT ASSETS 95,373 91,750
PROPERTY AND EQUIPMENT    
Machinery and equipment 37,225 37,225
Less accumulated depreciation (31,017) (30,681)
NET PROPERTY AND EQUIPMENT 6,208 6,544
OTHER ASSETS    
Patents, net of amortization of $12,845 and $12,090, respectively 32,491 33,246
Deposit 770 770
TOTAL OTHER ASSETS 33,261 34,016
TOTAL ASSETS 134,842 132,310
CURRENT LIABILITIES    
Accounts payable 6,723 58
Accrued expenses 892,484 830,425
Derivative liability 15,755,378 8,919,202
Convertible promissory notes net of debt discount of $262,169 and $254,897, respectively 664,293 390,987
TOTAL CURRENT LIABILITIES 17,318,878 10,140,672
LONG TERM LIABILITIES    
Convertible promissory notes net of debt discount of $731 and $800, respectively 1,943,909 2,207,349
TOTAL LONG TERM LIABILITIES 1,943,909 2,207,349
TOTAL LIABILITIES 19,262,787 12,348,021
SHAREHOLDERS' DEFICIT    
Preferred stock, $0.0001 par value; 10,000,000 authorized shares, none issued and outstanding
Common stock, $0.0001 par value; 3,000,000,000 authorized shares 166,447,022 and 133,912,520 shares issued and outstanding, respectively 16,644 13,391
Preferred treasury stock, 1000 and 0 shares outstanding, respectively
Additional paid in capital 12,451,764 12,301,739
Accumulated deficit (31,596,353) (24,530,841)
TOTAL SHAREHOLDERS' DECIFIT (19,127,945) (12,215,711)
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT $ 134,842 $ 132,310
XML 26 R13.htm IDEA: XBRL DOCUMENT v3.20.1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES
7. COMMITMENTS AND CONTINGENCIES

  

The Company rents office space on a yearly basis with a monthly rent payment in the amount of $550.

 

In the normal course of business, the Company may be involved in legal proceedings, claims and assessments arising. Such matters are subject to many uncertainties, and outcomes are not predictable with assurance. In the opinion of management, the ultimate disposition of these matters will not have a material adverse effect on the Company's financial position or results of operations.

 

At March 31, 2020, there were no legal proceedings against the Company.
XML 27 R17.htm IDEA: XBRL DOCUMENT v3.20.1
Stock Options (Tables)
 3 Months Ended
Mar. 31, 2020
Share-based Payment Arrangement [Abstract]  
Schedule of stock options
  3/31/2020   3/31/2019 
   Number of Options   Weighted average exercise price   Number of Options   Weighted average exercise price 
Outstanding as of the beginning of the periods   15,950,000   $0.23    15,950,000   $0.23 
Granted   -    -    -    - 
Exercised   -    -    -    - 
Expired   -    -    -    - 
Outstanding as of the end of the periods   15,950,000   $0.23    15,950,000   $0.23 
Exercisable as of the end of the periods   15,950,000   $0.23    15,950,000   $0.23 
Schedule of weighted average remaining contractual life of options outstanding
3/31/2020   3/31/2019 
Exercisable Price   Stock Options Outstanding   Stock Options Exercisable   Weighted Average Remaining Contractual Life (years)   Exercisable Price   Stock Options Outstanding   Stock Options Exercisable   Weighted Average Remaining Contractual Life (years) 
$0.09    2,450,000    2,450,000    1.98   $0.09    2,450,000    2,450,000    2.98 
$0.26    13,500,000    13,500,000    2.43   $0.26    13,500,000    13,500,000    3.43 
      15,950,000    15,950,000              15,950,000    15,950,000      
XML 28 R34.htm IDEA: XBRL DOCUMENT v3.20.1
Subsequent Event (Details) - USD ($)
 1 Months Ended
May 07, 2020
May 06, 2020
May 05, 2020
May 04, 2020
Apr. 13, 2020
Apr. 09, 2020
Apr. 07, 2020
Apr. 01, 2020
Apr. 29, 2020
Apr. 23, 2020
Mar. 31, 2020
Dec. 31, 2019
Subsequent Event (Textual)                        
Common stock, par value                     $ 0.0001 $ 0.0001
Common stock, shares authorized                     3,000,000,000 3,000,000,000
Subsequent Event [Member]                        
Subsequent Event (Textual)                        
Principal amount $ 7,720 $ 15,000 $ 15,000 $ 14,878 $ 9,300 $ 20,700 $ 18,000 $ 15,000 $ 962      
Other fees       250         250      
Conversion of common stock, description                   The April 2020 Note is convertible into shares of common stock of the Company at a price equal to a variable conversion price of 61% of the average of the two lowest (1) day trading prices for common stock during the fifteen (15) trading day period prior to the conversion date.    
Subsequent event, description                   The Company entered into a convertible promissory note with an investor providing for the sale by the Company of a 10% unsecured convertible note (the "April 2020 Note") in the principal amount of $53,000.    
Common stock upon conversion issued, amount 7,462,006 $ 5,555,556 $ 5,555,556 $ 6,200,000 4,788,462 $ 8,625,000 $ 8,181,818 $ 6,818,182 2,003,524      
Accrued interest $ 4,587       $ 3,150       $ 367,708      
XML 29 R30.htm IDEA: XBRL DOCUMENT v3.20.1
Convertible Promissory Notes (Details Textual) - USD ($)
 1 Months Ended 3 Months Ended
Mar. 02, 2020
Feb. 13, 2020
Jan. 23, 2020
Aug. 08, 2019
Jul. 16, 2019
May 02, 2014
Dec. 20, 2019
Nov. 04, 2019
Oct. 01, 2019
Aug. 29, 2019
Feb. 28, 2019
Jan. 30, 2015
Mar. 31, 2020
Jan. 17, 2019
Convertible Promissory Notes (Textual)                            
Convertible promissory notes                         $ 2,871,102  
Debt discount                         262,900  
Net amount                         164,504  
Net balance                         $ 2,608,202  
May 2014 Note [Member]                            
Convertible Promissory Notes (Textual)                            
Unsecured convertible promissory note           $ 500,000                
Note bears interest rate           10.00%                
Debt conversion, description           Note is convertible into shares of the Company's common stock at a conversion price of a) the lesser of $0.25 per share of common stock (subject to adjustment for stock splits, dividends, combinations and other similar transactions) or b) fifty percent (50%) of the average three (3) lowest trading prices of three (3) separate trading days recorded after the effective date, or c) the lowest effective price granted to any person or entity after the effective date to acquire common stock. If the Borrower fails to deliver shares in accordance with the time frame of three (3) business days, the Lender, at any time prior to selling all of those shares, may rescind any portion, in whole or in part of that particular conversion attributable to the unsold shares and have the rescinded conversion amount returned to the Principal Sum with the rescinded conversion shares returned to the Borrower. In addition, for each conversion, in the event shares are not delivered by the fourth business day (inclusive of the day of conversion), a penalty of $1,500 per day shall be assessed for each day after the third business day (inclusive of the day of the conversion) until the shares are delivered.                
Shares of common stock upon conversion                         7,460,822  
Shares of common stock upon conversion of principal amount                         $ 8,510  
Accrued interest                         4,546  
Remaining balance of note                         89,640  
2015-2018 Notes [Member]                            
Convertible Promissory Notes (Textual)                            
Note bears interest rate                       10.00%    
Debt conversion, description                       Notes are convertible into shares of the Company’s common stock at conversion prices ranging from the a) the lesser of $0.03 to $0.25 per share of common stock (subject to adjustment for stock splits, dividends, combinations and other similar transactions) or b) fifty percent (50%) of the lowest trade price recorded since the original effective date, or c) the lowest effective price per share granted to any person or entity after the effective date to acquire common stock. If the Borrower fails to deliver shares in accordance within the time frame of three (3) business days, the Lender, at any time prior to selling all of those shares, may rescind any portion, in whole or in part of that particular conversion attributable to the unsold shares and have the rescinded conversion amount returned to the Principal Sum with the rescinded conversion shares returned to the Borrower. In addition, for each conversion, in the event shares are not delivered by the fourth business day (inclusive of the day of conversion), a penalty of $1,500 per day shall be assessed for each day after the third business day (inclusive of the day of the conversion) until the shares are delivered.    
Accrued interest                         800  
Remaining balance of note                         $ 2,340,000  
Note maturity date, description                       The 2015-2019 Notes mature on dates from January 30, 2020 through January 17, 2024. The 2015-2019 Notes bears interest at 10% per annum.    
Feb-Apr 2019 Notes [Member]                            
Convertible Promissory Notes (Textual)                            
Debt discount                     $ 4,000      
Net amount                     103,000      
Unsecured convertible promissory note                     $ 107,000      
Note bears interest rate                     10.00%      
Debt conversion, description                     The Feb-Apr 2019 Notes bears interest at 10% per annum. The Feb-Apr 2019 Notes may be converted into shares of the Company's common stock at a conversion price of sixty-one (61%) percent of the lowest one (1) day trading price during the fifteen (15) trading days prior to the conversion date. The parties agree that if delivery of the common stock issuable upon conversion of these Notes are not delivered by the deadline, the Borrower shall pay to the Holder $2,000 per day in cash, for each day beyond the deadline that the Borrower fails to deliver such common stock. The conversion feature of the Feb-Apr 2019 Notes was considered a derivative in accordance with current accounting guidelines because of the reset conversion features of the Feb-Apr 2019 Notes.      
Shares of common stock upon conversion                         3,200,000  
Shares of common stock upon conversion of principal amount                         $ 17,922  
Accrued interest                         21,070  
Remaining balance of note                         54,462  
Note maturity date, description                     The Feb 2019 tranche was extended to August 22, 2020. The Apr 2019 Note matures on October 11, 2020.      
Other fees                         $ 500  
July 2019 Note [Member]                            
Convertible Promissory Notes (Textual)                            
Debt discount         $ 3,000                  
Net amount         50,000                  
Unsecured convertible promissory note         $ 53,000                  
Note bears interest rate         10.00%                  
Debt conversion, description         The July 2019 Note bears interest at 10% per annum. The July 2019 Note may be converted into shares of the Company's common stock at a conversion price of sixty-one (61%) percent of the lowest average two (2) day closing bid prices during the fifteen (15) trading days prior to the conversion date. The parties agree that if delivery of the common stock issuable upon conversion of these Notes are not delivered by the deadline, the Borrower shall pay to the Holder $2,000 per day in cash, for each day beyond the deadline that the Borrower fails to deliver such common stock. The conversion feature of the July 2019 Note was considered a derivative in accordance with current accounting guidelines because of the reset conversion features of the July 2019 Note.                  
Shares of common stock upon conversion                         8,248,918  
Shares of common stock upon conversion of principal amount                         $ 53,000  
Accrued interest                         28,672  
Remaining balance of note                         0  
Note maturity date, description         The July 2019 Note matures on July 16, 2020.                  
August 2019 Note [Member]                            
Convertible Promissory Notes (Textual)                            
Debt discount       $ 2,000                    
Net amount       51,500                    
Unsecured convertible promissory note       $ 53,500                    
Note bears interest rate       10.00%                    
Debt conversion, description       The August 2019 Note bears interest at 10% per annum. The August 2019 Note may be converted into shares of the Company's common stock at a conversion price of sixty-one (61%) percent of the lowest one (1) day trading price or lowest bid price during the fifteen (15) trading days prior to the conversion date. The parties agree that if delivery of the common stock issuable upon conversion of these Notes are not delivered by the deadline, the Borrower shall pay to the Holder $2,000 per day in cash, for each day beyond the deadline that the Borrower fails to deliver such common stock. The conversion feature of the July 2019 Note was considered a derivative in accordance with current accounting guidelines because of the reset conversion features of the August 2019 Note.                    
Accrued interest                         24,408  
Remaining balance of note                         $ 53,500  
Note maturity date, description       The August 2019 Note matures on August 8, 2020.                    
August 29, 2019 Note [Member]                            
Convertible Promissory Notes (Textual)                            
Debt discount                   $ 3,000        
Net amount                   60,000        
Unsecured convertible promissory note                   $ 63,000        
Note bears interest rate                   10.00%        
Debt conversion, description                   The August 29, 2019 Note bears interest at 10% per annum. The August 29, 2019 Note may be converted into shares of the Company's common stock at a conversion price of sixty-one (61%) percent of the lowest average two (2) day closing bid prices during the fifteen (15) trading days prior to the conversion date. The parties agree that if delivery of the common stock issuable upon conversion of these Notes are not delivered by the deadline, the Borrower shall pay to the Holder $2,000 per day in cash, for each day beyond the deadline that the Borrower fails to deliver such common stock. The conversion feature of the August 29, 2019 Note was considered a derivative in accordance with current accounting guidelines because of the reset conversion features of the August 29, 2019 Note.        
Shares of common stock upon conversion                         13,624,762  
Shares of common stock upon conversion of principal amount                         $ 63,000  
Accrued interest                         24,408  
Remaining balance of note                         0  
Note maturity date, description                   The August 29, 2019 Note matures on August 29, 2020.        
Other fees                         3,150  
Oct 2019 Note [Member]                            
Convertible Promissory Notes (Textual)                            
Debt discount                 $ 3,000          
Net amount                 60,000          
Unsecured convertible promissory note                 $ 63,000          
Note bears interest rate                 10.00%          
Debt conversion, description                 The Oct 2019 Note bears interest at 10% per annum. The Oct 2019 Note may be converted into shares of the Company's common stock at a conversion price of sixty-one (61%) percent of the lowest average two (2) day closing bid prices during the fifteen (15) trading days prior to the conversion date. The parties agree that if delivery of the common stock issuable upon conversion of these Notes are not delivered by the deadline, the Borrower shall pay to the Holder $2,000 per day in cash, for each day beyond the deadline that the Borrower fails to deliver such common stock. The conversion feature of the Oct 2019 Note was considered a derivative in accordance with current accounting guidelines because of the reset conversion features of the Oct 2019 Note.          
Accrued interest                         15,664  
Remaining balance of note                         63,000  
Note maturity date, description                 The October 1, 2019 Note matures on October 1, 2020.          
Nov 2019 Note                            
Convertible Promissory Notes (Textual)                            
Debt discount               $ 3,000            
Net amount               55,000            
Unsecured convertible promissory note               $ 53,000            
Note bears interest rate               10.00%            
Debt conversion, description               The Nov 2019 Note bears interest at 10% per annum. The Nov 2019 Note may be converted into shares of the Company's common stock at a conversion price of sixty-one (61%) percent of the lowest average two (2) day closing bid prices during the fifteen (15) trading days prior to the conversion date. The parties agree that if delivery of the common stock issuable upon conversion of these Notes are not delivered by the deadline, the Borrower shall pay to the Holder $2,000 per day in cash, for each day beyond the deadline that the Borrower fails to deliver such common stock. The conversion feature of the Nov 2019 Note was considered a derivative in accordance with current accounting guidelines because of the reset conversion features of the Nov 2019 Note.            
Accrued interest                         14,421  
Remaining balance of note                         58,000  
Note maturity date, description               The November 4, 2019 Note matures on November 4, 2020.            
Dec 2019 Note                            
Convertible Promissory Notes (Textual)                            
Debt discount             $ 3,000              
Net amount             50,000              
Unsecured convertible promissory note             $ 53,000              
Note bears interest rate             10.00%              
Debt conversion, description             The Dec 2019 Note bears interest at 10% per annum. The Dec 2019 Note may be converted into shares of the Company's common stock at a conversion price of sixty-one (61%) percent of the lowest average two (2) day closing bid prices during the fifteen (15) trading days prior to the conversion date. The parties agree that if delivery of the common stock issuable upon conversion of these Notes are not delivered by the deadline, the Borrower shall pay to the Holder $2,000 per day in cash, for each day beyond the deadline that the Borrower fails to deliver such common stock. The conversion feature of the Dec 2019 Note was considered a derivative in accordance with current accounting guidelines because of the reset conversion features of the Dec 2019 Note.              
Accrued interest                         13,178  
Remaining balance of note                         53,000  
Note maturity date, description             The December 20, 2019 Note matures on December 20, 2020.              
Jan 23, 2020 Note                            
Convertible Promissory Notes (Textual)                            
Debt discount     $ 3,000                      
Net amount     50,000                      
Unsecured convertible promissory note     $ 53,000                      
Note bears interest rate     10.00%                      
Debt conversion, description     The Jan 2020 Note bears interest at 10% per annum. The Jan 2020 Note may be converted into shares of the Company's common stock at a conversion price of sixty-one (61%) percent of the lowest average two (2) day closing bid prices during the fifteen (15) trading days prior to the conversion date. The parties agree that if delivery of the common stock issuable upon conversion of these Notes are not delivered by the deadline, the Borrower shall pay to the Holder $2,000 per day in cash, for each day beyond the deadline that the Borrower fails to deliver such common stock. The conversion feature of the Jan 2020 Note was considered a derivative in accordance with current accounting guidelines because of the reset conversion features of the Jan 2020 Note.                      
Accrued interest                         9,847  
Remaining balance of note                         53,000  
Note maturity date, description     The January 23, 2020 Note matures on January 23, 2021.                      
2015-2018 Notes [Member]                            
Convertible Promissory Notes (Textual)                            
Unsecured convertible promissory note                           $ 2,500,000
Feb 2020 Note                            
Convertible Promissory Notes (Textual)                            
Debt discount   $ 2,000                        
Net amount   53,500                        
Unsecured convertible promissory note   $ 51,500                        
Note bears interest rate   10.00%                        
Debt conversion, description   The Feb 2020 Note bears interest at 10% per annum. The Feb 2020 Note may be converted into shares of the Company's common stock at a conversion price of sixty-one (61%) percent of the lowest one (1) day trading price or lowest bid price during the fifteen (15) trading days prior to the conversion date. The parties agree that if delivery of the common stock issuable upon conversion of these Notes are not delivered by the deadline, the Borrower shall pay to the Holder $2,000 per day in cash, for each day beyond the deadline that the Borrower fails to deliver such common stock. The conversion feature of the July 2019 Note was considered a derivative in accordance with current accounting guidelines because of the reset conversion features of the Feb 2020 Note.                        
Accrued interest                         6,724  
Remaining balance of note                         53,500  
Note maturity date, description   The Feb 2020 Note matures on February 13, 2021.                        
Mar 2020 Note                            
Convertible Promissory Notes (Textual)                            
Debt discount $ 3,000                          
Net amount 50,000                          
Unsecured convertible promissory note $ 53,000                          
Note bears interest rate 10.00%                          
Debt conversion, description The Mar 2020 Note bears interest at 10% per annum. The Mar 2020 Note may be converted into shares of the Company's common stock at a conversion price of sixty-one (61%) percent of the lowest average two (2) day closing bid prices during the fifteen (15) trading days prior to the conversion date. The parties agree that if delivery of the common stock issuable upon conversion of these Notes are not delivered by the deadline, the Borrower shall pay to the Holder $2,000 per day in cash, for each day beyond the deadline that the Borrower fails to deliver such common stock. The conversion feature of the Mar 2020 Note was considered a derivative in accordance with current accounting guidelines because of the reset conversion features of the Mar 2020 Note.                          
Accrued interest                         9,847  
Remaining balance of note                         $ 53,000  
Note maturity date, description The March 2, 2020 Note matures on March 2, 2021.                          
XML 30 R23.htm IDEA: XBRL DOCUMENT v3.20.1
Summary of Significant Accounting Policies (Details Textual) - USD ($)
 3 Months Ended 12 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Dec. 31, 2019
Summary of Significant Accounting Policies (Textual)      
Amortization expense $ 755   $ 755
Stock options [Member]      
Summary of Significant Accounting Policies (Textual)      
Antidilutive securities excluded from computation of earnings per share, amount 15,950,000 15,950,000  
Outstanding stock options 15,950,000    
Convertible debt [Member]      
Summary of Significant Accounting Policies (Textual)      
Antidilutive securities excluded from computation of earnings per share, amount 2,871,102 2,795,990  
XML 31 R27.htm IDEA: XBRL DOCUMENT v3.20.1
Stock Options (Details Textual) - Stock Options [Member] - USD ($)
 3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Stock Options (Textual)    
Stock-based compensation expense $ 0 $ 0
Intrinsic value of options outstanding
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Summary of Significant Accounting Policies
 3 Months Ended
Mar. 31, 2020
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

This summary of significant accounting policies of the Company is presented to assist in understanding the Company's financial statements. The financial statements and notes are representations of the Company's management, which is responsible for their integrity and objectivity. These accounting policies conform to accounting principles generally accepted in the United States of America and have been consistently applied in the preparation of the financial statements.

 

Revenue Recognition

The Company will recognize revenue when services are performed, and at the time of shipment of products, provided that evidence of an arrangement exists, title and risk of loss have passed to the customer, fees are fixed or determinable, and collection of the related receivable is reasonably assured. To date, the Company has not had significant revenues and is in the development stage.

 

Cash and Cash Equivalent

The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents.

 

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the accompanying financial statements. Significant estimates made in preparing these financial statements, include the estimate of useful lives of property and equipment, the deferred tax valuation allowance, derivative liabilities and the fair value of stock options. Actual results could differ from those estimates.

 

Intangible Assets

The Company has patent applications to protect the inventions and processes behind its proprietary bio-based back-sheet, a protective covering for the back of photovoltaic solar modules traditionally made from petroleum-based film. Intangible assets that have finite useful lives continue to be amortized over their useful lives.

 

  Useful Lives   3/31/20   12/31/19 
Patents      $45,336   $45,336 
Less accumulated amortization   15 years    (12,845)   (12,090)
      $32,491   $33,246 

 

Amortization expense for the years ended March 31, 2020 and December 31, 2019 was $755 and $755, respectively.

 

Stock-Based Compensation

The Company measures the cost of employee services received in exchange for an equity award based on the grant-date fair value of the award. All grants under our stock-based compensation programs are accounted for at fair value and that cost is recognized over the period during which an employee, consultant, or director are required to provide service in exchange for the award (the vesting period). Compensation expense for options granted to employees and non-employees is determined in accordance with the standard as the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measured. Compensation expense for awards granted is re-measured each period.

 

Determining the appropriate fair value of the stock-based compensation requires the input of subjective assumptions, including the expected life of the stock-based payment and stock price volatility.  The Company used Black Scholes to value its stock option awards which incorporated the Company's stock price, volatility, U.S. risk-free rate, dividend rate, and estimated life. The stock options terminate seven (7) years from the date of grant or upon termination of employment. As of March 31, 2020, 15,950,000 stock options are outstanding.

 

Net Earnings (Loss) per Share Calculations

Net earnings (Loss) per share dictates the calculation of basic earnings (loss) per share and diluted earnings per share. Basic earnings (loss) per share are computed by dividing by the weighted average number of common shares outstanding during the year. Diluted net earnings (loss) per share is computed similar to basic earnings (loss) per share except that the denominator is increased to include the effect of stock options and stock based awards (Note 4), plus the assumed conversion of convertible debt (Note 5).   

  

For the three months ended March 31, 2020, the Company's diluted loss per share is the same as the basic loss per share, and the inclusion of any potential shares would have had an anti-dilutive effect due to the Company generating a loss. The Company has excluded 15,950,000 stock options and the shares issuable from convertible debt of $2,871,102, because their impact was anti-dilutive.

 

For the three months ended March 31, 2019, the Company's diluted loss per share is the same as the basic loss per share, and the inclusion of any potential shares would have had an anti-dilutive effect due to the Company generating a loss. The Company has excluded 15,950,000 stock options, and the shares issuable from convertible debt of $2,795,990, because their impact was anti-dilutive.

 

Fair Value of Financial Instruments

Fair Value of Financial Instruments, requires disclosure of the fair value information, whether recognized in the balance sheet, where it is practicable to estimate that value. As of March 31, 2020, the amounts reported for cash, inventory, prepaid expenses, accounts payable, and accrued expenses, approximate the fair value because of their short maturities.

 

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic 820 established a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). These tiers include:

 

●Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets;
●Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and
●Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

 

We measure certain financial instruments at fair value on a recurring basis. Assets and liabilities measured at fair value on a recurring basis are as follows at March 31, 2020:

 

   Total   (Level 1)   (Level 2)   (Level 3) 
                 
Derivative Liability  $15,755,378   $-   $-   $15,755,378 
Total Liabilities measured at fair value  $15,755,378   $-   $-   $15,755,378 

 

The following is a reconciliation of the derivative liability for which Level 3 inputs were used in determining the approximate fair value:

 

Balance as of December 31, 2019  $8,919,202 
Fair value of derivative liabilities issued   159,500 
Loss on change in derivative liability   6,676,676 
Balance as of March 31, 2020  $15,755,378 

 

Recently Issued Accounting Pronouncements

Management does not believe that any recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying condensed financial statements.
XML 35 R4.htm IDEA: XBRL DOCUMENT v3.20.1
Statements of Operations - USD ($)
 3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Income Statement [Abstract]    
REVENUE
OPERATING EXPENSES    
General and administrative expenses 118,819 106,133
Research and development 43,620 75,000
Depreciation and amortization 1,091 1,729
TOTAL OPERATING EXPENSES 163,530 182,862
LOSS FROM OPERATIONS BEFORE OTHER INCOME (EXPENSES) (163,530) (182,862)
OTHER INCOME/(EXPENSES)    
Interest income 7 7
Loss on conversion of debt (204,534)
Gain (Loss) on change in derivative liability (6,676,676) 4,100,543
Interest expense (225,313) (232,540)
TOTAL OTHER INCOME (EXPENSES) (6,901,982) 3,663,476
NET INCOME (LOSS) $ (7,065,512) $ 3,480,614
BASIC AND DILUTED LOSS PER SHARE $ (0.05) $ 0.07
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING    
BASIC AND DILUTED 145,334,913 47,105,672
XML 36 R32.htm IDEA: XBRL DOCUMENT v3.20.1
Derivative Liabilities (Details Textual) - USD ($)
 3 Months Ended
Mar. 31, 2020
Dec. 31, 2019
Derivative Liabilities (Textual)    
Fair value of the derivative liability $ 15,755,378 $ 8,919,202
Convertible Notes [Member]    
Derivative Liabilities (Textual)    
Fair value of the conversion feature 159,500  
Amount of debt conversion 142,432  
Accrued interest 10,346  
Other fees $ 500  
XML 37 R19.htm IDEA: XBRL DOCUMENT v3.20.1
Derivative Liabilities (Tables)
 3 Months Ended
Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of derivative liabilities valuation assumptions
  3/31/2020
    
Risk free interest rate  0.15% - 1.55%
Stock volatility factor  109.0% -161.0%
Weighted average expected option life  6 months - 5 years
Expected dividend yield  None
XML 38 R11.htm IDEA: XBRL DOCUMENT v3.20.1
Convertible Promissory Notes
 3 Months Ended
Mar. 31, 2020
Debt Disclosure [Abstract]  
CONVERTIBLE PROMISSORY NOTES

5.CONVERTIBLE PROMISSORY NOTES

 

As of March 31, 2020, the outstanding convertible promissory notes net of debt discount are summarized as follows:

 

Convertible Promissory Notes, net of debt discount  $2,608,202 
Less current portion   164,504 
Total long-term liabilities  $2,443,698 

 

Maturities of long-term debt, net of debt discount for the next five years are as follows:

 

March 31,  Amount 
2020   164,504 
2021   399,058 
2022   525,000 
2023   1,129,640 
2024   390,000 
   $2,608,202 

 

At March 31, 2020, the Company had $2,871,102 in convertible promissory notes, which had a remaining debt discount of $262,900, leaving a net balance of $2,608,202.

 

The Company issued an unsecured convertible promissory note (the May 2014 Note”), in the amount of $500,000 on May 2, 2014. The May Note matures May 2, 2022 The May 2014 Note bears interest at 10% per annum. The May 2014 Note is convertible into shares of the Company’s common stock at a conversion price of a) the lesser of $0.25 per share of common stock (subject to adjustment for stock splits, dividends, combinations and other similar transactions) or b) fifty percent (50%) of the average three (3) lowest trading prices of three (3) separate trading days recorded after the effective date, or c) the lowest effective price granted to any person or entity after the effective date to acquire common stock. If the Borrower fails to deliver shares in accordance with the time frame of three (3) business days, the Lender, at any time prior to selling all of those shares, may rescind any portion, in whole or in part of that particular conversion attributable to the unsold shares and have the rescinded conversion amount returned to the Principal Sum with the rescinded conversion shares returned to the Borrower. In addition, for each conversion, in the event shares are not delivered by the fourth business day (inclusive of the day of conversion), a penalty of $1,500 per day shall be assessed for each day after the third business day (inclusive of the day of the conversion) until the shares are delivered. The fair value of the May 2014 Note has been determined by using the Binomial lattice formula from the effective date of each tranche. During the period ended March 31, 2020, the Company issued 7,460,822 shares of common stock upon conversion of principal in the amount of $8,510, plus accrued interest of $4,546. As of March 31, 2020, the remaining balance of the May 2014 Note was $89,640.

 

The Company issued various unsecured convertible promissory notes (the 2015-2018 Notes”) in the aggregate amount of $2,500,000 on various dates of January 30, 2015 through January 17, 2019. The 2015-2018 Notes were extended and matures on dates from January 30, 2023 thru January 17, 2024. The 2015-2018 Notes bears interest at 10% per annum. The 2015-2018 Notes are convertible into shares of the Company’s common stock at conversion prices ranging from the a) the lesser of $0.03 to $0.25 per share of common stock (subject to adjustment for stock splits, dividends, combinations and other similar transactions) or b) fifty percent (50%) of the lowest trade price recorded since the original effective date, or c) the lowest effective price per share granted to any person or entity after the effective date to acquire common stock. If the Borrower fails to deliver shares in accordance within the time frame of three (3) business days, the Lender, at any time prior to selling all of those shares, may rescind any portion, in whole or in part of that particular conversion attributable to the unsold shares and have the rescinded conversion amount returned to the Principal Sum with the rescinded conversion shares returned to the Borrower. In addition, for each conversion, in the event shares are not delivered by the fourth business day (inclusive of the day of conversion), a penalty of $1,500 per day shall be assessed for each day after the third business day (inclusive of the day of the conversion) until the shares are delivered. The fair value of the 2015-2018 Notes have been determined by using the Binomial lattice formula from the effective date of each tranche. The Company recorded amortization of debt discount, which was recognized as interest expense in the amount of $800 during the period ended March 31, 2020. The 2015-2018 Notes as of March 31, 2020, had a remaining aggregate balance of $2,340,000.

 

The Company issued various unsecured convertible promissory notes (the “Feb-Apr 2019 Notes”) in the aggregate principal amount of $107,000. The Company paid an original issue discount of $4,000 and received funds in the amount of $103,000. The Feb 2019 tranche was extended to August 22, 2020. The Apr 2019 Note matures on October 11, 2020. The Feb-Apr 2019 Notes bears interest at 10% per annum. The Feb-Apr 2019 Notes may be converted into shares of the Company’s common stock at a conversion price of sixty-one (61%) percent of the lowest one (1) day trading price during the fifteen (15) trading days prior to the conversion date. The parties agree that if delivery of the common stock issuable upon conversion of these Notes are not delivered by the deadline, the Borrower shall pay to the Holder $2,000 per day in cash, for each day beyond the deadline that the Borrower fails to deliver such common stock. The conversion feature of the Feb-Apr 2019 Notes was considered a derivative in accordance with current accounting guidelines because of the reset conversion features of the Feb-Apr 2019 Notes. The fair value of the Feb-Apr 2019 Notes has been determined by using the Binomial lattice formula from the effective date of the notes. During the period ended March 31, 2020, the Company issued 3,200,000 shares of common stock upon conversion of $17,922 in principal and $500 in other fees. The Company recorded amortization of debt discount, which was recognized as interest expense in the amount of $21,070 during the period ended March 31, 2020. The Feb-Apr 2019 Notes as of March 31, 2020, had a remaining balance of $54,462.

 

The Company issued an unsecured convertible promissory note on July 16, 2019 (the July 2019 Note), in the aggregate principal amount of $53,000. The Company paid an original issue discount of $3,000 and received funds in the amount of $50,000. The July 2019 Note matures on July 16, 2020. The July 2019 Note bears interest at 10% per annum. The July 2019 Note may be converted into shares of the Company’s common stock at a conversion price of sixty-one (61%) percent of the lowest average two (2) day closing bid prices during the fifteen (15) trading days prior to the conversion date. The parties agree that if delivery of the common stock issuable upon conversion of these Notes are not delivered by the deadline, the Borrower shall pay to the Holder $2,000 per day in cash, for each day beyond the deadline that the Borrower fails to deliver such common stock. The conversion feature of the July 2019 Note was considered a derivative in accordance with current accounting guidelines because of the reset conversion features of the July 2019 Note. The fair value of the July 2019 Notes has been determined by using the Binomial lattice formula from the effective date of the notes. During the period ended March 31, 2020, the Company issued 8,248,918 shares of common stock upon conversion of principal in the amount of $53,000, plus interest of $2,650. The Company recorded amortization of debt discount, which was recognized as interest expense in the amount of $28,672 during the period ended March 31, 2020. The July 2019 Note as of March 31, 2020 had a remaining balance of $0.

 

The Company issued an unsecured convertible promissory note on August 8, 2019 (the August 2019 Note), in the aggregate principal amount of $53,500. The Company paid an original issue discount of $2,000 and received funds in the amount of $51,500. The August 2019 Note matures on August 8, 2020. The August 2019 Note bears interest at 10% per annum. The August 2019 Note may be converted into shares of the Company’s common stock at a conversion price of sixty-one (61%) percent of the lowest one (1) day trading price or lowest bid price during the fifteen (15) trading days prior to the conversion date. The parties agree that if delivery of the common stock issuable upon conversion of these Notes are not delivered by the deadline, the Borrower shall pay to the Holder $2,000 per day in cash, for each day beyond the deadline that the Borrower fails to deliver such common stock. The conversion feature of the July 2019 Note was considered a derivative in accordance with current accounting guidelines because of the reset conversion features of the August 2019 Note. The fair value of the August 2019 Notes has been determined by using the Binomial lattice formula from the effective date of the notes. The Company recorded amortization of debt discount, which was recognized as interest expense in the amount of $24,408 during the period ended March 31, 2020. The August 2019 Note as of March 31, 2020 had a remaining balance of $53,500.

 

The Company issued an unsecured convertible promissory note on August 29, 2019 (the August 29, 2019 Note), in the aggregate principal amount of $63,000. The Company paid an original issue discount of $3,000 and received funds in the amount of $60,000. The August 29, 2019 Note matures on August 29, 2020. The August 29, 2019 Note bears interest at 10% per annum. The August 29, 2019 Note may be converted into shares of the Company’s common stock at a conversion price of sixty-one (61%) percent of the lowest average two (2) day closing bid prices during the fifteen (15) trading days prior to the conversion date. The parties agree that if delivery of the common stock issuable upon conversion of these Notes are not delivered by the deadline, the Borrower shall pay to the Holder $2,000 per day in cash, for each day beyond the deadline that the Borrower fails to deliver such common stock. The conversion feature of the August 29, 2019 Note was considered a derivative in accordance with current accounting guidelines because of the reset conversion features of the August 29, 2019 Note. The fair value of the August 29, 2019 Note has been determined by using the Binomial lattice formula from the effective date of the notes. During the period ended March 31, 2020, the Company issued 13,624,762 upon conversion in principal of $63,000, plus accrued interest of $3,150. The Company recorded amortization of debt discount, which was recognized as interest expense in the amount of $24,408 during the period ended March 31, 2020. The August 2019 Note as of March 31, 2020 has a remaining balance of $0.

 

The Company issued an unsecured convertible promissory note on October 1, 2019 (the Oct 2019 Note), in the aggregate principal amount of $63,000. The Company paid an original issue discount of $3,000 and received funds in the amount of $60,000. The October 1, 2019 Note matures on October 1, 2020. The Oct 2019 Note bears interest at 10% per annum. The Oct 2019 Note may be converted into shares of the Company’s common stock at a conversion price of sixty-one (61%) percent of the lowest average two (2) day closing bid prices during the fifteen (15) trading days prior to the conversion date. The parties agree that if delivery of the common stock issuable upon conversion of these Notes are not delivered by the deadline, the Borrower shall pay to the Holder $2,000 per day in cash, for each day beyond the deadline that the Borrower fails to deliver such common stock. The conversion feature of the Oct 2019 Note was considered a derivative in accordance with current accounting guidelines because of the reset conversion features of the Oct 2019 Note. The fair value of the Oct 2019 Note has been determined by using the Binomial lattice formula from the effective date of the notes. The Company recorded amortization of debt discount, which was recognized as interest expense in the amount of $15,664 during the period ended March 31, 2020. The Oct 2019 Note as of March 31, 2020, had a remaining balance of $63,000.

 

The Company issued an unsecured convertible promissory note on November 4, 2019 (the Nov 2019 Note), in the aggregate principal amount of $58,000. The Company paid an original issue discount of $3,000 and received funds in the amount of $55,000. The November 4, 2019 Note matures on November 4, 2020. The Nov 2019 Note bears interest at 10% per annum. The Nov 2019 Note may be converted into shares of the Company’s common stock at a conversion price of sixty-one (61%) percent of the lowest average two (2) day closing bid prices during the fifteen (15) trading days prior to the conversion date. The parties agree that if delivery of the common stock issuable upon conversion of these Notes are not delivered by the deadline, the Borrower shall pay to the Holder $2,000 per day in cash, for each day beyond the deadline that the Borrower fails to deliver such common stock. The conversion feature of the Nov 2019 Note was considered a derivative in accordance with current accounting guidelines because of the reset conversion features of the Nov 2019 Note. The fair value of the Nov 2019 Note has been determined by using the Binomial lattice formula from the effective date of the notes. The Company recorded amortization of debt discount, which was recognized as interest expense in the amount of $14,421 during the period ended March 31, 2020. The Nov 2019 Note as of March 31, 2020 had a remaining balance of $58,000.

 

The Company issued an unsecured convertible promissory note on December 20, 2019 (the Dec 2019 Note), in the aggregate principal amount of $53,000. The Company paid an original issue discount of $3,000 and received funds in the amount of $50,000. The December 20, 2019 Note matures on December 20, 2020. The Dec 2019 Note bears interest at 10% per annum. The Dec 2019 Note may be converted into shares of the Company’s common stock at a conversion price of sixty-one (61%) percent of the lowest average two (2) day closing bid prices during the fifteen (15) trading days prior to the conversion date. The parties agree that if delivery of the common stock issuable upon conversion of these Notes are not delivered by the deadline, the Borrower shall pay to the Holder $2,000 per day in cash, for each day beyond the deadline that the Borrower fails to deliver such common stock. The conversion feature of the Dec 2019 Note was considered a derivative in accordance with current accounting guidelines because of the reset conversion features of the Dec 2019 Note. The fair value of the Dec 2019 Note has been determined by using the Binomial lattice formula from the effective date of the notes. The Company recorded amortization of debt discount, which was recognized as interest expense in the amount of $13,178 during the period ended March 31, 2020. The Dec 2019 Note as of March 3,1 2020, had a remaining balance of $53,000.

 

The Company issued an unsecured convertible promissory note on January 23, 2020 (the Jan 2020 Note), in the aggregate principal amount of $53,000. The Company paid an original issue discount of $3,000 and received funds in the amount of $50,000. The January 23, 2020 Note matures on January 23, 2021. The Jan 2020 Note bears interest at 10% per annum. The Jan 2020 Note may be converted into shares of the Company’s common stock at a conversion price of sixty-one (61%) percent of the lowest average two (2) day closing bid prices during the fifteen (15) trading days prior to the conversion date. The parties agree that if delivery of the common stock issuable upon conversion of these Notes are not delivered by the deadline, the Borrower shall pay to the Holder $2,000 per day in cash, for each day beyond the deadline that the Borrower fails to deliver such common stock. The conversion feature of the Jan 2020 Note was considered a derivative in accordance with current accounting guidelines because of the reset conversion features of the Jan 2020 Note. The fair value of the Jan 2020 Note has been determined by using the Binomial lattice formula from the effective date of the notes. The Company recorded amortization of debt discount, which was recognized as interest expense in the amount of $9,847 during the period ended March 31, 2020. The Jan 2020 Note as of March 31, 2020 had a remaining balance of $53,000.

 

The Company issued an unsecured convertible promissory note on February 13, 2020 (the Feb 2020 Note), in the aggregate principal amount of $53,500. The Company paid an original issue discount of $2,000 and received funds in the amount of $51,500. The Feb 2020 Note matures on February 13, 2021. The Feb 2020 Note bears interest at 10% per annum. The Feb 2020 Note may be converted into shares of the Company’s common stock at a conversion price of sixty-one (61%) percent of the lowest one (1) day trading price or lowest bid price during the fifteen (15) trading days prior to the conversion date. The parties agree that if delivery of the common stock issuable upon conversion of these Notes are not delivered by the deadline, the Borrower shall pay to the Holder $2,000 per day in cash, for each day beyond the deadline that the Borrower fails to deliver such common stock. The conversion feature of the Feb 2020 Note was considered a derivative in accordance with current accounting guidelines because of the reset conversion features of the Feb 2020 Note. The fair value of the Feb 2020 Note has been determined by using the Binomial lattice formula from the effective date of the notes. The Company recorded amortization of debt discount, which was recognized as interest expense in the amount of $6,724 during the period ended March 31, 2020. The Feb 2020 Note as of March 31, 2020 had a remaining balance of $53,500.

 

The Company issued an unsecured convertible promissory note on March 2, 2020 (the Mar 2020 Note), in the aggregate principal amount of $53,000. The Company paid an original issue discount of $3,000 and received funds in the amount of $50,000. The March 2, 2020 Note matures on March 2, 2021. The Mar 2020 Note bears interest at 10% per annum. The Mar 2020 Note may be converted into shares of the Company’s common stock at a conversion price of sixty-one (61%) percent of the lowest average two (2) day closing bid prices during the fifteen (15) trading days prior to the conversion date. The parties agree that if delivery of the common stock issuable upon conversion of these Notes are not delivered by the deadline, the Borrower shall pay to the Holder $2,000 per day in cash, for each day beyond the deadline that the Borrower fails to deliver such common stock. The conversion feature of the Mar 2020 Note was considered a derivative in accordance with current accounting guidelines because of the reset conversion features of the Mar 2020 Note. The fair value of the Mar 2020 Note has been determined by using the Binomial lattice formula from the effective date of the notes. The Company recorded amortization of debt discount, which was recognized as interest expense in the amount of $9,847 during the period ended March 31, 2020. The Mar 2020 Note as of March 31, 2020 had a remaining balance of $53,000.
XML 39 R15.htm IDEA: XBRL DOCUMENT v3.20.1
Summary of Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2020
Accounting Policies [Abstract]  
Revenue Recognition

Revenue Recognition

The Company will recognize revenue when services are performed, and at the time of shipment of products, provided that evidence of an arrangement exists, title and risk of loss have passed to the customer, fees are fixed or determinable, and collection of the related receivable is reasonably assured. To date, the Company has not had significant revenues and is in the development stage.
Cash and Cash Equivalent

Cash and Cash Equivalent

The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents.
Use of Estimates

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the accompanying financial statements. Significant estimates made in preparing these financial statements, include the estimate of useful lives of property and equipment, the deferred tax valuation allowance, derivative liabilities and the fair value of stock options. Actual results could differ from those estimates.
Intangible Assets

Intangible Assets

The Company has patent applications to protect the inventions and processes behind its proprietary bio-based back-sheet, a protective covering for the back of photovoltaic solar modules traditionally made from petroleum-based film. Intangible assets that have finite useful lives continue to be amortized over their useful lives.

 

  Useful Lives   3/31/20   12/31/19 
Patents      $45,336   $45,336 
Less accumulated amortization   15 years    (12,845)   (12,090)
      $32,491   $33,246 

 

Amortization expense for the years ended March 31, 2020 and December 31, 2019 was $755 and $755, respectively.
Stock-Based Compensation

Stock-Based Compensation

The Company measures the cost of employee services received in exchange for an equity award based on the grant-date fair value of the award. All grants under our stock-based compensation programs are accounted for at fair value and that cost is recognized over the period during which an employee, consultant, or director are required to provide service in exchange for the award (the vesting period). Compensation expense for options granted to employees and non-employees is determined in accordance with the standard as the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measured. Compensation expense for awards granted is re-measured each period.

 

Determining the appropriate fair value of the stock-based compensation requires the input of subjective assumptions, including the expected life of the stock-based payment and stock price volatility.  The Company used Black Scholes to value its stock option awards which incorporated the Company's stock price, volatility, U.S. risk-free rate, dividend rate, and estimated life. The stock options terminate seven (7) years from the date of grant or upon termination of employment. As of March 31, 2020, 15,950,000 stock options are outstanding.
Net Earnings (Loss) per Share Calculations

Net Earnings (Loss) per Share Calculations

Net earnings (Loss) per share dictates the calculation of basic earnings (loss) per share and diluted earnings per share. Basic earnings (loss) per share are computed by dividing by the weighted average number of common shares outstanding during the year. Diluted net earnings (loss) per share is computed similar to basic earnings (loss) per share except that the denominator is increased to include the effect of stock options and stock based awards (Note 4), plus the assumed conversion of convertible debt (Note 5).   

  

For the three months ended March 31, 2020, the Company's diluted loss per share is the same as the basic loss per share, and the inclusion of any potential shares would have had an anti-dilutive effect due to the Company generating a loss. The Company has excluded 15,950,000 stock options and the shares issuable from convertible debt of $2,871,102, because their impact was anti-dilutive.

 

For the three months ended March 31, 2019, the Company's diluted loss per share is the same as the basic loss per share, and the inclusion of any potential shares would have had an anti-dilutive effect due to the Company generating a loss. The Company has excluded 15,950,000 stock options, and the shares issuable from convertible debt of $2,795,990, because their impact was anti-dilutive.
Fair Value of Financial Instruments

Fair Value of Financial Instruments

Fair Value of Financial Instruments, requires disclosure of the fair value information, whether recognized in the balance sheet, where it is practicable to estimate that value. As of March 31, 2020, the amounts reported for cash, inventory, prepaid expenses, accounts payable, and accrued expenses, approximate the fair value because of their short maturities.

 

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic 820 established a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). These tiers include:

 

●Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets;
●Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and
●Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

 

We measure certain financial instruments at fair value on a recurring basis. Assets and liabilities measured at fair value on a recurring basis are as follows at March 31, 2020:

 

   Total   (Level 1)   (Level 2)   (Level 3) 
                 
Derivative Liability  $15,755,378   $-   $-   $15,755,378 
Total Liabilities measured at fair value  $15,755,378   $-   $-   $15,755,378 

 

The following is a reconciliation of the derivative liability for which Level 3 inputs were used in determining the approximate fair value:

 

Balance as of December 31, 2019  $8,919,202 
Fair value of derivative liabilities issued   159,500 
Loss on change in derivative liability   6,676,676 
Balance as of March 31, 2020  $15,755,378 
Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements

Management does not believe that any recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying condensed financial statements.
XML 40 R5.htm IDEA: XBRL DOCUMENT v3.20.1
Statements of Shareholders' Deficit - USD ($)
Preferred Stock
Additional Paid-in Capital
Common Stock
Additional Paid-in Capital
Accumulated Deficit
Total
Beginning balance at Dec. 31, 2018 $ 6,064 $ 11,646,932 $ (28,653,206) $ (17,000,210)
Beginning balance, shares at Dec. 31, 2018   60,639,308      
Issuance of common shares for converted promissory notes and accrued interest $ 1,226 349,130 350,356
Issuance of common shares for converted promissory notes and accrued interest, shares   12,263,930      
Net Income (Loss) 3,480,614 3,480,614
Ending balance at Mar. 31, 2019 $ 7,290 11,646,932 (25,172,592) (13,169,240)
Ending balance, shares at Mar. 31, 2019   72,903,238      
Beginning balance at Dec. 31, 2019 $ 13,391 12,301,739 (24,530,841) (12,215,711)
Beginning balance, shares at Dec. 31, 2019   133,912,520      
Issuance of common shares for converted promissory notes and accrued interest $ 3,253 150,025 153,278
Issuance of common shares for converted promissory notes and accrued interest, shares   32,534,502      
Net Income (Loss) (7,065,512) (7,065,512)
Ending balance at Mar. 31, 2020 $ 16,644 $ 12,451,764 $ (31,596,353) $ (19,127,945)
Ending balance, shares at Mar. 31, 2020   166,447,022      
XML 41 R1.htm IDEA: XBRL DOCUMENT v3.20.1
Document and Entity Information - shares
 3 Months Ended
Mar. 31, 2020
May 07, 2020
Document and Entity Information [Abstract]    
Entity Registrant Name BioSolar Inc  
Entity Central Index Key 0001371128  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Document Type 10-Q  
Document Period End Date Mar. 31, 2020  
Document Fiscal Period Focus Q1  
Document Fiscal Year Focus 2020  
Entity Current Reporting Status Yes  
Entity Filer Category Non-accelerated Filer  
Entity Small Business true  
Entity Shell Company false  
Entity Emerging Growth Company false  
Entity Common Stock, Shares Outstanding   221,637,126
Entity File Number 000-54819  
Entity Interactive Data Current Yes  
Entity Incorporation State Country Code NV  
XML 42 R9.htm IDEA: XBRL DOCUMENT v3.20.1
Capital Stock
 3 Months Ended
Mar. 31, 2020
Equity [Abstract]  
CAPITAL STOCK

3.CAPITAL STOCK

 

During the three months ended March 31, 2020, the Company issued 32,534,502 shares of common stock upon conversion of convertible promissory notes in the amount of $142,432, plus accrued interest of $10,346, and other fees of $500 at prices ranging from $0.00175 - $0.0070. The Company had no gain or loss upon conversion, since the conversions were made under the terms of the agreements.

 

During the three months ended March 31, 2019, the Company issued 12,263,930 shares of common stock upon conversion of convertible promissory notes in the amount of $132,670, plus accrued interest of $13,152, with an aggregate fair value loss of $204,534 at prices ranging from $0.0235 - $0.0341.
XML 43 R33.htm IDEA: XBRL DOCUMENT v3.20.1
Commitments and Contingencies (Details)
 3 Months Ended
Mar. 31, 2020
USD ($)
Commitments and Contingencies (Textual)  
Rent payment amount $ 550
XML 44 R10.htm IDEA: XBRL DOCUMENT v3.20.1
Stock Options
 3 Months Ended
Mar. 31, 2020
Share-based Payment Arrangement [Abstract]  
STOCK OPTIONS

4.STOCK OPTIONS

 

Stock Options

The Company did not grant any stock options during the three months ended March 31, 2020 and 2019, respectively.

  

   3/31/2020   3/31/2019 
   Number of Options   Weighted average exercise price   Number of Options   Weighted average exercise price 
Outstanding as of the beginning of the periods   15,950,000   $0.23    15,950,000   $0.23 
Granted   -    -    -    - 
Exercised   -    -    -    - 
Expired   -    -    -    - 
Outstanding as of the end of the periods   15,950,000   $0.23    15,950,000   $0.23 
Exercisable as of the end of the periods   15,950,000   $0.23    15,950,000   $0.23 

   

The weighted average remaining contractual life of options outstanding as of March 31, 2020 and 2019 was as follows:

 

3/31/2020   3/31/2019 
Exercisable Price   Stock Options Outstanding   Stock Options Exercisable   Weighted Average Remaining Contractual Life (years)   Exercisable Price   Stock Options Outstanding   Stock Options Exercisable   Weighted Average Remaining Contractual Life (years) 
$0.09    2,450,000    2,450,000    1.98   $0.09    2,450,000    2,450,000    2.98 
$0.26    13,500,000    13,500,000    2.43   $0.26    13,500,000    13,500,000    3.43 
      15,950,000    15,950,000              15,950,000    15,950,000      

 

The stock-based compensation expense recognized in the statement of operations during the three months ended March 31, 2020 and 2019, related to the granting of these options was $0 and $0, respectively.

 

As of March 31, 2020 and 2019, respectively, there was no intrinsic value with regards to the outstanding options.
XML 45 R14.htm IDEA: XBRL DOCUMENT v3.20.1
Subsequent Event
 3 Months Ended
Mar. 31, 2020
Subsequent Events [Abstract]  
SUBSEQUENT EVENT
8.SUBSEQUENT EVENT

 

Management has evaluated subsequent events according to the requirements of ASC TOPIC 855 and has determined that there are the following subsequent events:

 

On April 1, 2020 the Company issued 6,818,182 shares of common stock upon conversion of principal in the amount of $15.000, according to the conditions of the convertible note dated as of October 1, 2019.

 

On April 7, 2020 the Company issued 8,181,818 shares of common stock upon conversion of principal in the amount of $18.000, according to the conditions of the convertible note dated as of October 1, 2019.

 

On April 9, 2020 the Company issued 8,625,000 shares of common stock upon conversion of principal in the amount of $20,700, according to the conditions of the convertible note dated as of October 1, 2019.

 

On April 13, 2020 the Company issued 4,788,462 shares of common stock upon conversion of principal in the amount of $9,300, plus accrued interest of $3,150, according to the conditions of the convertible note dated as of October 1, 2019.

 

On April 23, 2020, the Company entered into a convertible promissory note with an investor providing for the sale by the Company of a 10% unsecured convertible note (the "April 2020 Note") in the principal amount of $53,000. The April 2020 Note is convertible into shares of common stock of the Company at a price equal to a variable conversion price of 61% of the average of the two lowest (1) day trading prices for common stock during the fifteen (15) trading day period prior to the conversion date.

 

On April 29, 2020 the Company issued 2,003,524 shares of common stock upon conversion of principal in the amount of $962, plus accrued interest of $3,677 and $250.00 of fees, according to the conditions of the convertible note dated as of February 20, 2019.

 

On May 4, 2020, the Company issued 6,200,000 shares of common stock upon conversion of principal in the amount of $14,878 and $250 of fees, according to the conditions of the convertible note dated April 5, 2019.

 

On May 5, 2020, the Company issued 5,555,556 shares of common stock upon conversion of principal in the amount of $15,000, according to the conditions of the convertible note dated November 4, 2019.

 

On May 6, 2020, the Company issued 5,555,556 shares of common stock upon conversion of principal in the amount of $15,000, according to the conditions of the convertible note dated November 4, 2019.

 

On May 7, 2020, the Company issued 7,462,006 shares of common stock upon conversion of principal in the amount of $7,720 and $4,587 of interest, according to the conditions of the convertible note dated May 2, 2014.
XML 46 R18.htm IDEA: XBRL DOCUMENT v3.20.1
Convertible Promissory Notes (Tables)
 3 Months Ended
Mar. 31, 2020
Debt Disclosure [Abstract]  
Schedule of outstanding convertible promissory notes

Convertible Promissory Notes, net of debt discount  $2,608,202 
Less current portion   164,504 
Total long-term liabilities  $2,443,698 
Schedule of maturities of long-term debt, net of debt discount

 

March 31,  Amount 
2020   164,504 
2021   399,058 
2022   525,000 
2023   1,129,640 
2024   390,000 
   $2,608,202 
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Summary of Significant Accounting Policies (Details 2)
 3 Months Ended
Mar. 31, 2020
USD ($)
Accounting Policies [Abstract]  
Beginning balance $ 8,919,202
Fair value of derivative liabilities issued 159,500
Loss on change in derivative liability (6,676,676)
Ending balance $ 15,755,378

XML 49 R26.htm IDEA: XBRL DOCUMENT v3.20.1
Stock Options (Details 1) - $ / shares
 3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Schedule of weighted average remaining contractual life of options outstanding    
Stock Options Outstanding 15,950,000 15,950,000
Stock Options Exercisable 15,950,000 15,950,000
Exercisable Price One [Member]    
Schedule of weighted average remaining contractual life of options outstanding    
Exercisable Price $ 0.09 $ 0.09
Stock Options Outstanding 2,450,000 2,450,000
Stock Options Exercisable 2,450,000 2,450,000
Weighted Average Remaining Contractual Life (years) 1 year 11 months 23 days 2 years 11 months 23 days
Exercisable Price Two [Member]    
Schedule of weighted average remaining contractual life of options outstanding    
Exercisable Price $ 0.26 $ 0.26
Stock Options Outstanding 13,500,000 13,500,000
Stock Options Exercisable 13,500,000 13,500,000
Weighted Average Remaining Contractual Life (years) 2 years 5 months 5 days 3 years 5 months 5 days