UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
For
the quarterly period ended
OR
For the transition period from_____________ to _____________
Commission
file number:
(Exact name of registrant as specified in its charter)
| 2834 | ||||
(State or other jurisdiction of incorporation or organization) |
(Primary Standard Industrial Classification Code Number) | (I.R.S. Employer Identification No.) |
| (Address of principal executive offices) | (Zip Code) |
(Registrant’s telephone number, including area code)
Securities registered or to be registered pursuant to Section 12(b) of the Act.
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
| OTCQB |
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed 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.
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).
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| Large accelerated filer | ☐ | 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 pursuant to Section 13(a) of the Exchange Act. ☐
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No
The amount of registered shares of the registrant’s Common Stock as of August 14, 2024, was .
BIOXYTRAN, INC.
FORM 10-Q
TABLE OF CONTENTS
Except as otherwise required by the context, all references in this report to “we”, “us”, “our” or “Company” refer to the consolidated operations of BIOXYTRAN, Inc.
| i |
PART I - FINANCIAL INFORMATION
Item 1. Unaudited Condensed Consolidated Financial Statements: BIOXYTRAN, Inc., June 30, 2024
BIOXYTRAN, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
AS OF JUNE 30, 2024, AND DECEMBER 31, 2023
(UNAUDITED)
| June 30, 2024 | December 31, 2023 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash | $ | $ | ||||||
| Total current assets | ||||||||
| Intangibles, net | ||||||||
| Total assets | $ | $ | ||||||
| LIABILITIES AND STOCKHOLDERS’ DEFICIT | ||||||||
| Current liabilities: | ||||||||
| Accounts payable and accrued expenses | $ | $ | ||||||
| Accounts payable affiliate | ||||||||
| Un-issued shares liability | ||||||||
| Un-issued shares liability affiliate | ||||||||
| Short term loan | ||||||||
| Short term loan affiliate | ||||||||
| Convertible notes payable, net of premium and discount | ||||||||
| Total current liabilities | ||||||||
| Total liabilities | ||||||||
| Commitments and contingencies | ||||||||
| Stockholders’ deficit: | ||||||||
| Preferred stock, $ par value; shares authorized, issued and outstanding | ||||||||
| Common stock, $ par value; shares authorized; and issued and outstanding as at June 30, 2024, and December 31, 2023 | ||||||||
| Additional paid-in capital | ||||||||
| Non-controlling interest | ( | ) | ( | ) | ||||
| Accumulated deficit | ( | ) | ( | ) | ||||
| Total stockholders’ deficit | ( | ) | ( | ) | ||||
| Total liabilities and stockholders’ deficit | $ | $ | ||||||
See the accompanying notes to these unaudited condensed consolidated financial statements
| 1 |
BIOXYTRAN, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2024, AND 2023
(UNAUDITED)
| Three months ended | Six months ended | |||||||||||||||
| June 30, 2024 | June 30, 2023 | June 30, 2024 | June 30, 2023 | |||||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | $ | $ | $ | $ | ||||||||||||
| General and administrative | ||||||||||||||||
| General and administrative affiliate | ||||||||||||||||
| Compensation Expense | ||||||||||||||||
| Compensation Expense affiliate | ||||||||||||||||
| Total operating expenses | ||||||||||||||||
| Loss from operations | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Other expenses: | ||||||||||||||||
| Interest expense | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Interest expense affiliate | ( | ) | ( | ) | ||||||||||||
| Amortization of IP | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Debt discount amortization and issuance of warrants | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Total other income (expenses) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Net loss before provision for income taxes | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Provision for income taxes | ||||||||||||||||
| NET LOSS | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Net loss attributable to the non-controlling interest | ||||||||||||||||
| NET LOSS ATTRIBUTABLE TO BIOXYTRAN | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | ||||
| Loss per Common share, basic and diluted | $ | ) | $ | ) | $ | ) | $ | ) | ||||||||
| Weighted average number of Common shares out-standing, basic and diluted | ||||||||||||||||
See the accompanying notes to these unaudited condensed consolidated financial statements
| 2 |
BIOXYTRAN, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ DEFICIT
FOR THE SIX MONTHS ENDED JUNE 30, 2024, AND 2023
(UNAUDITED)
| Common Stock | Preferred Stock | Add. Paid in Capital | ||||||||||||||||||||||||||||||||||
| Shares | Amount | Shares | Amount | Common | Preferred | Accumul. Deficit | Non- contr. Int. | Total Equity | ||||||||||||||||||||||||||||
| January 1, 2023 | $ | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | ( | ) | |||||||||||||||||||||||
| Stock transactions | ||||||||||||||||||||||||||||||||||||
| Stock subscription | ( | ) | ( | ) | ||||||||||||||||||||||||||||||||
| Net loss attrib to the non-contr int. | ( | ) | ( | ) | ||||||||||||||||||||||||||||||||
| Net loss | ( | ) | ( | ) | ||||||||||||||||||||||||||||||||
| March 31, 2023 | $ | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | ( | ) | |||||||||||||||||||||||
| Stock transactions | ||||||||||||||||||||||||||||||||||||
| Issuance stock plan affiliate | ||||||||||||||||||||||||||||||||||||
| Issuance stock plan other | ||||||||||||||||||||||||||||||||||||
| Conversion of debt affiliate | ||||||||||||||||||||||||||||||||||||
| Conversion of debt other | ||||||||||||||||||||||||||||||||||||
| Convertible note | ||||||||||||||||||||||||||||||||||||
| Issuance of warrants | ||||||||||||||||||||||||||||||||||||
| Net loss attrib to the non-contr int. | ( | ) | ( | ) | ||||||||||||||||||||||||||||||||
| Net loss | ( | ) | ( | ) | ||||||||||||||||||||||||||||||||
| June 30, 2023 | $ | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | ( | ) | |||||||||||||||||||||||
| Common Stock | Preferred Stock | Add. Paid in Capital | ||||||||||||||||||||||||||||||||||
| Shares | Amount | Shares | Amount | Common | Preferred | Accumul. Deficit | Non- contr. Int. | Total Equity | ||||||||||||||||||||||||||||
| January 1, 2024 | $ | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | ( | ) | |||||||||||||||||||||||
| Stock transactions | ( | ) | ( | ) | ||||||||||||||||||||||||||||||||
| Stock subscription | ( | ) | ||||||||||||||||||||||||||||||||||
| Issuance stock plan affiliate | ||||||||||||||||||||||||||||||||||||
| Issuance stock plan other | ||||||||||||||||||||||||||||||||||||
| Conversion of debt affiliate | ||||||||||||||||||||||||||||||||||||
| Conversion of debt other | ||||||||||||||||||||||||||||||||||||
| Conversion of warrants | ( | ) | ||||||||||||||||||||||||||||||||||
| Convertible note | ||||||||||||||||||||||||||||||||||||
| Net loss attrib to the non-contr int. | ( | ) | ( | ) | ||||||||||||||||||||||||||||||||
| Net loss | ( | ) | ( | ) | ||||||||||||||||||||||||||||||||
| March 31, 2024 | $ | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | ( | ) | |||||||||||||||||||||||
| Stock transactions | ||||||||||||||||||||||||||||||||||||
| Issuance stock plan affiliate | ||||||||||||||||||||||||||||||||||||
| Issuance stock plan other | ||||||||||||||||||||||||||||||||||||
| Conversion of debt | ||||||||||||||||||||||||||||||||||||
| Convertible note | ||||||||||||||||||||||||||||||||||||
| Net loss | ( | ) | ( | ) | ||||||||||||||||||||||||||||||||
| June 30, 2024 | $ | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | ( | ) | |||||||||||||||||||||||
See
the accompanying notes to these unaudited condensed consolidated financial statements
| 3 |
BIOXYTRAN, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 2024, AND 2023
(UNAUDITED)
| Six Months Ended | ||||||||
| June 30, 2024 | June 30, 2023 | |||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
| Net loss | $ | ( | ) | $ | ( | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Debt discount amortization, incl. issuance of warrants | ||||||||
| Amortization of IP | ||||||||
| Stock-based compensation | ||||||||
| Stock-based compensation affiliate | ||||||||
| Interest paid for note conversion | ||||||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts payable and accrued expenses | ( | ) | ||||||
| Accounts payable affiliate | ||||||||
| Net cash used in operating activities | ( | ) | ( | ) | ||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
| Investment in intangibles | ( | ) | ( | ) | ||||
| Net cash used in investing activities | ( | ) | ( | ) | ||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
| Proceeds from stock sales | ||||||||
| Proceeds from issuance of convertible notes payable | ||||||||
| Net cash provided by financing activities | ||||||||
| Net decrease in cash | ( | ) | ( | ) | ||||
| Cash, beginning of period | ||||||||
| Cash, end of period | $ | $ | ||||||
| SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ||||||||
| Interest paid | $ | $ | ||||||
| Income taxes paid | ||||||||
| NON-CASH INVESTING & FINANCING ACTIVITIES | ||||||||
| Issuance of warrants | ||||||||
| Debt discount on convertible note | ||||||||
| Common shares issued for the conversion of principal and accrued interest | ||||||||
| Common shares issued for the conversion of accounts payable | ||||||||
| Common shares issued for the conversion of accounts payable affiliate | $ | $ | ||||||
See the accompanying notes to these unaudited condensed consolidated financial statements
| 4 |
BIOXYTRAN, INC.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2024, AND 2023
(UNAUDITED)
NOTE 1 – BACKGROUND AND ORGANIZATION
Business Operations
Bioxytran, Inc. (the “Company”) is a clinical stage pharmaceutical company focused on the development, manufacture and commercialization of therapeutic drugs designed to address hypoxia (a lack of oxygen to tissues) in humans in a safe and efficient manner.
Pharmalectin, Inc. (the “Pharmalectin” is a subsidiary focused on the development, manufacture and commercialization of therapeutic drugs designed to address conditions related to viral diseases.
Pharmalectin (BVI), Inc. (the “Pharmalectin BVI”) is a subsidiary serving as custodian of the Company’s Copyrights, Trademarks and Patents.
Pharmalectin India Pvt Ltd. (“Pharmalectin India”) is a subsidiary managing the Company’s local clinical research and trials, and holds the local rights to commercialization.
Organization
Bioxytran,
Inc. was organized on October 5, 2017, as a Delaware corporation, with a taxing structure for U.S. federal and state income tax as a
C-Corporation with authorized shares of Common Stock with a par value of $, and shares of Preferred Stock
with a par value of $. On September 21, 2018, the Company underwent under a reorganization in the form of a reverse merger and
is currently registered as a Nevada corporation with a taxing structure for U.S. federal and state income tax as a C-Corporation with
authorized shares of Common Stock with a par value of $, and shares of Preferred Stock with a par value of
$. As at June 30, 2024, there are shares of Common Stock issued and outstanding; shares (
Pharmalectin
was organized on October 5, 2017, as a Delaware corporation, with a taxing structure for U.S. federal and state income tax as a C-Corporation
with authorized shares of Common Stock with a par value of $, and shares of Preferred Stock with a par value
of $. The Subsidiary was founded under the name of Bioxytran “Bioxytran (DE)”. On April 29, 2020, the name was changed
to Pharmalectin, Inc. As at June 30, 2024, there are shares of Common Stock issued and outstanding; of which (
Pharmalectin BVI was organized on March 17, 2021, as a British Virgin Islands (“BVI”) Business Corporation with a BVI corporate taxing structure with authorized and outstanding shares of Common Stock with a par value of $. The Company holds 100% of the shares in the Subsidiary.
Pharmalectin
India was organized on August 30, 2023, as an Indian Business Corporation with its principal place of business in Hyderabad, Telangana,
India, with authorized shares of Common Stock with a par value of $ (₹). There are currently outstanding shares
whereof (
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”), including the instructions to Form 10-Q and Regulation S-X. Certain information and note disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”), have been condensed or omitted from these statements pursuant to such rules and regulations and, accordingly, they do not include all the information and notes necessary for comprehensive financial statements and should be read in conjunction with our audited consolidated financial statements.
While the information presented in the accompanying financial statements is unaudited, it includes all adjustments which are, in the opinion of the management, necessary to present fairly the financial position, results of operations and cash flows for the periods presented in accordance with the accounting principles generally accepted in the U.S. GAAP. In the opinion of management, all adjustments considered necessary for a fair presentation of the results of operations and financial position have been included and prepared in accordance with U.S. GAAP. These financial statements should be read in conjunction with the Company’s December 31, 2023, audited financial statements and notes.
| 5 |
Reclassification
Statements of Operations: By request from our shareholders general and administrative expenses, as well as Interest expenses has been separated into affiliate and third party (others) in comparison with earlier periods.
Statements of Cash Flows: By request from our shareholders stock-based compensation has been separated into affiliate and third party (others) in comparison with earlier periods.
Principles of Consolidation
The accompanying unaudited condensed consolidated financial statements include the accounts of Bioxytran, including its majority owned subsidiary, Pharmalectin, as well as its wholly owned subsidiaries, Pharmalectin BVI and Pharmalectin India (collectively, the “Company”). All intercompany accounts have been eliminated upon consolidation.
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
A summary of the significant accounting policies applied in the preparation of the accompanying financial statements follows.
Cash
For purposes of the Statement of Cash Flows, the Company considers all highly liquid debt instruments purchased with an original maturity date of three months or less to be cash equivalents.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of expenses during the reporting period. Significant estimates include the fair value of the Company’s stock, stock-based compensation, valuation of warrants, valuations in connection with convertible notes and the valuation allowance related to deferred tax assets. Actual results may differ from these estimates.
The Company computes earnings (loss) per share under Accounting Standards Codification subtopic 260-10, Earnings Per Share (“ASC 260-10”). Net loss per common share is computed by dividing net loss by the weighted average number of shares of Common Stock outstanding during the year. Diluted earnings per share, if presented, would include the dilution that would occur upon the exercise or conversion of all potentially dilutive securities into Common Stock using the “treasury stock” and/or “if converted” methods as applicable.
At
June 30, 2024, we would, based on the market price of $/share, be obligated to issue approximately shares of Common Stock
upon conversion of the currently outstanding 2021 convertible note (the “2021 Note”), based on $ in outstanding principal
and interest.
The
(
The Company measures the cost of services received from employees and non-employees in exchange for an award of equity instruments based on the fair value of the award on the grant date pursuant ASC 718. Stock-based compensation expense is recorded by the Company over the requisite service period, or vesting period, in the same expense classifications in the statements of operations, as if such amounts were paid in cash.
Accounting for subsidiary stock transactions
The Company accounts for subsidiary stock transactions in accordance with Opinions of the Accounting Principles Board 09 (APBO No. 9). In paragraph 28, this pronouncement excluded all adjustments from transactions in a company’s own stock “…from the determination of net income or the results of operations under all circumstances.”
| 6 |
Research and Development
The
Company accounts for research and development costs in accordance with Accounting Standards Codification subtopic 730-10, Research and
Development (“ASC 730-10”). Under ASC 730-10, all research and development costs must be charged to expense as incurred.
Accordingly, internal research and development costs are expensed as incurred. Third-party research and development costs are expensed
when the contracted work has been performed or as milestone results have been achieved as defined under the applicable agreement. Company-sponsored
research and development costs related to both present and future products are expensed in the period incurred. In the six months ended
June 30, 2024, the Company incurred $
Intangibles – Goodwill and Other
Valuation of intangibles are in accordance with ASC 350. Costs associated with the application and award of patents in the U.S. and various other countries are capitalized and amortized on a straight-line basis over the term of the patents as determined at award date, which varies depending on the pendency period of the application, generally approximating seventeen years. Capitalized patent costs, also referred to as patent prosecution costs, include internal legal labor, professional legal fees, government filing fees and translation fees related to expanding the Company’s patent portfolio. Costs associated with the maintenance and annuity fees of patents are accounted for as prepaid assets at the time of payment and amortized over the shorter of the maintenance period or remaining life of the related patent.
Accrued Expenses
As part of the process of preparing our condensed consolidated financial statements, we are required to estimate accrued expenses. This process involves identifying services that third parties have performed on our behalf and estimating the level of service performed and the associated cost incurred on these services as at each balance sheet date in our consolidated financial statements. Examples of estimated accrued expenses include professional service fees, such as those arising from the services of attorneys and accountants and accrued payroll expenses. In connection with these service fees, our estimates are most affected by our understanding of the status and timing of services provided relative to the actual services incurred by the service providers. In the event that we do not identify certain costs that have been incurred or we under, or over, estimate the level of services or costs of such services, our reported expenses for a reporting period could be understated or overstated. The date on which certain services commence, the level of services performed on or before a given date, and the cost of services are often subject to our judgment. We make these judgments based upon the facts and circumstances known to us in accordance with accounting principles generally accepted in the U.S.
Warrants
The Company has issued Common Stock warrants in connection with the execution of certain equity and debt financings. The fair value of warrants is determined using the Black-Scholes option-pricing model using assumptions regarding volatility of our common share price, remaining life of the warrant, and risk-free interest rates at each period end.
Fair Value
Accounting Standards Codification subtopic 825-10, Financial Instruments (“ASC 825-10”) requires disclosure of the fair value of certain financial instruments. The carrying value of cash and cash equivalents, accounts payable and accrued liabilities, and short-term borrowings, as reflected in the balance sheets, approximate fair value because of the short-term maturity of these instruments. All other significant financial assets, financial liabilities and equity instruments of the Company are either recognized or disclosed in the financial statements together with other information relevant for making a reasonable assessment of future cash flows, interest rate risk and credit risk. Where practicable the fair values of financial assets and financial liabilities have been determined and disclosed; otherwise only available information pertinent to fair value has been disclosed.
The Company follows Accounting Standards Codification subtopic 820-10, Fair Value Measurements and Disclosures (“ASC 820-10”) and Accounting Standards Codification subtopic 825-10, Financial Instruments (“ASC 825-10”), which permits entities to choose to measure many financial instruments and certain other items at fair value.
Recent Accounting Pronouncements
In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”) to simplify accounting for certain financial instruments. ASU 2020-06 eliminates the current models that require separation of beneficial conversion and cash conversion features from convertible instruments and simplifies the derivative scope exception guidance pertaining to equity classification of contracts in an entity’s own equity.
| 7 |
The new standard also introduces additional disclosures for convertible debt and freestanding instruments that are indexed to and settled in an entity’s own equity. ASU 2020-06 amends the diluted earnings per share guidance, including the requirement to use the if-converted method for all convertible instruments. ASU 2020-06 is effective January 1, 2020, and should be applied on a full or modified retrospective basis, with early adoption permitted beginning on January 1, 2022. The Company adopted ASU 2020-06 effective January 1, 2021. The adoption of ASU 2020-06 did not have an impact on the Company’s financial statements.
Management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company’s unaudited condensed interim financial statements.
NOTE 3 – GOING CONCERN AND MANAGEMENT’S LIQUIDITY PLANS
As
at June 30, 2024, the Company had cash of $
During
the six months ended June 30, 2024, the Company raised a net of $
The Company intends to raise additional capital through private placements of debt and equity securities, but there can be no assurance that these funds will be available on terms acceptable to the Company, or will be sufficient to enable the Company to fully complete its development activities or sustain operations. If the Company is unable to raise sufficient additional funds, it will have to develop and implement a plan to further extend payables, reduce overhead, or scale back its current business plan until sufficient additional capital is raised to support further operations. There can be no assurance that such a plan will be successful.
Accordingly, the accompanying unaudited condensed consolidated financial statements have been prepared in conformity with U.S. GAAP, which contemplates continuation of the Company as a going concern and the realization of assets and satisfaction of liabilities in the normal course of business. The carrying amounts of assets and liabilities presented in the unaudited condensed consolidated financial statements do not necessarily purport to represent realizable or settlement values. The unaudited condensed consolidated financial statements do not include any adjustment that might result from the outcome of this uncertainty.
NOTE 4 - AFFILIATE TRANSACTIONS
The
Company holds License Agreements (the “License(s)” or “Agreement(s)”) for a medical device (license obtained
in 2019) and a compound (license obtained in 2021), with two affiliated companies where the beneficial ownership includes the Company’s
officers. The products were developed prior to the establishment of Bioxytran. The yearly maintenance fees for each license amount to
$
The
Company had at June 30, 2024, loan agreements calling for an
NOTE 5 - INTANGIBLES
Intangible
assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not
be recoverable.
Amortization of capitalized patent costs associated with the application and award of patents in the U.S. and various other countries are capitalized and amortized on a straight-line basis over the term of the patents as determined at the award date, which varies depending on the pendency period of the application, generally approximating twenty years.
| Estimated Remaining Life (years) | June 30, 2024 | December 31, 2023 | |||||||||
| Capitalized patent costs | $ | $ | |||||||||
| Accumulated amortization | ( | ) | ( | ) | |||||||
| Intangible assets, net | $ | $ | |||||||||
| 8 |
NOTE 6 – ACCOUNTS PAYABLES AND ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
On
June 30, 2024, there was $
The following table represents the major components of accounts payables and accrued expenses and other current liabilities at June 30, 2024, and at December 31, 2023:
| June 30,2024 | December 31, 2023 | ||||||||
| Accounts payable affiliate | (1) | $ | $ | ||||||
| Professional fees | |||||||||
| Payroll Tax | |||||||||
| 401K | |||||||||
| Interest affiliate | (2) | ||||||||
| Interest | |||||||||
| Other | |||||||||
| Un-issued share liability, affiliate | (3) | ||||||||
| Un-issued share liability, consultant | |||||||||
| Short term loan from Affiliate | (2) | ||||||||
| Short term loan | |||||||||
| Convertible note payable | |||||||||
| Total current liabilities | $ | $ | |||||||
| (1) | |
| (2) | |
| (3) |
NOTE 7 – CONVERTIBLE NOTES PAYABLE
Around
May 3, 2021, we entered into four (4) Securities Purchase Agreements (the “2021 SPA’s”), under which we agreed to sell
convertible promissory notes (the “2021 Notes”), in an aggregate principal amount of $
At
any time after the issue date of the Notes, the Holders of the Notes, (the “2021 Holders”), have the option to convert all
or any part of the outstanding and unpaid principal amount and accrued and unpaid interest of the 2021 Notes into shares of our Common
Stock at the Conversion Price.
If the 2021 Notes are converted prior to us paying off such note, it would lead to substantial dilution to our shareholders as a result of the conversion discounted applicable to the 2021 Notes. There can be no assurance that there will be any funds available to pay of the 2021 Notes. If we fail to obtain such additional financing on a timely basis, the 2021 Holders may convert the 2021 Notes and sell the underlying shares, which may result in significant dilution to shareholders due to the conversion discount, as well as a significant decrease in our stock price.
On
May 5, 2023, three (3) of the Notes were renegotiated; the interest was set to
On
May 1, 2024, the 2021 Note was extended once more, until November 30, 2024, in exchange for a $
For the Notes issued the Company claims an exemption from the registration requirements of the Securities Act of 1933 (the “Securities Act”) for the private placement of these securities pursuant to Section 4(a)(2) of the Securities Act and/or Rule 506 of Regulation D promulgated under the Securities Act. The Common Stock underlying the Note(s), when issued, bear a restrictive legend and are currently eligible for resale under Rule 144.
| 9 |
At June 30, 2024, and December 31, 2023, the outstanding convertible notes were as follows:
| Name | Principal due | Debt discount | Accrued interest | Total amount due | ||||||||||||||
| December 31, 2023 | ||||||||||||||||||
| Private Placement, 2021 Note | (1) | $ | $ | $ | $ | |||||||||||||
| 2021 Note issued in exchange for prior Notes | (2) | |||||||||||||||||
| $ | $ | $ | $ | |||||||||||||||
| June 30, 2024 | ||||||||||||||||||
| Private Placement, 2021 Note | (3) | $ | $ | ( | ) | $ | $ | |||||||||||
| (1) | |
| (2) | |
| (3) |
Private Placement, 2024
On
March 15, 2024, we entered into a Security Purchase Agreements (the “2024 SPA’s”), with an accredited investor, under
which we agreed to sell a Note, in a principal amount of $
At
any time after the issue date of the 2024 Note, the 2024 Holder has the option to convert any part of the outstanding and unpaid principal
amount and accrued and unpaid interest of the Note into shares of our Common Stock at the Conversion Price. The “Conversion Price”
is set to $
On
April 15, 2024, the 2024 Note was converted into shares of Common Stock. The interest for the note was $
NOTE 8 – STOCKHOLDERS’ EQUITY
The Company is authorized to issue shares of Common Stock, and shares of Preferred Stock.
Preferred Stock
As at June 30, 2024, Preferred shares have been designated nor issued.
Common Stock
Number of shares of Common Stock issued and outstanding during the reporting period(s):
Issuances in the period January 1 and June 30, 2023
| Date | # Shares | Amount | Price/Share | Type | Notice | |||||||||||
| 1/01/2023 | $ | |||||||||||||||
| 1/04/2023 | (1) | $ | private placement | |||||||||||||
| 1/04/2023 | ( | ) | subscription | |||||||||||||
| 2/10/2023 | (1) | private placement | ||||||||||||||
| 4/14/2023 | (3) | debt conversion | ||||||||||||||
| 4/14/2023 | (3) | debt conversion | affiliate | |||||||||||||
| 4/18/2023 | (1) | private placement | ||||||||||||||
| 5/10/2023 | (5) | n/a | warrants | |||||||||||||
| 5/15/2023 | (1) | private placement | ||||||||||||||
| 5/17/2023 | (2) | convertible note | ||||||||||||||
| 6/26/2023 | (2) | convertible note | ||||||||||||||
| see Note 9 | (4) | 2021 Stock Plan | affiliate | |||||||||||||
| see Note 9 | (4) | 2021 Stock Plan | ||||||||||||||
| 6/30/2023 | $ | |||||||||||||||
| 10 |
| Issuances
in the period January 1 and June 30, 2024 | ||||||||||||||||
| Date | # Shares | Amount | Price/Share | Type | Notice | |||||||||||
| 1/01/2024 | $ | |||||||||||||||
| 1/17/2024 | (1) | $ | private placement | |||||||||||||
| 1/17/2024 | ( | ) | n/a | subscription | ||||||||||||
| 1/18/2024 | (3) | debt conversion | ||||||||||||||
| 1/18/2024 | (3) | debt conversion | affiliate | |||||||||||||
| 1/19/2024 | (1) | ( | ) | n/a | n/a | return to treasury | ||||||||||
| 1/22/2024 | (3) | n/a | n/a | exercise of warrant | cashless | |||||||||||
| 1/22/2024 | (2) | convertible note | ||||||||||||||
| 3/20/2024 | (2) | convertible note | ||||||||||||||
| 3/27/2024 | (3) | debt conversion | ||||||||||||||
| 4/04/2024 | (3) | debt conversion | ||||||||||||||
| 4/15/2024 | (2) | convertible note | ||||||||||||||
| 4/15/2024 | (1) | private placement | ||||||||||||||
| 4/19/2024 | (3) | debt conversion | ||||||||||||||
| 4/22/2024 | (1) | private placement | ||||||||||||||
| 5/16/2024 | (2) | convertible note | ||||||||||||||
| 5/20/2024 | (3) | debt conversion | ||||||||||||||
| 6/27/2024 | (1) | private placement | ||||||||||||||
| see Note 9 | (4) | 2021 Stock Plan | affiliate | |||||||||||||
| see Note 9 | (4) | $ | 2021 Stock Plan | |||||||||||||
| 6/30/2024 | $ | |||||||||||||||
| (1) | |
| (2) | |
| (3) | |
| (4) | |
| (5) |
Common Stock Warrants
In
the six months ended June 30, 2024, the Company did not issue any Warrants. In the six months ended June 30, 2023, the Company issued
The following table summarizes the Company’s Common Stock warrant activity in the six months ended June 30, 2024, and 2023:
Number of Warrants | Weighted Average Exercise Price | Weighted- Average Remaining Expected Term | ||||||||||
| Outstanding as at January 1, 2023 | $ | |||||||||||
| Granted | ||||||||||||
| Exercised | — | |||||||||||
| Forfeited/Cancelled | — | |||||||||||
| Outstanding as at June 30, 2023 | $ | |||||||||||
| Outstanding as at January 1, 2024 | $ | |||||||||||
| Granted | — | |||||||||||
| Exercised | — | |||||||||||
| Forfeited/Cancelled | — | |||||||||||
| Outstanding as at June 30, 2024 | $ | |||||||||||
| A
warrant agreement issued in 2019 for a total of |
| 11 |
The following table summarizes information about stock warrants that are vested or expected to vest at June 30, 2024:
| Warrants Outstanding and Exercisable | ||||||||||||||
| Number of Warrants | Weighted Average Exercise Price Per Share | Weighted Average Remaining Contractual Life (Years) | Aggregate Intrinsic Value | |||||||||||
| $ | $ | |||||||||||||
The weighted-average remaining contractual life for warrants exercisable at June 30, 2024, is years. The aggregate intrinsic value for fully vested, exercisable warrants was $ at June 30, 2024.
On
January 15, 2021, the Company adopted a stock option plan entitled “The 2021 Stock Plan” (2021 Plan) under which the Company
may grant Options to Purchase Stock, Stock Awards or Stock Appreciation Rights up to
Under the terms of the stock plan, the Board of Directors shall specify the exercise price and vesting period of each stock option on the grant date. Vesting of the options is typically immediate and the options typically expire in five years. Stock Awards, which are fully and immediately vested upon issuance, may be directly issued under the Plan (without any intervening options).
Shares of Common Stock granted and vested under the 2021 Plan
As at and January 1, 2024, there were shares issued valued at a fair historic market value of $ at the time of award and at June 30, 2024, there were shares issued valued at a fair historic market value of $ at the time of award. As at January 1, 2023, there were shares issued valued at a fair historic market value of negative $ (historically awarded “expensive” stock were returned to treasury in 2021) at the time of award and at June 30, 2023, there were shares issued valued at a fair historic market value of negative $ at the time of award.
The following table summarizes the Company’s granted and issued stock awards in the six months ended June 30, 2024, and 2023:
| Issuances under the 2021 Stock Plan in the period January 1 and June 30, 2023 | ||||||||||||||||
| Date | # Shares | Amount | Price/Share | Type | Notice | |||||||||||
| 1/01/2023 | $ | ( | ) | |||||||||||||
| 4/19/2023 | $ | stipend | affiliate | |||||||||||||
| 4/19/2023 | $ | stipend | ||||||||||||||
| 6/30/2023 | $ | ( | ) | |||||||||||||
| Issuances under the 2021 Stock Plan in the period January 1 and June 30, 2024 | ||||||||||||||||
| Date | # Shares | Amount | Price/Share | Type | Notice | |||||||||||
| 1/01/2024 | $ | |||||||||||||||
| 3/27/2024 | $ | stipend | affiliate | |||||||||||||
| 3/27/2024 | stipend | |||||||||||||||
| 3/27/2024 | bonus | affiliate | ||||||||||||||
| 3/27/2024 | bonus | |||||||||||||||
| 3/27/2024 | ( | ) | n/a | n/a | return to treasury | |||||||||||
| 4/19/2024 | stipend | affiliate | ||||||||||||||
| 4/19/2024 | $ | stipend | ||||||||||||||
| 6/30/2024 | $ | |||||||||||||||
| The Company claims an exemption from the registration requirements of the Securities Act for the Compensatory Benefit Plan pursuant to Rule 701 of the Securities Act. |
| 12 |
Stock options granted and vested 2021 Plan
As at January 1, 2024, there were outstanding stock options valued at historic fair market value of $. There were options were forfeited in the six months ended June 30, 2024, and stock options were granted. At June 30, 2024, there were outstanding stock options with a fair historic market value of $. As at January 1, 2023, there were outstanding stock options valued at historic fair market value of $. There were options were forfeited in the six months ended June 30, 2023, and stock options were granted. At June 30, 2023, there were outstanding stock options with a fair historic market value of $.
| Number of Options | Exercise Price per Share | Weighted Average Exercise Price per Share | ||||||||||
| Outstanding as of January 1, 2023 | $ – | $ | ||||||||||
| Granted | ||||||||||||
| Exercised | ||||||||||||
| Options forfeited/cancelled | ( | ) | – | |||||||||
| Outstanding as of June 30, 2023 | $ – | $ | ||||||||||
| Outstanding as of January 1, 2024 | $ – | $ | ||||||||||
| Granted | ||||||||||||
| Exercised | ||||||||||||
| Options forfeited/cancelled | ( | ) | – | |||||||||
| Outstanding as of June 30, 2024 | $ – | $ | ||||||||||
| Options Outstanding | ||||||||||||||||||
| Exercise Price | Number of Options | Weighted Average Exercise Price Per Share | Weighted Average Remaining Contractual Life (Years) | Aggregate Intrinsic Value | ||||||||||||||
| $ | $ | $ | ||||||||||||||||
| $ | – | $ | $ | |||||||||||||||
The weighted-average remaining estimated life for options exercisable at June 30, 2024, is years.
The
aggregate intrinsic value for fully vested, exercisable options was $ at June 30, 2024, and at December 31, 2023, was $. The
actual tax benefit realized from stock option exercises in the six months ended at June 30, 2024, and 2023, was $
In the six months ended June 30, 2024, and 2023, the Company recorded stock-based compensation expense of $ and $, respectively, in connection with share-based payment awards.
As at June 30, 2024, the Company has options or stock awards available for grant under the 2021 Plan.
NOTE 10 – NON-CONTROLLING INTEREST
| June 30, 2024 | December 31, 2023 | |||||||
| Net loss Subsidiary | $ | ( | ) | $ | ( | ) | ||
| Net loss attributable to the non-controlling interest | ||||||||
| Net loss affecting Bioxytran | ( | ) | ( | ) | ||||
| Accumulated losses | ( | ) | ( | ) | ||||
| Accumulated losses attributable to the non-controlling interest | ||||||||
| Accumulated losses affecting Bioxytran | ( | ) | ( | ) | ||||
| Net equity non-controlling interest | $ | ( | ) | $ | ( | ) | ||
| 13 |
As
at June 30, 2024, there are issued and outstanding shares in Pharmalectin; (
NOTE 11 – COMMITMENTS AND CONTINGENCIES
Employment contracts
Our Executive Officers have entered into employment contracts and confidentiality, non-disclosure and assignment of invention agreements. The most substantial provisions include;
| ● | Compensation of three (3) times the employee’s annual salary upon the Termination Date and any target bonus earned, or if termination occurs within 12 months of a change in control, then the terminated employee shall receive two (2) times the employee’s annual salary and any target bonus earned. | |
| ● | Continued coverage under any health, medical, dental or vision program or policy, in which they were eligible to participate at the time of employment termination, for 12 months. | |
| ● | Provide
outplacement services through one or more outside firms of the employee’s choosing up to an aggregate of $ |
There are no other arrangements or plans in which we provide pension, retirement or similar benefits for any of Executive Officers or Directors.
Litigation
In the normal course of business, the Company may be involved in legal proceedings, claims and assessments arising in the ordinary course of business. Such matters are subject to many uncertainties, and outcomes are not predictable with assurance. Legal fees for such matters are expensed as incurred and we accrue for adverse outcomes as they become probable and estimable.
NOTE 12 – SUBSEQUENT EVENTS
The Company has evaluated events from June 30, 2024, through the date the financial statements were issued and did not, other than what is disclosed in the below, identify any further subsequent events requiring disclosure.
Entry into a Material Definitive Agreement
On July 15, 2024, Bioxytran entered into a Joint Venture Agreement (“JV Agreement”) with the Heme Foundation (1), and NDPD Pharma, Inc. (2). The JV Agreement outlines each partners contributions and rights in the development of a Universal Oxygen Carrier (“UOC”).
Bioxytran’s Universal Oxygen Carrier represents a potential paradigm shift in transfusion medicine and life-saving blood oxygenation therapy. The inception of UOC began with a profound understanding of the physiological mechanisms governing oxygen delivery. Insights into carbohydrate science have led to the creation of this revolutionary product, making UOC essentially invisible to the human immune system. As a result, UOC circumvents the issue of immune rejection commonly found with other blood substitutes.
UOC is a hemoglobin-based oxygen carrier (“HBOC”) designed to mimic the oxygen transportation function of red blood cells. While technology show promise as a blood alternative, there are side-effects associated with HBOC’s, such as high blood pressure, and the risk of organ damage. Unlike other HBOC’s, treatment with UOC has shown no known side-effects in any studies.
UOC uses a heme-carbohydrate complex, which involves the separation of the heme group from the globin portion of the hemoglobin molecule. This complex is then linked to a carefully selected sugar molecule that protects the heme, creating a stable oxygen-carrying molecule thousands of times smaller than a red blood cell. The size differential is pivotal, potentially allowing UOC to traverse the circulatory system with greater ease and deliver oxygen more efficiently to hypoxic tissues. UOC can be used with patients of all blood types and has an expected half-life of 18 hours. Bioxytran’s UOC is also shelf-stable, requiring no refrigeration and with a storage life of 5+ years in liquid or dehydrated form.
The
development cost is estimated to between $
| 14 |
Bioxytran has in collaboration with NDPD formulated and manufactured the carbohydrate compound that is linked to the HBOC. Further, NDPD has engineered a sophisticated manufacturing prototype, where the production of UOC has been validated for efficacy and non-toxicity in two successful smaller scale animal trials. NDPD is currently initiating the lyophilization (freeze-drying) of the compound, and has in collaboration with the Company’s interim CMO and a CRO, specialized in preclinical research, developed a protocol for an upcoming larger scale 14-day repeat dosage toxicology study, in two animal species. The protocol is currently under review by the study facility’s Ethics Committee.
| (1) | The Heme Foundation is a Pennsylvania 501(c)(3) non-profit founded in 2021, with a mission “To Solve the Worlds Blood Shortage”. https://hemefoundation.org/donate/ |
| (2) | NDPD Pharma, Inc. is a Delaware corporation founded in 2017. NDPD specializes in prototyping and the development of purpose-built equipment for pharmaceutical manufacturing, and in the formulation of carbohydrate molecules, deriving from partially hydrolyzed guar gum or PHGG. NDPD is an affiliate of Bioxytran, and the beneficial ownership includes the Company’s officers. |
Stockholder’s Equity
Shares Awarded under the 2021 Stock Plan
| Date | # Shares | Amount | Price/Share | Type | Notice | |||||||||||||||||
| 8/14/2024 | $ | $ | stipend | affiliate | ||||||||||||||||||
| 8/14/2024 | $ | $ | stipend | |||||||||||||||||||
| The Company claims an exemption from the registration requirements of the Securities Act for the Compensatory Benefit Plan pursuant to Rule 701 of the Securities Act. |
Stock options forfeited under the 2021 Stock Plan
| Date | # Shares | Amount | Exerc. Price | Type | Notice | |||||||||||
| 8/01/2024 | ( | ) | n/a | $ | forfeiture | |||||||||||
Management sees no further subsequent events requiring disclosure.
| 15 |
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following discussion and analysis is based on, and should be read in conjunction with, the audited financial statements and the notes thereto for the two years ended December 31, 2023, included in our Annual Report on Form 10-K as filed with the Securities and Exchange Commission on March 22, 2024. This discussion contains forward-looking statements. These statements are often identified by the use of words such as “may,” “will,” “expect,” “believe,” “anticipate,” “intend,” “could,” “estimate,” or “continue,” and similar expressions or variations. Such forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results and the timing of certain events to differ materially from future results expressed or implied by such forward-looking statements. The forward-looking statements in this Quarterly Report on Form 10-Q represent our views as of the date of this Quarterly Report on Form 10-Q. We anticipate that subsequent events and developments will cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we have no current intention of doing so, except to the extent required by applicable law. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this Quarterly Report on Form 10-Q.
Overview
We do not currently have sufficient capital resources to fund operations. To stay in business and to continue the development of our products, we will need to raise additional capital through public or private sales of our securities, debt financing or short-term bank loans, or a combination of the foregoing. We believe that if we can raise three million seven hundred thousand Dollars ($3,700,000), we will have sufficient working capital to develop our business over the next approximately fifteen (15) months. At funding raised that is significantly less than $3,700,000, we can likely continue to develop our business over the same 15-month period, but funding at that level will delay the development of our technology and business.
Bioxytran, Inc. is headquartered in Needham, Massachusetts. The Company’s initial product pipeline is focused on developing and commercializing therapeutic molecules for stroke. The Acellular Oxygen Carrier (“AOC” or “BXT-25”) will be designed to be an injectable anti-necrosis drug specifically designed to treat a person immediately after that person suffers an ischemic stroke. The drug is designed to be injected intravenously to travel to the lungs to pick up oxygen molecules to carry to the brain. Like a red blood cell, we expect that the drug will cross the blood brain barrier, which is a protective semi-permeable membrane allowing some material to cross but preventing others from crossing. BXT-25 will be designed to diffuse oxygen into the brain tissues. We expect the BXT-25 molecule to be 5,000 times smaller than a red blood cell.
On December 2, 2022, India’s Central Drugs Standard Control Organisation (CDSCO) issued an IND with permission to conduct: “A Phase 1b/2a Randomized, Blinded, placebo-controlled Study in Participants with Mild to Moderate COVID-19 to Evaluate the Safety, Efficacy, and Pharmacokinetics of Orally Administered ProLectin-M”. The study will continue by filing an Emergency IND with the FDA in the fourth quarter of 2024, provided we obtain adequate funding. An IND is currently under preparation to be filed with the FDA in the third quarter of 2024.
On January 27, 2023, an additional IND with the CDSCO was issued for ProLectin-I for an IV treatment of SARS-CoV-2 in hospitalized patients with moderate Covid-19 infections and for Long Covid, and for ProLectin-F for treatment of lung-fibrosis as a result of use of ventilator in treatment.
On April 19, 2023, the Company announced that its long-awaited Acellular Oxygen Carrier, has been successfully tested in animals. The initial results are very encouraging because they show the non-toxicity of the experimental drug, along with the corresponding full recovery in Swiss Albino mice, in an experiment carried out in a joint venture with NDPD Pharma, Inc. As a next step, the Company intends to proceed with a 14-day repeated dose toxicity study using New Zealand Rabbits and Wistar Rats as funding permits.
The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern. The Company has limited resources and operating history. The Company currently has convertible loans outstanding at a total face value of $805,000. As shown in the accompanying consolidated financial statements, the Company had an accumulated deficit of $16,959,641 as at June 30, 2024. The accumulated deficit as at December 31, 2023, was $15,497,602.
The future of the Company is dependent upon its ability to obtain financing to develop its new business opportunities and support the cost of the drug development including clinical trials and regulatory submission to the FDA.
Management plans to seek additional capital through private placements and public offerings of its Common Stock. There can be no assurance that the Company will be successful in accomplishing its objectives. Without such additional capital or the establishment of strategic relationships with established pharmaceutical companies, the Company may be required to cease operations. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts of and classification of liabilities that might be necessary in the event the Company cannot continue operations.
| 16 |
RESULTS OF OPERATIONS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2024, AND 2023
We are a clinical stage company. Historically, Bioxytran was engaged in formation, fund raising and identifying and consulting with the scientific community regarding the development, formulation and testing of its products as of the fourth quarter of 2021 the Company has engaged in research and development activities through its Subsidiary, Pharmalectin, Inc., developing the Company’s anti-viral therapeutic ProLectin. In the second quarter the Company also started the development of our hypoxia platform technology AOC.
OPERATING EXPENSES
| ||||||||||||||||
| Research and development | ||||||||||||||||
| Three months ended | Six months ended | |||||||||||||||
| June 30, 2024 | June 30, 2023 | June 30, 2024 | June 30, 2023 | |||||||||||||
| Process development | $ | — | $ | 125,439 | $ | — | $ | 125,439 | ||||||||
| Product development | — | 19,939 | — | 19,939 | ||||||||||||
| Regulatory | — | 12,510 | — | 59,514 | ||||||||||||
| Clinical trials | — | (12,250 | ) | — | 61,750 | |||||||||||
| Project management | — | 4,000 | 27,000 | 22,000 | ||||||||||||
| Total research and development | $ | — | $ | 149,638 | $ | 27,000 | $ | 288,642 | ||||||||
| During the three months ended June 30, 2024, the Company did not record any R&D expenses. During the three months ended June 30, 2023, the Company recorded $149,638 in R&D expenses after a receiving a $300,000 refund from a Contract Research Organization (CRO). During the six months ended June 30, 2024, the Company recorded $27,000 in R&D expenses. During the six months ended June 30, 2023, the Company recorded $288,642 in R&D expenses. During the six months ending in June 2023, $98,265 was invested in, ProLectin, while $190,377 was invested in the AOC. |
| General and Administrative | ||||||||||||||||
| Three months ended | Six months ended | |||||||||||||||
| June 30, 2024 | June 30, 2023 | June 30, 2024 | June 30, 2023 | |||||||||||||
| Payroll and related expenses | $ | 163,031 | $ | 393,529 | $ | 540,153 | $ | 752,671 | ||||||||
| Costs for legal, accounting and other professional services | 61,609 | 77,058 | 68,348 | 120,171 | ||||||||||||
| Promotional expenses | 286,125 | 363,698 | 308,125 | 528,949 | ||||||||||||
| Miscellaneous expenses | 32,866 | 68,647 | 83,614 | 98,779 | ||||||||||||
| Total general and administrative | $ | 543,631 | $ | 902,932 | $ | 1,000,240 | $ | 1,500,570 | ||||||||
| Payroll and related expenses were $163,031 for the three months ended June 30, 2024, and $540,153 for the six months ended June 30, 2024. For the same periods in 2023, the amount was $393,529 and $752,671, respectively. The reduced cost is a result of the management teams 67% compensation cut for the remainder of 2024, or until the Company is listed on a major national stock exchange, whichever comes first. | |
| The Costs for legal, accounting and other professional services for the three and six months ended June 30, 2024, were $61,609 and $68,348 respectively, as compared to $77,058 and $120,171 for the three and six months ended June 30, 2023. A total amount of $81,110 in investment services was expensed in the 2nd quarter of 2023. | |
| Promotional expenses for the three and six months ended June 30, 2024, were $286,125 and $308,125 respectively, as compared to $363,698 and $528,949 for the three and six months ended June 30, 2023. A 2-year promotional contract in 2023, was fully expensed as no claw-back was defined. | |
| Miscellaneous G&A expenses during the three and six months ended June 30, 2024, was $32,866 and $83,614, respectively. During the three and six months ended June 30, 2023, was $68,647 and $98,779. The decrease is based on a maintenance contract in the 2nd quarter of 2023. |
| Stock-based Compensation | ||||||||||||||||
| Three months ended | Six months ended | |||||||||||||||
| June 30, 2024 | June 30, 2023 | June 30, 2024 | June 30, 2023 | |||||||||||||
| Compensation expense affiliates | $ | 55,000 | $ | 4,750 | $ | 186,835 | $ | 17,500 | ||||||||
| Compensation expense others | 10,691 | 360 | 179,101 | 1,210 | ||||||||||||
| Total compensation expense | $ | 65,691 | $ | 5,110 | $ | 365,936 | $ | 18,710 | ||||||||
| Stock-based compensation amounted to $65,691 for the three months ended June 2024. The stock-based compensation for the three months ended June 30, 2023, was $5,110. Stock-based compensation amounted to $365,936 for the six months ended June 2024. Stock-based compensation amounted to $18,710 for the six months ended June 2023. A $260,000 stock bonus was distributed to 20 consultants in March of 2024. |
| 17 |
| Other expenses | ||||||||||||||||
| Three months ended | Six months ended | |||||||||||||||
| June 30, 2024 | June 30, 2023 | June 30, 2024 | June 30, 2023 | |||||||||||||
| Interest expense | $ | 20,789 | $ | 39,477 | $ | 48,620 | $ | 106,698 | ||||||||
| Debt discount amortization | 30,000 | — | 30,000 | — | ||||||||||||
| Amortization of warrants | — | 348,637 | — | 348,637 | ||||||||||||
| Amortization of IP | 1,536 | 2,188 | 3,567 | 2,702 | ||||||||||||
| Total other income (expenses) | $ | 52,325 | $ | 390,302 | $ | 82,187 | $ | 458,037 | ||||||||
| During the three months ended June 30, 2024, the interest expense was $20,789, $1,536 was amortized from the Company’s IP and $30,000 was amortized in debt discount. During the three months ended June 30, 2023, the Company recorded $348,637 in amortization warrants and the interest expense was $39,477, $2,188 was amortized from the Company’s IP. | |
| During the six months ended June 30, 2024, the interest expense was $48,620, the Company amortized $3,567 from the Company’s IP and $30,000 in amortization of debt discount, as compared to, $2,702 from the Company’s IP and $348,637 of warrant amortization of for the six months ended June 30, 2023. The interest for the six months ended June 30, 2024, for the convertible notes amounted to $48,620, as compared to $106,698 for the six months ended June 30, 2023. On May 1, 2024, the Company paid a debt discount of $105,000 for a 7-month extension of the convertible note and is amortized over the remaining duration. |
| Net Loss | ||||||||||||||||
| Three months ended | Six months ended | |||||||||||||||
| June 30, 2024 | June 30, 2023 | June 30, 2024 | June 30, 2023 | |||||||||||||
| Net loss attributable to Bioxytran | $ | (661,647 | ) | $ | (1,447,218 | ) | $ | (1,462,039 | ) | $ | (2,232,301 | ) | ||||
| Loss per Common share, basic and diluted | $ | (0.00 | ) | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.02 | ) | ||||
| Weighted average number of Common shares outstanding, basic | 176,605,978 | 128,804,789 | 171,264,464 | 126,224,323 | ||||||||||||
| The Company generated a net loss for the three months ended June 30, 2024, of $661,647. In comparison, for the three months ended June 30, 2023, the Company generated a net loss of $1,447,218. The Company generated a net loss for the six months ended June 30, 2024, of $1,462,039. In comparison, for the six months ended June 30, 2023, the Company generated a net loss of $2,232,301. The significant difference is directly related to the Company’s R&D activities due to lack of capital in 2023, and to the temporary reduction in salary by the Company’s management. |
| CASH-FLOWS | ||||||||
| June 30, 2024 | June 30, 2023 | |||||||
| Net cash used in operating activities | $ | (130,018 | ) | $ | (340,173 | ) | ||
| Net cash used in investing activities | (7,046 | ) | (25,047 | ) | ||||
| Net cash provided by financing activities | 124,500 | 115,000 | ||||||
| Net increase (decrease) in cash | (12,564 | ) | (250,220 | ) | ||||
| Cash, beginning of period | 26,086 | 295,401 | ||||||
| Cash, end of period | $ | 13,522 | $ | 45,181 | ||||
| Net cash used in operating activities was $130,018 and $340,173 for the six months ended June 30, 2024, and 2023, respectively. The decrease was due to a reduction of the research and development activities due to lack of funding. | |
| In the six months ended June 30, 2024, the Company is in the process of filing a patent, and $7,046 was spent in legal fees. In the six months ended June 30, 2023, the amount was $25,047. | |
| During the six months ending June 30, 2024, the Company had raised $124,500 through issuance of common shares. In the same period ended June 30, 2023, the Company had raised $115,000. | |
| The available cash was $13,522 and $45,181 in the end of the six months ended June 30, 2024, and 2023, respectively. |
LIQUIDITY AND CAPITAL RESOURCES
| Cash and Cash Equivalents | ||||||||
| June 30, 2024 | December 31, 2023 | |||||||
| Cash | $ | 13,522 | $ | 26,086 | ||||
| Total current assets | $ | 13,522 | $ | 26,086 | ||||
As of June 30, 2024, our current assets consisted of $13,522 of cash at December 31, 2023, we had $26,086 of cash.
| 18 |
| Current Liabilities | ||||||||
| June 30, 2024 | December 31, 2023 | |||||||
| Accounts payable and accrued expenses | $ | 216,526 | $ | 296,312 | ||||
| Accounts payable affiliate | 107,767 | 2,000 | ||||||
| Un-issued shares liability | 10,242 | 510,284 | ||||||
| Un-issued shares liability affiliate | 55,000 | 515,904 | ||||||
| Short term loan | 38,000 | — | ||||||
| Short term loan affiliate | 70,974 | 25,000 | ||||||
| Convertible notes payable, net of discount | 730,000 | 1,900,000 | ||||||
| Total current liabilities | $ | 1,228,509 | $ | 3,249,500 | ||||
| At June 30, 2024, we had total liabilities of $1,228,509, which consisted of $324,293 in accounts payable and accrued expenses (of which $107,767 was payable to affiliates), $65,242 in un-issued shares (of which $55,000 was payable to affiliates), $108,974 in short term loans (of which $70,974 was payable to affiliates) and $730,000 in a convertible loan. At December 31, 2023, total liabilities were $3,249,500, consisting of $298,312 in accounts payable and accrued expenses (of which $2,542 was payable to affiliates), $1,026,188 in un-issued shares (of which $515,904 was payable to affiliates), $25,000 in loans from affiliates and $1,900,000 in the form of two convertible loans net of discount. Accounts due of $385,404 was converted into Company stock, and a $500,000 license fee for the MDX viewer were un-issued at 2023 year-end. |
| Net Working Capital and Accumulated Deficit | ||||||||
| June 30, 2024 | December 31, 2023 | |||||||
| Net working capital | $ | (1,214,987 | ) | $ | (3,223,414 | ) | ||
| Accumulated deficit | $ | (16,959,641 | ) | $ | (15,497,602 | ) | ||
| At June 30, 2024, the net working capital was negative $1,214,978 and the accumulated deficit of $16,959,641. Comparatively, on December 31, 2023, we had net working capital of negative $3,223,414 and an accumulated deficit of $15,497,602. We believe that we must raise an additional $3,700,000 to be able to continue our business operations for the next 15 months. |
| NON-CONTROLLING INTEREST | ||||||||||||||||
| Three months ended | Six months ended | |||||||||||||||
| June 30, 2024 | June 30, 2023 | June 30, 2024 | June 30, 2023 | |||||||||||||
| Net loss attributable to the non-controlling interest | $ | — | $ | 764 | $ | 13,324 | $ | 33,658 | ||||||||
| For the three months ended June 30, 2024, and 2023, there was a non-controlling interest attribution of $0 and $764 respectively. For the six months ended June 30, 2024, and 2023, there was a non-controlling interest attribution of $13,324 and $33,658 respectively. The significant difference is directly related to the Company’s R&D activities due to lack of capital. |
| June 30, 2024 | December 31, 2023 | |||||||
| Net equity non-controlling interest | $ | (694,210 | ) | $ | (680,886 | ) | ||
| At June 30, 2024, net equity non-controlling interest were negative $694,210, while at December 31, 2023 it was a negative $680,886. |
| # of shares | June 30, 2024 | December 31, 2023 | ||||||||||
| Minority owners cash investment | 14,410,000 | $ | 160,950 | $ | 160,950 | |||||||
| Bioxytran non-dilutive equity | 15,000,000 | 1,500 | 1,500 | |||||||||
| Total outstanding | 29,410,000 | $ | 162,450 | $ | 162,450 | |||||||
| As per the exchange terms in the Joint Venture Agreement dated November 15, 2020, the affiliate has the option to convert up to 15,000,000 shares in the Subsidiary into a 17.5%, or a pro-rated quantity thereof, ownership in the Company. If the option is exercised, it would result in notable dilution to shareholders which could lead to a significant decrease in our stock price, based on how the market perceive the value of fully control the Subsidiary. |
Upcoming Financing Activities
Despite the ongoing promotional activities, the Company still struggle with a deflated stock price on OTC Markets which makes it very difficult to raise funds without heavily discounting the price and diluting the shareholders. The Company is actively working on finding financing alternatives in order to continue its regulatory approval activities.
There can be no assurance that these funds will be available on terms acceptable to the Company, or will be sufficient to enable the Company to fully complete its development activities or sustain operations. If the Company is unable to raise sufficient additional funds, it will have to develop and implement a plan to further extend payables, reduce overhead, or scale back its current business plan until sufficient additional capital is raised to support further operations. There can be no assurance that such a plan will be successful.
| 19 |
COMMITMENTS
We have no current commitment from our officers and directors or any of our shareholders, to supplement our operations or provide us with financing in the future. If we are unable to raise additional capital from conventional sources and/or additional sales of stock in the future, we may be forced to curtail or cease our operations. Even if we are able to continue our operations, the failure to obtain financing could have a substantial adverse effect on our business and financial results. In the future, we may be required to seek additional capital by selling debt or equity securities, selling assets, or otherwise be required to bring cash flows in balance when we approach a condition of cash insufficiency. The sale of additional equity or debt securities, if accomplished, may result in dilution to our then shareholders. We provide no assurance that financing will be available in amounts or on terms acceptable to us, or at all.
Off-Balance Sheet Arrangements
We do not have any off-balance sheet arrangements that have, or are reasonably likely to have, a current or future material effect on our consolidated financial condition, results of operations, liquidity, capital expenditures or capital resources.
CRITICAL ACCOUNTING POLICIES
In presenting our financial statements in conformity with generally accepted accounting principles, we are required to make estimates and assumptions that affect the amounts reported therein. Several of the estimates and assumptions we are required to make relate to matters that are inherently uncertain as they pertain to future events. However, events that are outside of our control cannot be predicted and, as such, they cannot be contemplated in evaluating such estimates and assumptions. If there is a significant unfavorable change to current conditions, it could result in a material adverse impact to our results of operations, financial position and liquidity. We believe that the estimates and assumptions we used when preparing our financial statements were the most appropriate at that time. Presented below are those accounting policies that we believe require subjective and complex judgments that could potentially affect reported results. However, the majority of our businesses operate in environments where we pay a fee for a service performed, and therefore the results of the majority of our recurring operations are recorded in our financial statements using accounting policies that are not particularly subjective, nor complex.
Stock Based Compensation
The Company has share-based compensation plans under which non-employees, consultants and suppliers may be granted restricted stock, as well as options to purchase shares of Company common stock at the fair market value at the time of grant. Stock-based compensation cost is measured by the Company at the grant date, based on the fair value of the award over the requisite service period.
The Company applies ASC 718 for options, common stock and other equity-based grants to its employees and directors. ASC 718 requires measurement of all employee equity-based payment awards using a fair-value method and recording of such expense in the consolidated financial statements over the requisite service period. The fair value concepts have not changed significantly in ASC 718; however, in adopting this standard, companies must choose among alternative valuation models and amortization assumptions. After assessing alternative valuation models and amortization assumptions, the Company will continue using both the Black-Scholes valuation model and straight-line amortization of compensation expense over the requisite service period for each separately vesting portion of the grant.
Recent Accounting Standards
In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”) to simplify accounting for certain financial instruments. ASU 2020-06 eliminates the current models that require separation of beneficial conversion and cash conversion features from convertible instruments and simplifies the derivative scope exception guidance pertaining to equity classification of contracts in an entity’s own equity. The new standard also introduces additional disclosures for convertible debt and freestanding instruments that are indexed to and settled in an entity’s own equity. ASU 2020-06 amends the diluted earnings per share guidance, including the requirement to use the if-converted method for all convertible instruments. ASU 2020-06 is effective January 1, 2022, and should be applied on a full or modified retrospective basis, with early adoption permitted beginning on January 1, 2021. The Company adopted ASU 2020-06 effective January 1, 2021. The adoption of AASU 2020-06 did not have an impact on the Company’s financial statements.
| 20 |
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 3 is not applicable because we are a smaller reporting company, as defined by § 229.10(f)(1).
Item 4. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
Our Chief Executive Officer (principal executive officer) and Chief Financial Officer (principal financial officer) reviewed the effectiveness of our disclosure controls and procedures as at the end of the period covered by this report and concluded that as at June 30, 2024, (i) the Company’s disclosure controls and procedures were not effective to ensure that material information relating to the Company is recorded, processed, summarized, and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission (the “Commission”), and (ii) the Company’s controls and procedures have not been designed to ensure that information required to be disclosed by the Company in the reports that it files or submits under the Securities Exchange Act of 1934, as amended, is accumulated and communicated to the Company’s management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.
Based on this evaluation, our principal executive officer and principal financial officer concluded as at the evaluation date that our disclosure controls and procedures were not effective due primarily to a material weakness in the segregation of duties in the Company’s internal controls.
Management’s Report on Internal Control Over Financial Reporting
Our management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rule 13a-15(f) under the Securities Exchange Act of 1934, as amended. Our management assessed the effectiveness of our internal control over financial reporting as of June 30, 2024. In making this assessment, our management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”) in Internal Control-Integrated Framework (2013). A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected on a timely basis.
As disclosed in our previous filings, there are material weaknesses in the Company’s internal control over financial reporting due to the fact that the Company does not have an adequate process established to ensure appropriate levels of review of accounting and financial reporting matters, which resulted in our closing process not identifying all required adjustments and disclosures in a timely fashion. The Company’s CEO/CFO has identified control deficiencies regarding the lack of segregation of duties and the need for a stronger internal control environment. The small size of the Company’s accounting staff may prevent adequate controls in the future, such as segregation of duties, due to the cost/benefit of such remediation.
Although the Company has hired a consultant to assist with SEC reporting and accounting matters, we expect that the Company will need to hire accounting personnel with the requisite knowledge to improve the levels of review of accounting and financial reporting matters. The Company may experience delays in doing so and any such additional employees would require time and training to learn the Company’s business and operating processes and procedures. For the near-term future, until such personnel are in place, this will continue to constitute a material weakness in the Company’s internal control over financial reporting that could result in material misstatements in the Company’s financial statements not being prevented or detected.
Because of the above material weakness, management has concluded that we did not maintain effective internal control over financial reporting as of June 30, 2024, based on the criteria established in “Internal Control-Integrated Framework” issued by the COSO revised in May 2013.
No Attestation Report by Independent Registered Accountant
The effectiveness of our internal control over financial reporting as of June 30, 2024, has not been audited by our independent registered public accounting firm by virtue of our exemption from such requirement as a smaller reporting company.
Changes in Internal Controls Over Financial Reporting
There was no change in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the six months ended June 30, 2024, that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
| 21 |
Inherent Limitations on Effectiveness of Controls
The Company’s management does not expect that its disclosure controls or its internal control over financial reporting will prevent or detect all error and all fraud. A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that the control system’s objectives will be met. The design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Further, because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that misstatements due to error or fraud will not occur or that all control issues and instances of fraud, if any, within the Company have been detected. These inherent limitations include the realities that judgments in decision making can be faulty and that breakdowns can occur because of simple error or mistake. Controls can also be circumvented by the individual acts of some persons, by collusion of two or more people, or management override of the controls. The design of any system of controls is based in part on certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Projections of any evaluation of controls effectiveness to future periods are subject to risks. Over time, controls may become inadequate because of changes in conditions or deterioration in the degree of compliance with policies or procedures.
| 22 |
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
The Company may become involved in certain legal proceedings and claims which arise in the normal course of business.
Item 1A. Risk Factors
Smaller reporting companies are not required to provide the information required by this item.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
| Date | # Shares | Amount | Price/Share | Type | Notice | ||||||||||||
| 1/17/2024 | (1) | 333,333 | $ | 45,000 | $ | 0.135 | private placement | ||||||||||
| 1/18/2024 | (2) | 3,703,704 | 500,000 | 0.135 | debt conversion | ||||||||||||
| 1/18/2024 | (2) | 3,599,289 | 485,904 | 0.135 | debt conversion | affiliate | |||||||||||
| 3/27/2024 | (2) | 3,705,808 | 385,404 | 0.104 | debt conversion | ||||||||||||
| 4/04/2024 | (2) | 1,000,000 | 104,000 | 0.104 | debt conversion | ||||||||||||
| 4/15/2024 | (1) | 173,077 | 18,000 | 0.104 | private placement | ||||||||||||
| 4/19/2024 | (2) | 250,000 | 32,125 | 0.129 | debt conversion | ||||||||||||
| 4/22/2024 | (1) | 194,553 | 25,000 | 0.128 | private placement | ||||||||||||
| 5/20/2024 | (2) | 1,027,397 | $ | 150,000 | $ | 0.146 | debt conversion | ||||||||||
| (1) | The Company claims an exemption from the registration requirements of the Securities Act of 1933 (the “Securities Act”) for the private placement of these securities pursuant to Section 4(a)(2) of the Securities Act and/or Rule 506 of Regulation D promulgated under the Securities Act. |
| (2) | The Company claims an exemption from the registration requirements of the Securities Act pursuant to the Exchange Exemption in Rule 3(a)(9) of the Securities Act. |
All funds received though these equity transactions has been used for general working capital expenses.
Item 3. Defaults Upon Senior Securities
There are currently no defaults upon Senior Securities.
Item 4. Mine Safety Disclosures
Not Applicable.
Item 5. Other Information
None
| 23 |
Item 6. Exhibits
| Exhibit No. | Title of Document | |
| 31.1 | * | Certification of Principal Executive and Financial Officers pursuant to Rule 13a-14 and Rule 15d-14(a), promulgated under the Securities and Exchange Act of 1934, as amended. |
| 32.1 | ** | Certification pursuant to Section 906 of Sarbanes Oxley Act of 2002 (Chief Executive and Financial Officer). |
| 100 | * | The following financial statements from the Quarterly Report on Form 10-Q of BIOXYTRAN, Inc. for the quarter ended June 30, 2024, formatted in XBRL: (i) Condensed Balance Sheets (unaudited), (ii) Condensed Statements of Operations (unaudited), (iii) Condensed Statements of Cash Flows (unaudited), and (iv) Notes to Condensed Financial Statements (unaudited), tagged as blocks of text. |
| 101.INS | * | Inline XBRL Instance Document |
| 101.SCH | * | Inline XBRL Taxonomy Extension Schema Document |
| 101.CAL | * | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF | * | Inline XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB | * | Inline XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE | * | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| 104 | * | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
| * | Filed as an exhibit hereto. |
| ** | These certificates are furnished to, but shall not be deemed to be filed with, the Securities and Exchange Commission. |
| 24 |
SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, there unto duly authorized.
| BIOXYTRAN, INC. | ||
| Date: August 14, 2024 | By: | /s/ David Platt |
| David Platt | ||
| Chief Executive Officer | ||
| /s/ Ola Soderquist | ||
| Ola Soderquist | ||
| Chief Financial Officer | ||
| 25 |
Exhibit 31.1
CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL OFFICER
PURSUANT TO RULE 13a-14
We, David Platt and Ola Soderquist, certify that:
1. We have reviewed this Quarterly Report on Form 10-Q of BIOXYTRAN, Inc;
2. Based on our 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 our 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 officer and we 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 our 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. We have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of 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. |
| BIOXYTRAN, INC. | ||
| Date: August 14, 2024 | By: | /s/ David Platt |
| David Platt | ||
| Chief Executive Officer | ||
| /s/ Ola Soderquist | ||
| Ola Soderquist | ||
| Chief Financial Officer | ||
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 on Form 10-Q of BIOXYTRAN, Inc. (the “Company”) for the quarter ending June 30, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), David Platt, Chief Executive Officer and Ola Soderquist, Chief Financial Officer of the Company, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to their knowledge:
(1) The report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
| BIOXYTRAN, INC. | ||
| Date: August 14, 2024 | By: | /s/ David Platt |
| David Platt | ||
| Chief Executive Officer | ||
| /s/ Ola Soderquist | ||
| Ola Soderquist | ||
| Chief Financial Officer | ||
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) |
Jun. 30, 2024 |
Dec. 31, 2023 |
||||
|---|---|---|---|---|---|---|
| Current assets: | ||||||
| Cash | $ 13,522 | $ 26,086 | ||||
| Total current assets | 13,522 | 26,086 | ||||
| Intangibles, net | 115,031 | 111,552 | ||||
| Total assets | 128,553 | 137,638 | ||||
| Current liabilities: | ||||||
| Accounts payable and accrued expenses | 216,526 | 296,312 | ||||
| Convertible notes payable, net of premium and discount | 730,000 | 1,900,000 | ||||
| Total current liabilities | 1,228,509 | 3,249,500 | ||||
| Total liabilities | 1,228,509 | 3,249,500 | ||||
| Commitments and contingencies | ||||||
| Stockholders’ deficit: | ||||||
| Preferred stock, $0.001 par value; 50,000,000 shares authorized, nil issued and outstanding | ||||||
| Common stock, $0.001 par value; 300,000,000 shares authorized; 177,416,428 and 145,642,333 issued and outstanding as at June 30, 2024, and December 31, 2023 | 177,416 | 145,642 | ||||
| Additional paid-in capital | 16,376,479 | 12,920,984 | ||||
| Non-controlling interest | (694,210) | (680,886) | ||||
| Accumulated deficit | (16,959,641) | (15,497,602) | ||||
| Total stockholders’ deficit | (1,099,956) | (3,111,862) | ||||
| Total liabilities and stockholders’ deficit | 128,553 | 137,638 | ||||
| Related Party [Member] | ||||||
| Current liabilities: | ||||||
| Accounts payable affiliate | 107,767 | 2,000 | ||||
| Un-issued shares liability affiliate | [1] | 55,000 | 515,904 | |||
| Short term loan affiliate | [2] | 70,974 | 25,000 | |||
| Nonrelated Party [Member] | ||||||
| Current liabilities: | ||||||
| Un-issued shares liability affiliate | 10,242 | 510,284 | ||||
| Short term loan affiliate | $ 38,000 | |||||
| ||||||
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares |
Jun. 30, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Statement of Financial Position [Abstract] | ||
| Preferred stock, par value | $ 0.001 | $ 0.001 |
| Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
| Preferred stock, shares issued | ||
| Preferred stock, shares outstanding | ||
| Common stock, par value | $ 0.001 | $ 0.001 |
| Common stock, shares authorized | 300,000,000 | 300,000,000 |
| Common stock, shares issued | 177,416,428 | 145,642,333 |
| Common stock, shares outstanding | 177,416,428 | 145,642,333 |
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
| Operating expenses: | ||||
| Research and development | $ 149,638 | $ 27,000 | $ 288,642 | |
| General and administrative | 441,247 | 604,932 | 608,396 | 928,070 |
| General and administrative affiliate | 102,447 | 298,000 | 391,844 | 572,500 |
| Compensation Expense | 10,691 | 360 | 179,101 | 1,210 |
| Compensation Expense affiliate | 55,000 | 4,750 | 186,835 | 17,500 |
| Total operating expenses | 609,385 | 1,057,680 | 1,393,176 | 1,807,922 |
| Loss from operations | (609,385) | (1,057,680) | (1,393,176) | (1,807,922) |
| Other expenses: | ||||
| Interest expense | (19,913) | (39,477) | (46,647) | (106,698) |
| Interest expense affiliate | (876) | (1,973) | ||
| Amortization of IP | (1,536) | (2,188) | (3,567) | (2,702) |
| Debt discount amortization and issuance of warrants | (30,000) | (348,637) | (30,000) | (348,637) |
| Total other income (expenses) | (52,325) | (390,302) | (82,187) | (458,037) |
| Net loss before provision for income taxes | (661,710) | (1,447,982) | (1,475,363) | (2,265,959) |
| Provision for income taxes | ||||
| NET LOSS | (661,710) | (1,447,982) | (1,475,363) | (2,265,959) |
| Net loss attributable to the non-controlling interest | 764 | 13,324 | 33,658 | |
| NET LOSS ATTRIBUTABLE TO BIOXYTRAN | $ (661,710) | $ (1,447,218) | $ (1,462,039) | $ (2,232,301) |
| Loss per Common share, basic | $ (0.00) | $ (0.01) | $ (0.01) | $ (0.02) |
| Loss per Common share, diluted | $ (0.00) | $ (0.01) | $ (0.01) | $ (0.02) |
| Weighted average number of Common shares outstanding, basic | 176,605,978 | 128,804,789 | 171,264,464 | 126,224,323 |
| Weighted average number of Common shares outstanding, diluted | 176,605,978 | 128,804,789 | 171,264,464 | 126,224,323 |
Condensed Consolidated Statements of Changes in Stockholders' Deficit (Unaudited) - USD ($) |
Common Stock [Member] |
Preferred Stock [Member] |
Common Stock Including Additional Paid in Capital [Member] |
Preferred Stock Including Additional Paid in Capital [Member] |
Retained Earnings [Member] |
Noncontrolling Interest [Member] |
Total |
|---|---|---|---|---|---|---|---|
| Balance at Dec. 31, 2022 | $ 123,252 | $ 8,392,430 | $ (11,217,600) | $ (590,628) | $ (3,292,546) | ||
| Balance, shares at Dec. 31, 2022 | 123,252,235 | ||||||
| Stock transactions | $ 250 | 79,750 | 80,000 | ||||
| Stock transactions, shares | 250,000 | ||||||
| Stock subscription | (30,000) | (30,000) | |||||
| Net loss attrib to the non-contr int. | (32,894) | (32,894) | |||||
| Net loss | (785,083) | (785,083) | |||||
| Balance at Mar. 31, 2023 | $ 123,502 | 8,442,180 | (12,002,683) | (623,522) | (4,060,523) | ||
| Balance, shares at Mar. 31, 2023 | 123,502,235 | ||||||
| Balance at Dec. 31, 2022 | $ 123,252 | 8,392,430 | (11,217,600) | (590,628) | (3,292,546) | ||
| Balance, shares at Dec. 31, 2022 | 123,252,235 | ||||||
| Net loss attrib to the non-contr int. | (33,658) | ||||||
| Net loss | (2,232,301) | ||||||
| Balance at Jun. 30, 2023 | $ 132,035 | 11,279,970 | (13,449,901) | (624,286) | (2,662,182) | ||
| Balance, shares at Jun. 30, 2023 | 132,035,294 | ||||||
| Balance at Dec. 31, 2022 | $ 123,252 | 8,392,430 | (11,217,600) | (590,628) | (3,292,546) | ||
| Balance, shares at Dec. 31, 2022 | 123,252,235 | ||||||
| Balance at Dec. 31, 2023 | $ 145,642 | 12,920,984 | (15,497,602) | (680,886) | (3,111,862) | ||
| Balance, shares at Dec. 31, 2023 | 145,642,333 | ||||||
| Balance at Mar. 31, 2023 | $ 123,502 | 8,442,180 | (12,002,683) | (623,522) | (4,060,523) | ||
| Balance, shares at Mar. 31, 2023 | 123,502,235 | ||||||
| Stock transactions | $ 192 | 64,808 | 65,000 | ||||
| Stock transactions, shares | 192,411 | ||||||
| Net loss attrib to the non-contr int. | (764) | (764) | |||||
| Net loss | (1,447,218) | (1,447,218) | |||||
| Issuance stock plan affiliate | $ 110 | 50,090 | 50,200 | ||||
| Issuance stock plan affiliate, shares | 110,000 | ||||||
| Issuance stock plan other | $ 4 | 1,786 | 1,790 | ||||
| Issuance stock plan other, shares | 4,000 | ||||||
| Conversion of debt affiliate | $ 6,764 | 2,157,576 | 2,164,340 | ||||
| Conversion of debt affiliate, shares | 6,763,562 | ||||||
| Conversion of debt other | $ 138 | 43,912 | 44,050 | ||||
| Conversion of debt other, shares | 137,656 | ||||||
| Convertible note | $ 1,325 | 170,981 | 172,306 | ||||
| Convertible note, shares | 1,325,430 | ||||||
| Issuance of warrants | 348,637 | 348,637 | |||||
| Balance at Jun. 30, 2023 | $ 132,035 | 11,279,970 | (13,449,901) | (624,286) | (2,662,182) | ||
| Balance, shares at Jun. 30, 2023 | 132,035,294 | ||||||
| Balance at Dec. 31, 2023 | $ 145,642 | 12,920,984 | (15,497,602) | (680,886) | (3,111,862) | ||
| Balance, shares at Dec. 31, 2023 | 145,642,333 | ||||||
| Stock transactions | $ (1,000) | 1,000 | |||||
| Stock transactions, shares | (1,000,000) | ||||||
| Stock subscription | $ 333 | (333) | |||||
| Net loss attrib to the non-contr int. | (13,324) | (13,324) | |||||
| Net loss | (800,329) | (800,329) | |||||
| Issuance stock plan affiliate | $ 1,191 | 130,645 | 131,836 | ||||
| Issuance stock plan affiliate, shares | 1,190,460 | ||||||
| Issuance stock plan other | $ 1,643 | 166,805 | 168,448 | ||||
| Issuance stock plan other, shares | 1,643,231 | ||||||
| Conversion of debt affiliate | $ 3,599 | 482,305 | 485,904 | ||||
| Conversion of debt affiliate, shares | 3,599,289 | ||||||
| Conversion of debt other | $ 7,410 | 877,994 | 885,404 | ||||
| Conversion of debt other, shares | 7,409,512 | ||||||
| Convertible note | $ 9,857 | 1,253,705 | 1,263,562 | ||||
| Convertible note, shares | 9,857,092 | ||||||
| Stock subscription, shares | 333,333 | ||||||
| Conversion of warrants | $ 4,357 | (4,357) | |||||
| Conversion of warrants, shares | 4,356,778 | ||||||
| Balance at Mar. 31, 2024 | $ 173,032 | 15,828,748 | (16,297,931) | (694,210) | (990,361) | ||
| Balance, shares at Mar. 31, 2024 | 173,032,028 | ||||||
| Balance at Dec. 31, 2023 | $ 145,642 | 12,920,984 | (15,497,602) | (680,886) | (3,111,862) | ||
| Balance, shares at Dec. 31, 2023 | 145,642,333 | ||||||
| Net loss attrib to the non-contr int. | (13,324) | ||||||
| Net loss | (1,462,039) | ||||||
| Balance at Jun. 30, 2024 | $ 177,416 | 16,376,479 | (16,959,641) | (694,210) | (1,099,956) | ||
| Balance, shares at Jun. 30, 2024 | 177,416,428 | ||||||
| Balance at Mar. 31, 2024 | $ 173,032 | 15,828,748 | (16,297,931) | (694,210) | (990,361) | ||
| Balance, shares at Mar. 31, 2024 | 173,032,028 | ||||||
| Stock transactions | $ 580 | 62,420 | 63,000 | ||||
| Stock transactions, shares | 580,396 | ||||||
| Net loss attrib to the non-contr int. | |||||||
| Net loss | (661,710) | (661,710) | |||||
| Issuance stock plan affiliate | $ 242 | 29,758 | 30,000 | ||||
| Issuance stock plan affiliate, shares | 241,938 | ||||||
| Issuance stock plan other | $ 36 | 10,659 | 10,695 | ||||
| Issuance stock plan other, shares | 36,246 | ||||||
| Convertible note | $ 1,249 | 161,046 | 162,295 | ||||
| Convertible note, shares | 1,248,423 | ||||||
| Conversion of debt | $ 2,277 | 283,848 | 286,125 | ||||
| Conversion of debt, shares | 2,277,397 | ||||||
| Balance at Jun. 30, 2024 | $ 177,416 | $ 16,376,479 | $ (16,959,641) | $ (694,210) | $ (1,099,956) | ||
| Balance, shares at Jun. 30, 2024 | 177,416,428 |
BACKGROUND AND ORGANIZATION |
6 Months Ended |
|---|---|
Jun. 30, 2024 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| BACKGROUND AND ORGANIZATION | NOTE 1 – BACKGROUND AND ORGANIZATION
Business Operations
Bioxytran, Inc. (the “Company”) is a clinical stage pharmaceutical company focused on the development, manufacture and commercialization of therapeutic drugs designed to address hypoxia (a lack of oxygen to tissues) in humans in a safe and efficient manner.
Pharmalectin, Inc. (the “Pharmalectin” is a subsidiary focused on the development, manufacture and commercialization of therapeutic drugs designed to address conditions related to viral diseases.
Pharmalectin (BVI), Inc. (the “Pharmalectin BVI”) is a subsidiary serving as custodian of the Company’s Copyrights, Trademarks and Patents.
Pharmalectin India Pvt Ltd. (“Pharmalectin India”) is a subsidiary managing the Company’s local clinical research and trials, and holds the local rights to commercialization.
Organization
Bioxytran, Inc. was organized on October 5, 2017, as a Delaware corporation, with a taxing structure for U.S. federal and state income tax as a C-Corporation with authorized shares of Common Stock with a par value of $, and shares of Preferred Stock with a par value of $. On September 21, 2018, the Company underwent under a reorganization in the form of a reverse merger and is currently registered as a Nevada corporation with a taxing structure for U.S. federal and state income tax as a C-Corporation with authorized shares of Common Stock with a par value of $, and shares of Preferred Stock with a par value of $. As at June 30, 2024, there are shares of Common Stock issued and outstanding; shares (53.1%) are beneficially held by insiders, or their affiliates.
Pharmalectin was organized on October 5, 2017, as a Delaware corporation, with a taxing structure for U.S. federal and state income tax as a C-Corporation with authorized shares of Common Stock with a par value of $, and shares of Preferred Stock with a par value of $. The Subsidiary was founded under the name of Bioxytran “Bioxytran (DE)”. On April 29, 2020, the name was changed to Pharmalectin, Inc. As at June 30, 2024, there are shares of Common Stock issued and outstanding; of which (51%) shares are held by Bioxytran and shares (49%) are held by an affiliate where the beneficial ownership includes the Company’s officers.
Pharmalectin BVI was organized on March 17, 2021, as a British Virgin Islands (“BVI”) Business Corporation with a BVI corporate taxing structure with authorized and outstanding shares of Common Stock with a par value of $. The Company holds 100% of the shares in the Subsidiary.
Pharmalectin India was organized on August 30, 2023, as an Indian Business Corporation with its principal place of business in Hyderabad, Telangana, India, with authorized shares of Common Stock with a par value of $ (₹). There are currently outstanding shares whereof (99.95%) are held by the Company.
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”), including the instructions to Form 10-Q and Regulation S-X. Certain information and note disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”), have been condensed or omitted from these statements pursuant to such rules and regulations and, accordingly, they do not include all the information and notes necessary for comprehensive financial statements and should be read in conjunction with our audited consolidated financial statements.
While the information presented in the accompanying financial statements is unaudited, it includes all adjustments which are, in the opinion of the management, necessary to present fairly the financial position, results of operations and cash flows for the periods presented in accordance with the accounting principles generally accepted in the U.S. GAAP. In the opinion of management, all adjustments considered necessary for a fair presentation of the results of operations and financial position have been included and prepared in accordance with U.S. GAAP. These financial statements should be read in conjunction with the Company’s December 31, 2023, audited financial statements and notes.
Reclassification
Statements of Operations: By request from our shareholders general and administrative expenses, as well as Interest expenses has been separated into affiliate and third party (others) in comparison with earlier periods.
Statements of Cash Flows: By request from our shareholders stock-based compensation has been separated into affiliate and third party (others) in comparison with earlier periods.
Principles of Consolidation
The accompanying unaudited condensed consolidated financial statements include the accounts of Bioxytran, including its majority owned subsidiary, Pharmalectin, as well as its wholly owned subsidiaries, Pharmalectin BVI and Pharmalectin India (collectively, the “Company”). All intercompany accounts have been eliminated upon consolidation.
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
6 Months Ended |
|---|---|
Jun. 30, 2024 | |
| Accounting Policies [Abstract] | |
| SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
A summary of the significant accounting policies applied in the preparation of the accompanying financial statements follows.
Cash
For purposes of the Statement of Cash Flows, the Company considers all highly liquid debt instruments purchased with an original maturity date of three months or less to be cash equivalents.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of expenses during the reporting period. Significant estimates include the fair value of the Company’s stock, stock-based compensation, valuation of warrants, valuations in connection with convertible notes and the valuation allowance related to deferred tax assets. Actual results may differ from these estimates.
The Company computes earnings (loss) per share under Accounting Standards Codification subtopic 260-10, Earnings Per Share (“ASC 260-10”). Net loss per common share is computed by dividing net loss by the weighted average number of shares of Common Stock outstanding during the year. Diluted earnings per share, if presented, would include the dilution that would occur upon the exercise or conversion of all potentially dilutive securities into Common Stock using the “treasury stock” and/or “if converted” methods as applicable.
At June 30, 2024, we would, based on the market price of $/share, be obligated to issue approximately shares of Common Stock upon conversion of the currently outstanding 2021 convertible note (the “2021 Note”), based on $ in outstanding principal and interest. The 2021 Note carry an interest rate of 10% and is convertible at a fixed exercise price of $0.08/share. Upon exercise of outstanding warrants 1,292,030 shares could be issued, along with an additional 1,130,114 shares for warrants with dilutive exercise. The 2021 stock plan has stock or options available for grant and there are shares available for exercise with outstanding stock options.
The (49%) shares of Common Stock in the Subsidiary, owned by an affiliate. The affiliate has the option to convert the shares into 16.8% of the Company’s Common Stock, currently shares on a fully diluted basis.
The Company measures the cost of services received from employees and non-employees in exchange for an award of equity instruments based on the fair value of the award on the grant date pursuant ASC 718. Stock-based compensation expense is recorded by the Company over the requisite service period, or vesting period, in the same expense classifications in the statements of operations, as if such amounts were paid in cash.
Accounting for subsidiary stock transactions
The Company accounts for subsidiary stock transactions in accordance with Opinions of the Accounting Principles Board 09 (APBO No. 9). In paragraph 28, this pronouncement excluded all adjustments from transactions in a company’s own stock “…from the determination of net income or the results of operations under all circumstances.”
Research and Development
The Company accounts for research and development costs in accordance with Accounting Standards Codification subtopic 730-10, Research and Development (“ASC 730-10”). Under ASC 730-10, all research and development costs must be charged to expense as incurred. Accordingly, internal research and development costs are expensed as incurred. Third-party research and development costs are expensed when the contracted work has been performed or as milestone results have been achieved as defined under the applicable agreement. Company-sponsored research and development costs related to both present and future products are expensed in the period incurred. In the six months ended June 30, 2024, the Company incurred $27,000 in research and development expenses, while during the six months ended June 30, 2023, the Company incurred $288,642.
Intangibles – Goodwill and Other
Valuation of intangibles are in accordance with ASC 350. Costs associated with the application and award of patents in the U.S. and various other countries are capitalized and amortized on a straight-line basis over the term of the patents as determined at award date, which varies depending on the pendency period of the application, generally approximating seventeen years. Capitalized patent costs, also referred to as patent prosecution costs, include internal legal labor, professional legal fees, government filing fees and translation fees related to expanding the Company’s patent portfolio. Costs associated with the maintenance and annuity fees of patents are accounted for as prepaid assets at the time of payment and amortized over the shorter of the maintenance period or remaining life of the related patent.
Accrued Expenses
As part of the process of preparing our condensed consolidated financial statements, we are required to estimate accrued expenses. This process involves identifying services that third parties have performed on our behalf and estimating the level of service performed and the associated cost incurred on these services as at each balance sheet date in our consolidated financial statements. Examples of estimated accrued expenses include professional service fees, such as those arising from the services of attorneys and accountants and accrued payroll expenses. In connection with these service fees, our estimates are most affected by our understanding of the status and timing of services provided relative to the actual services incurred by the service providers. In the event that we do not identify certain costs that have been incurred or we under, or over, estimate the level of services or costs of such services, our reported expenses for a reporting period could be understated or overstated. The date on which certain services commence, the level of services performed on or before a given date, and the cost of services are often subject to our judgment. We make these judgments based upon the facts and circumstances known to us in accordance with accounting principles generally accepted in the U.S.
Warrants
The Company has issued Common Stock warrants in connection with the execution of certain equity and debt financings. The fair value of warrants is determined using the Black-Scholes option-pricing model using assumptions regarding volatility of our common share price, remaining life of the warrant, and risk-free interest rates at each period end.
Fair Value
Accounting Standards Codification subtopic 825-10, Financial Instruments (“ASC 825-10”) requires disclosure of the fair value of certain financial instruments. The carrying value of cash and cash equivalents, accounts payable and accrued liabilities, and short-term borrowings, as reflected in the balance sheets, approximate fair value because of the short-term maturity of these instruments. All other significant financial assets, financial liabilities and equity instruments of the Company are either recognized or disclosed in the financial statements together with other information relevant for making a reasonable assessment of future cash flows, interest rate risk and credit risk. Where practicable the fair values of financial assets and financial liabilities have been determined and disclosed; otherwise only available information pertinent to fair value has been disclosed.
The Company follows Accounting Standards Codification subtopic 820-10, Fair Value Measurements and Disclosures (“ASC 820-10”) and Accounting Standards Codification subtopic 825-10, Financial Instruments (“ASC 825-10”), which permits entities to choose to measure many financial instruments and certain other items at fair value.
Recent Accounting Pronouncements
In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”) to simplify accounting for certain financial instruments. ASU 2020-06 eliminates the current models that require separation of beneficial conversion and cash conversion features from convertible instruments and simplifies the derivative scope exception guidance pertaining to equity classification of contracts in an entity’s own equity.
The new standard also introduces additional disclosures for convertible debt and freestanding instruments that are indexed to and settled in an entity’s own equity. ASU 2020-06 amends the diluted earnings per share guidance, including the requirement to use the if-converted method for all convertible instruments. ASU 2020-06 is effective January 1, 2020, and should be applied on a full or modified retrospective basis, with early adoption permitted beginning on January 1, 2022. The Company adopted ASU 2020-06 effective January 1, 2021. The adoption of ASU 2020-06 did not have an impact on the Company’s financial statements.
Management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company’s unaudited condensed interim financial statements.
|
GOING CONCERN AND MANAGEMENT’S LIQUIDITY PLANS |
6 Months Ended |
|---|---|
Jun. 30, 2024 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| GOING CONCERN AND MANAGEMENT’S LIQUIDITY PLANS | NOTE 3 – GOING CONCERN AND MANAGEMENT’S LIQUIDITY PLANS
As at June 30, 2024, the Company had cash of $13,522 and a negative working capital of $1,214,987. The Company has not yet generated any revenues, and has incurred cumulative net losses of $16,959,641. These conditions raise substantial doubt about the Company’s ability to continue as a going concern.
During the six months ended June 30, 2024, the Company raised a net of $63,000 in cash proceeds from equity and $61,500 in cash proceeds from the issuance of convertible notes. During the same period in 2023, the Company raised a net of $115,000 in cash proceeds from equity. The Company is aware that its current cash on hand will not be sufficient to fund its projected operating requirements through the month of September 2024, and is pursuing alternative opportunities to funding.
The Company intends to raise additional capital through private placements of debt and equity securities, but there can be no assurance that these funds will be available on terms acceptable to the Company, or will be sufficient to enable the Company to fully complete its development activities or sustain operations. If the Company is unable to raise sufficient additional funds, it will have to develop and implement a plan to further extend payables, reduce overhead, or scale back its current business plan until sufficient additional capital is raised to support further operations. There can be no assurance that such a plan will be successful.
Accordingly, the accompanying unaudited condensed consolidated financial statements have been prepared in conformity with U.S. GAAP, which contemplates continuation of the Company as a going concern and the realization of assets and satisfaction of liabilities in the normal course of business. The carrying amounts of assets and liabilities presented in the unaudited condensed consolidated financial statements do not necessarily purport to represent realizable or settlement values. The unaudited condensed consolidated financial statements do not include any adjustment that might result from the outcome of this uncertainty.
|
AFFILIATE TRANSACTIONS |
6 Months Ended |
|---|---|
Jun. 30, 2024 | |
| Related Party Transactions [Abstract] | |
| AFFILIATE TRANSACTIONS | NOTE 4 - AFFILIATE TRANSACTIONS
The Company holds License Agreements (the “License(s)” or “Agreement(s)”) for a medical device (license obtained in 2019) and a compound (license obtained in 2021), with two affiliated companies where the beneficial ownership includes the Company’s officers. The products were developed prior to the establishment of Bioxytran. The yearly maintenance fees for each license amount to $5,000 per year. During the six months ended June 30, 2024, and in 2023, there was $10,000 in transactions with affiliates for license maintenance.
The Company had at June 30, 2024, loan agreements calling for an 8% interest with two of its affiliates for a total value of $70,974 with an accrued interest of $2,515. As at December 31, 2023, there was a loan for $25,000 with an accrued interest of $542.
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INTANGIBLES |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
| INTANGIBLES | NOTE 5 - INTANGIBLES
Intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. No impairment charges were recorded for the six months ended June 30, 2024, and the year ended December 31, 2023.
Amortization of capitalized patent costs associated with the application and award of patents in the U.S. and various other countries are capitalized and amortized on a straight-line basis over the term of the patents as determined at the award date, which varies depending on the pendency period of the application, generally approximating twenty years.
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ACCOUNTS PAYABLES AND ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES |
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Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACCOUNTS PAYABLES AND ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | NOTE 6 – ACCOUNTS PAYABLES AND ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
On June 30, 2024, there was $2,515 in interest due and $70,974 in loans from affiliates, and $ in un-issued shares liability affiliate. On December 31, 2023, there was $2,000 in accounts payable and $25,000 in loans from affiliates, and $ in un-issued shares liability affiliate.
The following table represents the major components of accounts payables and accrued expenses and other current liabilities at June 30, 2024, and at December 31, 2023:
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CONVERTIBLE NOTES PAYABLE |
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Jun. 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| CONVERTIBLE NOTES PAYABLE | NOTE 7 – CONVERTIBLE NOTES PAYABLE
Around May 3, 2021, we entered into four (4) Securities Purchase Agreements (the “2021 SPA’s”), under which we agreed to sell convertible promissory notes (the “2021 Notes”), in an aggregate principal amount of $2,165,000 with 6% interest.
At any time after the issue date of the Notes, the Holders of the Notes, (the “2021 Holders”), have the option to convert all or any part of the outstanding and unpaid principal amount and accrued and unpaid interest of the 2021 Notes into shares of our Common Stock at the Conversion Price. The “Conversion Price” will be the lesser of (i) $.13 per share or (ii) 85% of the closing price of Any Qualified Financing, which consists of any fundraising whereby the Company receives gross proceeds of not less than $500,000.
If the 2021 Notes are converted prior to us paying off such note, it would lead to substantial dilution to our shareholders as a result of the conversion discounted applicable to the 2021 Notes. There can be no assurance that there will be any funds available to pay of the 2021 Notes. If we fail to obtain such additional financing on a timely basis, the 2021 Holders may convert the 2021 Notes and sell the underlying shares, which may result in significant dilution to shareholders due to the conversion discount, as well as a significant decrease in our stock price.
On May 5, 2023, three (3) of the Notes were renegotiated; the interest was set to 10%, a prepayment of 120% was included, and the Notes was extended until April 30, 2024. The conversion price was adjusted to the lower of (i) a fixed price of $0.13, or (ii) if the VWAP at the date of conversion is below $0.13, the conversion price will be reduced with 120% of the difference between fixed price and VWAP.
On May 1, 2024, the 2021 Note was extended once more, until November 30, 2024, in exchange for a $105,000 debt discount, and a fixed conversion price of $0.08.
For the Notes issued the Company claims an exemption from the registration requirements of the Securities Act of 1933 (the “Securities Act”) for the private placement of these securities pursuant to Section 4(a)(2) of the Securities Act and/or Rule 506 of Regulation D promulgated under the Securities Act. The Common Stock underlying the Note(s), when issued, bear a restrictive legend and are currently eligible for resale under Rule 144.
At June 30, 2024, and December 31, 2023, the outstanding convertible notes were as follows:
Private Placement, 2024
On March 15, 2024, we entered into a Security Purchase Agreements (the “2024 SPA’s”), with an accredited investor, under which we agreed to sell a Note, in a principal amount of $61,500 with 8% interest (the “2024 Note”) to the holders of the 2024 Note (the “2024 Holder”).
At any time after the issue date of the 2024 Note, the 2024 Holder has the option to convert any part of the outstanding and unpaid principal amount and accrued and unpaid interest of the Note into shares of our Common Stock at the Conversion Price. The “Conversion Price” is set to $0.13 per share.
On April 15, 2024, the 2024 Note was converted into shares of Common Stock. The interest for the note was $795.
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STOCKHOLDERS’ EQUITY |
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| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| STOCKHOLDERS’ EQUITY | NOTE 8 – STOCKHOLDERS’ EQUITY
The Company is authorized to issue shares of Common Stock, and shares of Preferred Stock.
Preferred Stock
As at June 30, 2024, Preferred shares have been designated nor issued.
Common Stock
Number of shares of Common Stock issued and outstanding during the reporting period(s):
Issuances in the period January 1 and June 30, 2023
Common Stock Warrants
In the six months ended June 30, 2024, the Company did not issue any Warrants. In the six months ended June 30, 2023, the Company issued 5-year warrants exercisable at $0.20/share, in connection with the refinancing of the convertible notes, valued at $/share, based on Black and Scholes Option Pricing Model, for a total value of $348,637.
The following table summarizes the Company’s Common Stock warrant activity in the six months ended June 30, 2024, and 2023:
The following table summarizes information about stock warrants that are vested or expected to vest at June 30, 2024:
The weighted-average remaining contractual life for warrants exercisable at June 30, 2024, is years. The aggregate intrinsic value for fully vested, exercisable warrants was $ at June 30, 2024.
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STOCK OPTION PLAN AND STOCK-BASED COMPENSATION |
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Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| STOCK OPTION PLAN AND STOCK-BASED COMPENSATION |
On January 15, 2021, the Company adopted a stock option plan entitled “The 2021 Stock Plan” (2021 Plan) under which the Company may grant Options to Purchase Stock, Stock Awards or Stock Appreciation Rights up to 15% of the then fully diluted number of shares of the Company’s Common Stock, automatically adjusted on January 1 each year. On January 1, 2024, the 2021 Employee, Director and Consultant Stock Plan (the “2021 Plan”) was reset in accordance with its stipulations. After the reset there were shares of Common Stock awards available for grant.
Under the terms of the stock plan, the Board of Directors shall specify the exercise price and vesting period of each stock option on the grant date. Vesting of the options is typically immediate and the options typically expire in five years. Stock Awards, which are fully and immediately vested upon issuance, may be directly issued under the Plan (without any intervening options).
Shares of Common Stock granted and vested under the 2021 Plan
As at and January 1, 2024, there were shares issued valued at a fair historic market value of $ at the time of award and at June 30, 2024, there were shares issued valued at a fair historic market value of $ at the time of award. As at January 1, 2023, there were shares issued valued at a fair historic market value of negative $ (historically awarded “expensive” stock were returned to treasury in 2021) at the time of award and at June 30, 2023, there were shares issued valued at a fair historic market value of negative $ at the time of award.
The following table summarizes the Company’s granted and issued stock awards in the six months ended June 30, 2024, and 2023:
Stock options granted and vested 2021 Plan
As at January 1, 2024, there were outstanding stock options valued at historic fair market value of $. There were options were forfeited in the six months ended June 30, 2024, and stock options were granted. At June 30, 2024, there were outstanding stock options with a fair historic market value of $. As at January 1, 2023, there were outstanding stock options valued at historic fair market value of $. There were options were forfeited in the six months ended June 30, 2023, and stock options were granted. At June 30, 2023, there were outstanding stock options with a fair historic market value of $.
The weighted-average remaining estimated life for options exercisable at June 30, 2024, is years.
The aggregate intrinsic value for fully vested, exercisable options was $ at June 30, 2024, and at December 31, 2023, was $. The actual tax benefit realized from stock option exercises in the six months ended at June 30, 2024, and 2023, was $0 as no options were exercised.
In the six months ended June 30, 2024, and 2023, the Company recorded stock-based compensation expense of $ and $, respectively, in connection with share-based payment awards.
As at June 30, 2024, the Company has options or stock awards available for grant under the 2021 Plan.
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NON-CONTROLLING INTEREST |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Noncontrolling Interest [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NON-CONTROLLING INTEREST | NOTE 10 – NON-CONTROLLING INTEREST
As at June 30, 2024, there are issued and outstanding shares in Pharmalectin; (51%) shares of Common Stock are held by Bioxytran and shares (49%) are held by an affiliate where the beneficial ownership includes the Company’s officers. As per the exchange terms in the Joint Venture Agreement dated November 15, 2020, the affiliate has the option to convert up to shares in the Subsidiary into a %, or a pro-rated quantity thereof, ownership in the Company. If the option is exercised, it would result in notable dilution to shareholders which could lead to a significant decrease in our stock price, based on how the market perceive the value of fully control the Subsidiary.
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COMMITMENTS AND CONTINGENCIES |
6 Months Ended | |||||||||||||||
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Jun. 30, 2024 | ||||||||||||||||
| Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||
| COMMITMENTS AND CONTINGENCIES | NOTE 11 – COMMITMENTS AND CONTINGENCIES
Employment contracts
Our Executive Officers have entered into employment contracts and confidentiality, non-disclosure and assignment of invention agreements. The most substantial provisions include;
There are no other arrangements or plans in which we provide pension, retirement or similar benefits for any of Executive Officers or Directors.
Litigation
In the normal course of business, the Company may be involved in legal proceedings, claims and assessments arising in the ordinary course of business. Such matters are subject to many uncertainties, and outcomes are not predictable with assurance. Legal fees for such matters are expensed as incurred and we accrue for adverse outcomes as they become probable and estimable.
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SUBSEQUENT EVENTS |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Subsequent Events [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SUBSEQUENT EVENTS | NOTE 12 – SUBSEQUENT EVENTS
The Company has evaluated events from June 30, 2024, through the date the financial statements were issued and did not, other than what is disclosed in the below, identify any further subsequent events requiring disclosure.
Entry into a Material Definitive Agreement
On July 15, 2024, Bioxytran entered into a Joint Venture Agreement (“JV Agreement”) with the Heme Foundation (1), and NDPD Pharma, Inc. (2). The JV Agreement outlines each partners contributions and rights in the development of a Universal Oxygen Carrier (“UOC”).
Bioxytran’s Universal Oxygen Carrier represents a potential paradigm shift in transfusion medicine and life-saving blood oxygenation therapy. The inception of UOC began with a profound understanding of the physiological mechanisms governing oxygen delivery. Insights into carbohydrate science have led to the creation of this revolutionary product, making UOC essentially invisible to the human immune system. As a result, UOC circumvents the issue of immune rejection commonly found with other blood substitutes.
UOC is a hemoglobin-based oxygen carrier (“HBOC”) designed to mimic the oxygen transportation function of red blood cells. While technology show promise as a blood alternative, there are side-effects associated with HBOC’s, such as high blood pressure, and the risk of organ damage. Unlike other HBOC’s, treatment with UOC has shown no known side-effects in any studies.
UOC uses a heme-carbohydrate complex, which involves the separation of the heme group from the globin portion of the hemoglobin molecule. This complex is then linked to a carefully selected sugar molecule that protects the heme, creating a stable oxygen-carrying molecule thousands of times smaller than a red blood cell. The size differential is pivotal, potentially allowing UOC to traverse the circulatory system with greater ease and deliver oxygen more efficiently to hypoxic tissues. UOC can be used with patients of all blood types and has an expected half-life of 18 hours. Bioxytran’s UOC is also shelf-stable, requiring no refrigeration and with a storage life of 5+ years in liquid or dehydrated form.
The development cost is estimated to between $20 to $25 million dollars over a ½ to 5-year period. To date, the JV has invested over $2 million in prototypes and in the development of compounds. The Heme Foundation initially aim to contribute $10 million to the project.
Bioxytran has in collaboration with NDPD formulated and manufactured the carbohydrate compound that is linked to the HBOC. Further, NDPD has engineered a sophisticated manufacturing prototype, where the production of UOC has been validated for efficacy and non-toxicity in two successful smaller scale animal trials. NDPD is currently initiating the lyophilization (freeze-drying) of the compound, and has in collaboration with the Company’s interim CMO and a CRO, specialized in preclinical research, developed a protocol for an upcoming larger scale 14-day repeat dosage toxicology study, in two animal species. The protocol is currently under review by the study facility’s Ethics Committee.
Stockholder’s Equity
Shares Awarded under the 2021 Stock Plan
Stock options forfeited under the 2021 Stock Plan
Management sees no further subsequent events requiring disclosure. |
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) |
6 Months Ended |
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Jun. 30, 2024 | |
| Accounting Policies [Abstract] | |
| Cash | Cash
For purposes of the Statement of Cash Flows, the Company considers all highly liquid debt instruments purchased with an original maturity date of three months or less to be cash equivalents.
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| Use of Estimates | Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of expenses during the reporting period. Significant estimates include the fair value of the Company’s stock, stock-based compensation, valuation of warrants, valuations in connection with convertible notes and the valuation allowance related to deferred tax assets. Actual results may differ from these estimates.
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| Net Loss per Common Share, basic and diluted |
The Company computes earnings (loss) per share under Accounting Standards Codification subtopic 260-10, Earnings Per Share (“ASC 260-10”). Net loss per common share is computed by dividing net loss by the weighted average number of shares of Common Stock outstanding during the year. Diluted earnings per share, if presented, would include the dilution that would occur upon the exercise or conversion of all potentially dilutive securities into Common Stock using the “treasury stock” and/or “if converted” methods as applicable.
At June 30, 2024, we would, based on the market price of $/share, be obligated to issue approximately shares of Common Stock upon conversion of the currently outstanding 2021 convertible note (the “2021 Note”), based on $ in outstanding principal and interest. The 2021 Note carry an interest rate of 10% and is convertible at a fixed exercise price of $0.08/share. Upon exercise of outstanding warrants 1,292,030 shares could be issued, along with an additional 1,130,114 shares for warrants with dilutive exercise. The 2021 stock plan has stock or options available for grant and there are shares available for exercise with outstanding stock options.
The (49%) shares of Common Stock in the Subsidiary, owned by an affiliate. The affiliate has the option to convert the shares into 16.8% of the Company’s Common Stock, currently shares on a fully diluted basis.
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| Stock Based Compensation |
The Company measures the cost of services received from employees and non-employees in exchange for an award of equity instruments based on the fair value of the award on the grant date pursuant ASC 718. Stock-based compensation expense is recorded by the Company over the requisite service period, or vesting period, in the same expense classifications in the statements of operations, as if such amounts were paid in cash.
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| Accounting for subsidiary stock transactions | Accounting for subsidiary stock transactions
The Company accounts for subsidiary stock transactions in accordance with Opinions of the Accounting Principles Board 09 (APBO No. 9). In paragraph 28, this pronouncement excluded all adjustments from transactions in a company’s own stock “…from the determination of net income or the results of operations under all circumstances.”
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| Research and Development | Research and Development
The Company accounts for research and development costs in accordance with Accounting Standards Codification subtopic 730-10, Research and Development (“ASC 730-10”). Under ASC 730-10, all research and development costs must be charged to expense as incurred. Accordingly, internal research and development costs are expensed as incurred. Third-party research and development costs are expensed when the contracted work has been performed or as milestone results have been achieved as defined under the applicable agreement. Company-sponsored research and development costs related to both present and future products are expensed in the period incurred. In the six months ended June 30, 2024, the Company incurred $27,000 in research and development expenses, while during the six months ended June 30, 2023, the Company incurred $288,642.
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| Intangibles – Goodwill and Other | Intangibles – Goodwill and Other
Valuation of intangibles are in accordance with ASC 350. Costs associated with the application and award of patents in the U.S. and various other countries are capitalized and amortized on a straight-line basis over the term of the patents as determined at award date, which varies depending on the pendency period of the application, generally approximating seventeen years. Capitalized patent costs, also referred to as patent prosecution costs, include internal legal labor, professional legal fees, government filing fees and translation fees related to expanding the Company’s patent portfolio. Costs associated with the maintenance and annuity fees of patents are accounted for as prepaid assets at the time of payment and amortized over the shorter of the maintenance period or remaining life of the related patent.
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| Accrued Expenses | Accrued Expenses
As part of the process of preparing our condensed consolidated financial statements, we are required to estimate accrued expenses. This process involves identifying services that third parties have performed on our behalf and estimating the level of service performed and the associated cost incurred on these services as at each balance sheet date in our consolidated financial statements. Examples of estimated accrued expenses include professional service fees, such as those arising from the services of attorneys and accountants and accrued payroll expenses. In connection with these service fees, our estimates are most affected by our understanding of the status and timing of services provided relative to the actual services incurred by the service providers. In the event that we do not identify certain costs that have been incurred or we under, or over, estimate the level of services or costs of such services, our reported expenses for a reporting period could be understated or overstated. The date on which certain services commence, the level of services performed on or before a given date, and the cost of services are often subject to our judgment. We make these judgments based upon the facts and circumstances known to us in accordance with accounting principles generally accepted in the U.S.
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| Warrants | Warrants
The Company has issued Common Stock warrants in connection with the execution of certain equity and debt financings. The fair value of warrants is determined using the Black-Scholes option-pricing model using assumptions regarding volatility of our common share price, remaining life of the warrant, and risk-free interest rates at each period end.
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| Fair Value | Fair Value
Accounting Standards Codification subtopic 825-10, Financial Instruments (“ASC 825-10”) requires disclosure of the fair value of certain financial instruments. The carrying value of cash and cash equivalents, accounts payable and accrued liabilities, and short-term borrowings, as reflected in the balance sheets, approximate fair value because of the short-term maturity of these instruments. All other significant financial assets, financial liabilities and equity instruments of the Company are either recognized or disclosed in the financial statements together with other information relevant for making a reasonable assessment of future cash flows, interest rate risk and credit risk. Where practicable the fair values of financial assets and financial liabilities have been determined and disclosed; otherwise only available information pertinent to fair value has been disclosed.
The Company follows Accounting Standards Codification subtopic 820-10, Fair Value Measurements and Disclosures (“ASC 820-10”) and Accounting Standards Codification subtopic 825-10, Financial Instruments (“ASC 825-10”), which permits entities to choose to measure many financial instruments and certain other items at fair value.
|
| Recent Accounting Pronouncements | Recent Accounting Pronouncements
In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”) to simplify accounting for certain financial instruments. ASU 2020-06 eliminates the current models that require separation of beneficial conversion and cash conversion features from convertible instruments and simplifies the derivative scope exception guidance pertaining to equity classification of contracts in an entity’s own equity.
The new standard also introduces additional disclosures for convertible debt and freestanding instruments that are indexed to and settled in an entity’s own equity. ASU 2020-06 amends the diluted earnings per share guidance, including the requirement to use the if-converted method for all convertible instruments. ASU 2020-06 is effective January 1, 2020, and should be applied on a full or modified retrospective basis, with early adoption permitted beginning on January 1, 2022. The Company adopted ASU 2020-06 effective January 1, 2021. The adoption of ASU 2020-06 did not have an impact on the Company’s financial statements.
Management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company’s unaudited condensed interim financial statements. |
INTANGIBLES (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
| SCHEDULE OF INTANGIBLES |
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ACCOUNTS PAYABLES AND ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SCHEDULE OF ACCOUNTS PAYABLES AND ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | The following table represents the major components of accounts payables and accrued expenses and other current liabilities at June 30, 2024, and at December 31, 2023:
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CONVERTIBLE NOTES PAYABLE (Tables) |
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Jun. 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SCHEDULE OF OUTSTANDING CONVERTIBLE NOTES | At June 30, 2024, and December 31, 2023, the outstanding convertible notes were as follows:
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STOCKHOLDERS’ EQUITY (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SCHEDULE OF COMMON STOCK ISSUED AND OUTSTANDING | Issuances in the period January 1 and June 30, 2023
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| SCHEDULE OF WARRANT ACTIVITY | The following table summarizes the Company’s Common Stock warrant activity in the six months ended June 30, 2024, and 2023:
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| SCHEDULE OF WARRANT OUTSTANDING AND EXERCISABLE WARRANTS | The following table summarizes information about stock warrants that are vested or expected to vest at June 30, 2024:
The weighted-average remaining contractual life for warrants exercisable at June 30, 2024, is years. The aggregate intrinsic value for fully vested, exercisable warrants was $ at June 30, 2024. |
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STOCK OPTION PLAN AND STOCK-BASED COMPENSATION (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-Based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SCHEDULE OF GRANTED AND ISSUED STOCK AWARDS |
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| SCHEDULE OF STOCK OPTIONS ACTIVITY |
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| SCHEDULE OF STOCK OPTION VESTED |
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NON-CONTROLLING INTEREST (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Noncontrolling Interest [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SCHEDULE OF NON CONTROLLING INTEREST |
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SUBSEQUENT EVENTS (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Subsequent Events [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SCHEDULE OF SHARES AWARDED AND STOCK OPTIONS FORFEITED |
Stock options forfeited under the 2021 Stock Plan
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GOING CONCERN AND MANAGEMENT’S LIQUIDITY PLANS (Details Narrative) - USD ($) |
6 Months Ended | ||
|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
| Cash | $ 13,522 | $ 26,086 | |
| Working capital | 1,214,987 | ||
| Accumulated deficit | 16,959,641 | $ 15,497,602 | |
| Proceeds from equity | 63,000 | $ 115,000 | |
| Proceeds from issuance of convertible notes | $ 61,500 | ||
AFFILIATE TRANSACTIONS (Details Narrative) - Two Affiliated Companies [Member] - USD ($) |
6 Months Ended | ||
|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
|
| Related Party Transaction [Line Items] | |||
| Maintanence fees of license | $ 5,000 | ||
| License fee | $ 10,000 | $ 10,000 | |
| Loan Agreement [Member] | |||
| Related Party Transaction [Line Items] | |||
| Interest rate | 8.00% | ||
| Loan amount | $ 70,974 | $ 25,000 | |
| Accrued interest | $ 2,515 | $ 542 | |
SCHEDULE OF INTANGIBLES (Details) - USD ($) |
Jun. 30, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Goodwill and Intangible Assets Disclosure [Abstract] | ||
| Capitalized patent costs | $ 130,526 | $ 123,480 |
| Estimated Remaining Life (years) | 18 years | |
| Accumulated amortization | $ (15,495) | (11,928) |
| Intangible assets, net | $ 115,031 | $ 111,552 |
INTANGIBLES (Details Narrative) - USD ($) |
6 Months Ended | 12 Months Ended |
|---|---|---|
Jun. 30, 2024 |
Dec. 31, 2023 |
|
| Goodwill and Intangible Assets Disclosure [Abstract] | ||
| Impairment charges of intangibles | $ 0 | $ 0 |
SCHEDULE OF ACCOUNTS PAYABLES AND ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) - USD ($) |
Jun. 30, 2024 |
Dec. 31, 2023 |
||||||
|---|---|---|---|---|---|---|---|---|
| Defined Benefit Plan Disclosure [Line Items] | ||||||||
| Professional fees | $ 41,846 | $ 70,895 | ||||||
| Payroll Tax | 14,058 | |||||||
| 401K | 52,434 | |||||||
| Other | 2,682 | 1,658 | ||||||
| Convertible note payable | 730,000 | 1,900,000 | ||||||
| Total current liabilities | 1,228,509 | 3,249,500 | ||||||
| Affiliate [Member] | ||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||
| Accounts payable affiliate | [1] | 105,251 | 2,000 | |||||
| Un-issued share liability, consultant | 515,904 | |||||||
| Short term loan | 70,974 | 25,000 | ||||||
| Related Party [Member] | ||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||
| Accounts payable affiliate | 107,767 | 2,000 | ||||||
| Interest | [2] | 2,515 | ||||||
| Un-issued share liability, consultant | [3] | 55,000 | 515,904 | |||||
| Short term loan | [2] | 70,974 | 25,000 | |||||
| Nonrelated Party [Member] | ||||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||||
| Interest | 105,507 | 223,759 | ||||||
| Un-issued share liability, consultant | 10,242 | 510,284 | ||||||
| Short term loan | $ 38,000 | |||||||
| ||||||||
SCHEDULE OF ACCOUNTS PAYABLES AND ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) (Parenthetical) - USD ($) |
6 Months Ended | |||||
|---|---|---|---|---|---|---|
Jun. 30, 2024 |
Dec. 31, 2023 |
|||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||
| Affiliate accounts payable | $ 105,252 | |||||
| Chief Financial Officer [Member] | ||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||
| Prepaid expenses | $ 2,000 | |||||
| Chief Executive Officer [Member] | ||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||
| Accrued salary | 96,252 | |||||
| Expense claims | 3,000 | |||||
| Chief Financial Officer [Member] | ||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||
| Accrued salary | 35,001 | |||||
| Expense claims | 3,000 | |||||
| Chief Communications Officer [Member] | ||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||
| Accrued salary | 26,250 | |||||
| Expense claims | 3,000 | |||||
| Related Party [Member] | ||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||
| Short term loans | [1] | $ 70,974 | 25,000 | |||
| Interest rate | 8.00% | |||||
| Interest | [1] | $ 2,515 | ||||
| Unissued shares liability | [2] | $ 55,000 | $ 515,904 | |||
| Three Board Members [Member] | ||||||
| Defined Benefit Plan Disclosure [Line Items] | ||||||
| Common stock shares award | 454,546 | 211,269 | ||||
| Unissued shares liability | $ 55,000 | $ 30,000 | ||||
| Shares not issued but conveted | 3,599,289 | |||||
| Fair market value of converted shares | $ 485,904 | |||||
| ||||||
ACCOUNTS PAYABLES AND ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details Narrative) - USD ($) |
Jun. 30, 2024 |
Dec. 31, 2023 |
||
|---|---|---|---|---|
| Defined Benefit Plan Disclosure [Line Items] | ||||
| Interest payable | $ 223,759 | |||
| Affiliate [Member] | ||||
| Defined Benefit Plan Disclosure [Line Items] | ||||
| Interest payable | $ 2,515 | |||
| Short term loans | 70,974 | 25,000 | ||
| Unissued shares liability excluding loans | 55,000 | |||
| Accounts payable | [1] | $ 105,251 | 2,000 | |
| Unissued shares liability | $ 515,904 | |||
| ||||
SCHEDULE OF OUTSTANDING CONVERTIBLE NOTES (Details) - USD ($) |
Jun. 30, 2024 |
[1] | Dec. 31, 2023 |
|||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Short-Term Debt [Line Items] | ||||||||||
| Total principal due | $ 1,900,000 | |||||||||
| Total debt discount | ||||||||||
| Total accrued interest | 223,759 | |||||||||
| Total amount due | 2,123,759 | |||||||||
| Private Placement, 2021 Note [Member] | ||||||||||
| Short-Term Debt [Line Items] | ||||||||||
| Total principal due | $ 805,000 | 900,000 | [2] | |||||||
| Total debt discount | (75,000) | [2] | ||||||||
| Total accrued interest | 105,507 | 63,814 | [2] | |||||||
| Total amount due | $ 835,507 | 963,814 | [2] | |||||||
| 2021 Note issued in exchange for prior Notes [Member] | ||||||||||
| Short-Term Debt [Line Items] | ||||||||||
| Total principal due | [3] | 1,000,000 | ||||||||
| Total debt discount | [3] | |||||||||
| Total accrued interest | [3] | 159,945 | ||||||||
| Total amount due | [3] | $ 1,159,945 | ||||||||
| ||||||||||
SCHEDULE OF OUTSTANDING CONVERTIBLE NOTES (Details) (Parenthetical) - USD ($) |
3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2024 |
Mar. 31, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
May 01, 2024 |
||||||||||
| Short-Term Debt [Line Items] | ||||||||||||||||
| Cash received | $ 61,500 | |||||||||||||||
| Debt discount | ||||||||||||||||
| Value issued for the conversion of notes payable | $ 162,295 | $ 1,263,562 | $ 172,306 | |||||||||||||
| Interest paid in conversion of note payable | 164,357 | $ 7,306 | ||||||||||||||
| Common Stock [Member] | ||||||||||||||||
| Short-Term Debt [Line Items] | ||||||||||||||||
| Value issued for the conversion of notes payable | $ 1,249 | $ 9,857 | $ 1,325 | |||||||||||||
| Shares issued for the conversion of notes payable | 1,248,423 | 9,857,092 | 1,325,430 | |||||||||||||
| Private Placement, 2021 Note [Member] | ||||||||||||||||
| Short-Term Debt [Line Items] | ||||||||||||||||
| Debt discount | $ 75,000 | [1] | 75,000 | [1] | [2] | |||||||||||
| Value issued for the conversion of notes payable | $ 200,000 | |||||||||||||||
| Private Placement, 2021 Note [Member] | Common Stock [Member] | ||||||||||||||||
| Short-Term Debt [Line Items] | ||||||||||||||||
| Shares issued for the conversion of notes payable | 1,675,849 | |||||||||||||||
| Private Placement, 2021 Note [Member] | Wallach Beth Capital LLC [Member] | ||||||||||||||||
| Short-Term Debt [Line Items] | ||||||||||||||||
| Cash received | 1,045,150 | |||||||||||||||
| Debt discount | 119,850 | |||||||||||||||
| 2021 Note issued in exchange for prior Notes [Member] | ||||||||||||||||
| Short-Term Debt [Line Items] | ||||||||||||||||
| Debt discount | [3] | |||||||||||||||
| Value issued for the conversion of notes payable | $ 1,163,562 | |||||||||||||||
| New note issued | $ 1,000,000 | |||||||||||||||
| Interest paid in conversion of note payable | $ 163,562 | |||||||||||||||
| 2021 Note issued in exchange for prior Notes [Member] | Common Stock [Member] | ||||||||||||||||
| Short-Term Debt [Line Items] | ||||||||||||||||
| Shares issued for the conversion of notes payable | 8,950,474 | |||||||||||||||
| Two Thousand Twenty One Notes [Member] | Convertible Notes Payable [Member] | ||||||||||||||||
| Short-Term Debt [Line Items] | ||||||||||||||||
| Debt discount | $ 75,000 | $ 75,000 | $ 105,000 | |||||||||||||
| Interest rate | 10.00% | |||||||||||||||
| Debt conversion price | $ 0.08 | |||||||||||||||
| ||||||||||||||||
SCHEDULE OF COMMON STOCK ISSUED AND OUTSTANDING (Details) - USD ($) |
3 Months Ended | 6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 27, 2024 |
May 20, 2024 |
May 16, 2024 |
Apr. 22, 2024 |
Apr. 19, 2024 |
Apr. 15, 2024 |
Apr. 04, 2024 |
Mar. 27, 2024 |
Mar. 20, 2024 |
Jan. 22, 2024 |
Jan. 19, 2024 |
Jan. 18, 2024 |
Jan. 17, 2024 |
Jan. 01, 2024 |
Jun. 26, 2023 |
May 17, 2023 |
May 15, 2023 |
May 10, 2023 |
Apr. 19, 2023 |
Apr. 18, 2023 |
Apr. 14, 2023 |
Feb. 10, 2023 |
Jan. 04, 2023 |
Jan. 01, 2023 |
Jun. 30, 2024 |
Mar. 31, 2024 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|||||||||||||||||
| Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||
| Shares | 145,642,333 | 123,252,235 | ||||||||||||||||||||||||||||||||||||||||||||
| Amount | $ 13,066,626 | $ 8,515,682 | $ 63,000 | $ 65,000 | $ 80,000 | |||||||||||||||||||||||||||||||||||||||||
| Common Stock Issued and Outstanding [Member] | ||||||||||||||||||||||||||||||||||||||||||||||
| Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||
| Shares | [1] | 177,416,428 | 132,035,294 | |||||||||||||||||||||||||||||||||||||||||||
| Amount | $ 16,553,895 | $ 11,412,005 | ||||||||||||||||||||||||||||||||||||||||||||
| Stock Plan 2021 [Member] | ||||||||||||||||||||||||||||||||||||||||||||||
| Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||
| Shares | [1] | 1,679,477 | 4,000 | |||||||||||||||||||||||||||||||||||||||||||
| Amount | [1] | $ 179,143 | $ 1,790 | |||||||||||||||||||||||||||||||||||||||||||
| Share price | [1] | $ 0.104 | $ 0.448 | |||||||||||||||||||||||||||||||||||||||||||
| Affiliated Entity [Member] | Stock Plan 2021 [Member] | ||||||||||||||||||||||||||||||||||||||||||||||
| Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||
| Shares | [1] | 1,432,398 | 110,000 | |||||||||||||||||||||||||||||||||||||||||||
| Amount | [1] | $ 161,836 | $ 50,200 | |||||||||||||||||||||||||||||||||||||||||||
| Share price | [1] | $ 0.113 | $ 0.456 | |||||||||||||||||||||||||||||||||||||||||||
| Debt Conversion [Member] | ||||||||||||||||||||||||||||||||||||||||||||||
| Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||
| Shares | [2] | 1,027,397 | 250,000 | 1,000,000 | 3,705,808 | 3,703,704 | 137,656 | |||||||||||||||||||||||||||||||||||||||
| Amount | [2] | $ 150,000 | $ 32,125 | $ 104,000 | $ 385,404 | $ 500,000 | $ 44,050 | |||||||||||||||||||||||||||||||||||||||
| Share price | [2] | $ 0.146 | $ 0.129 | $ 0.104 | $ 0.104 | $ 0.135 | $ 0.320 | |||||||||||||||||||||||||||||||||||||||
| Debt Conversion [Member] | Affiliated Entity [Member] | ||||||||||||||||||||||||||||||||||||||||||||||
| Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||
| Shares | [2] | 3,599,289 | 6,763,562 | |||||||||||||||||||||||||||||||||||||||||||
| Amount | [2] | $ 485,904 | $ 2,164,340 | |||||||||||||||||||||||||||||||||||||||||||
| Share price | [2] | $ 0.135 | $ 0.320 | |||||||||||||||||||||||||||||||||||||||||||
| Convertible Debt [Member] | ||||||||||||||||||||||||||||||||||||||||||||||
| Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||
| Shares | [3] | 769,231 | 479,192 | 906,618 | 8,950,474 | 803,292 | 522,138 | |||||||||||||||||||||||||||||||||||||||
| Amount | [3] | $ 100,000 | $ 62,295 | $ 100,000 | $ 1,163,562 | $ 104,428 | $ 67,878 | |||||||||||||||||||||||||||||||||||||||
| Share price | $ 0.130 | [3] | $ 0.130 | [3] | $ 0.110 | [3] | $ 0.130 | [3] | $ 0.130 | [3] | $ 0.130 | [3] | $ 0.436 | $ 0.436 | ||||||||||||||||||||||||||||||||
| Return to Treasury [Member] | ||||||||||||||||||||||||||||||||||||||||||||||
| Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||
| Shares | [4] | 1,000,000 | ||||||||||||||||||||||||||||||||||||||||||||
| Exercise of Warrant [Member] | ||||||||||||||||||||||||||||||||||||||||||||||
| Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||
| Shares | [2] | 4,356,778 | ||||||||||||||||||||||||||||||||||||||||||||
| Private Placement [Member] | ||||||||||||||||||||||||||||||||||||||||||||||
| Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||
| Shares | [4] | 212,766 | 194,553 | 173,077 | 333,333 | 114,286 | 78,125 | 156,250 | 93,750 | |||||||||||||||||||||||||||||||||||||
| Amount | [4] | $ 20,000 | $ 25,000 | $ 18,000 | $ 45,000 | $ 40,000 | $ 25,000 | $ 50,000 | $ 30,000 | |||||||||||||||||||||||||||||||||||||
| Share price | [4] | $ 0.094 | $ 0.128 | $ 0.104 | $ 0.135 | $ 0.350 | $ 0.320 | $ 0.320 | $ 0.320 | |||||||||||||||||||||||||||||||||||||
| Subscription [Member] | ||||||||||||||||||||||||||||||||||||||||||||||
| Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||
| Shares | ||||||||||||||||||||||||||||||||||||||||||||||
| Amount | $ (45,000) | $ (30,000) | ||||||||||||||||||||||||||||||||||||||||||||
| Share price | ||||||||||||||||||||||||||||||||||||||||||||||
| Warrant [Member] | ||||||||||||||||||||||||||||||||||||||||||||||
| Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||
| Shares | [5] | |||||||||||||||||||||||||||||||||||||||||||||
| Amount | [5] | $ 348,637 | ||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||
SCHEDULE OF WARRANT ACTIVITY (Details) - $ / shares |
6 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Equity [Abstract] | ||||
| Number of Warrants Oustanding, balance | 1,342,030 | 542,030 | 542,030 | |
| Weighted Average Exercise Price, Balance | $ 0.29 | $ 0.42 | $ 0.42 | |
| Weighted- Average Remaining Expected Term, Balance | 3 years 3 months 18 days | 4 years 4 months 24 days | 3 years 6 months | 4 years 1 month 6 days |
| Number of Warrants, Granted | 800,000 | |||
| Weighted Average Exercise Price, Granted | $ 0.20 | |||
| Weighted- Average Remaining Expected Term, Granted | 5 years | |||
| Number of Warrants, Exercised | ||||
| Weighted Average Exercise Price, Exercised | ||||
| Number of Warrants, Forfeited/Cancelled | ||||
| Weighted Average Exercise Price, Forfeited/Canceled | ||||
| Number of Warrants Oustanding, Balance | 1,342,030 | 1,342,030 | 1,342,030 | 542,030 |
| Weighted Average Exercise Price, Balance | $ 0.29 | $ 0.29 | $ 0.29 | $ 0.42 |
SCHEDULE OF WARRANT ACTIVITY (Details) (Parenthetical) - Warrant Agreements [Member] - $ / shares |
12 Months Ended | |
|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2019 |
|
| Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
| Warrant issued | 50,000 | |
| Warrant exercised, shares issued | 1,130,114 | |
| Warrant exercise price | $ 0.096 | |
| Warrant cashless exercised, shares issued | 541,878 |
SCHEDULE OF WARRANT OUTSTANDING AND EXERCISABLE WARRANTS (Details) - USD ($) |
6 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
| Warrants Outstanding, Weighted Average Exercise Price Per Share | $ 0.29 | $ 0.29 | $ 0.29 | $ 0.42 |
| Warrants Outstanding, Weighted Average Remaining Contractual Life (Years) | 3 years 3 months 18 days | 4 years 4 months 24 days | 3 years 6 months | 4 years 1 month 6 days |
| Warrant [Member] | ||||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
| Warrants Outstanding, Number of Warrants | 1,342,030 | |||
| Warrants Outstanding, Weighted Average Exercise Price Per Share | $ 0.29 | |||
| Warrants Outstanding, Weighted Average Remaining Contractual Life (Years) | 3 years 3 months 18 days | |||
| Warrants Outstanding, Aggregate Intrinsic Value | ||||
STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($) |
6 Months Ended | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
May 16, 2024 |
[1] | Apr. 15, 2024 |
[1] | Mar. 20, 2024 |
[1] | Jan. 22, 2024 |
[1] | Dec. 31, 2023 |
Jun. 26, 2023 |
[1] | May 17, 2023 |
[1] | |||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||
| Common stock, shares authorized | 300,000,000 | 300,000,000 | |||||||||||||||
| Preferred stock, shares authorized | 50,000,000 | 50,000,000 | |||||||||||||||
| Preferred stock, shares issued | |||||||||||||||||
| Warrants outstanding, aggregate intrinsic value | $ 0 | ||||||||||||||||
| Convertible Debt [Member] | |||||||||||||||||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||
| Share price | $ 0.436 | $ 0.130 | $ 0.130 | $ 0.110 | $ 0.130 | $ 0.130 | $ 0.130 | ||||||||||
| Warrants value | $ 348,637 | ||||||||||||||||
| Warrant [Member] | |||||||||||||||||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||
| Warrant awarded, shares | 800,000 | ||||||||||||||||
| Warrant term | 5 years | ||||||||||||||||
| Warrants exercisable | $ 0.20 | ||||||||||||||||
| Warrants exercisable, weighted average remaining contractual life | 3 years 3 months 18 days | ||||||||||||||||
| |||||||||||||||||
SCHEDULE OF STOCK OPTIONS ACTIVITY (Details) - Share-Based Payment Arrangement, Option [Member] - $ / shares |
6 Months Ended | |
|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
| Number of Options, Outstanding Balance | 335,000 | 524,000 |
| Weighted Average Exercise Price per Share, Outstanding balance | $ 0.62 | $ 0.44 |
| Number of Options, Granted | ||
| Exercise Price per Share, Granted | ||
| Weighted Average Exercise Price per Share, Granted | ||
| Number of Options, Exercised | ||
| Exercise Price per Share, Exercised | ||
| Weighted Average Exercise Price per Share, Exercised | ||
| Number of Options, Options forfeited/cancelled | (90,000) | (96,000) |
| Weighted Average Exercise Price per Share, Options forfeited/cancelled | $ 0.20 | $ 0.01 |
| Number of Options, Outstanding Balance | 245,000 | 428,000 |
| Weighted Average Exercise Price per Share, Outstanding balance | $ 0.78 | $ 0.52 |
| Minimum [Member] | ||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
| Exercise Price per Share, Outstanding Balance | 0.001 | 0.001 |
| [custom:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingExercisePricePerShareForfeited] | 0.190 | 0.001 |
| Exercise Price per Share, Outstanding Balance | 0.001 | 0.001 |
| Maximum [Member] | ||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
| Exercise Price per Share, Outstanding Balance | 0.95 | 0.95 |
| [custom:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingExercisePricePerShareForfeited] | 0.20 | 0.20 |
| Exercise Price per Share, Outstanding Balance | $ 0.95 | $ 0.95 |
SCHEDULE OF STOCK OPTION VESTED (Details) |
6 Months Ended |
|---|---|
|
Jun. 30, 2024
USD ($)
$ / shares
shares
| |
| Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
| Exercise Price, Upper Range | $ 0.950 |
| Options Outstanding, Number of Options | shares | 245,000 |
| Options Outstanding, Weighted Average Exercise Price per Share | $ 0.78 |
| Options Outstanding, Weighted Average Remaining Contractual Life (Years) | 2 months 4 days |
| Options Outstanding, Aggregate Intrinsic Value | $ | $ 4,320 |
| Exercise Price, Lower Range | $ 0.001 |
| Exercise Price One [Member] | |
| Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
| Exercise Price, Upper Range | $ 0.001 |
| Options Outstanding, Number of Options | shares | 45,000 |
| Options Outstanding, Weighted Average Exercise Price per Share | $ 0.001 |
| Options Outstanding, Weighted Average Remaining Contractual Life (Years) | 29 days |
| Options Outstanding, Aggregate Intrinsic Value | $ | $ 4,320 |
| Exercise Price Two [Member] | |
| Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
| Exercise Price, Upper Range | $ 0.950 |
| Options Outstanding, Number of Options | shares | 200,000 |
| Options Outstanding, Weighted Average Exercise Price per Share | $ 0.950 |
| Options Outstanding, Weighted Average Remaining Contractual Life (Years) | 2 months 12 days |
| Options Outstanding, Aggregate Intrinsic Value | $ |
STOCK OPTION PLAN AND STOCK-BASED COMPENSATION (Details Narrative) - USD ($) |
6 Months Ended | ||||||
|---|---|---|---|---|---|---|---|
Jan. 01, 2024 |
Jan. 01, 2023 |
Jan. 15, 2021 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
| Options exercisable, weighted-average remaining estimated life | 2 months 4 days | ||||||
| Options exercisable, intrinsic value | $ 4,320 | $ 6,750 | |||||
| Stock option exercises | $ 0 | $ 0 | |||||
| Share-Based Payment Arrangement, Option [Member] | |||||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
| Options outstanding number of shares | 245,000 | 428,000 | 335,000 | 524,000 | |||
| Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Forfeitures in Period | 90,000 | 96,000 | |||||
| Stock or options available for grant | |||||||
| 2021 Stock Plan [Member] | |||||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
| Stock awards stock appreciation rights percentage | 15.00% | ||||||
| Number of shares available for grant | 30,028,314 | 27,006,439 | |||||
| Options outstanding number of shares | 5,288,687 | 4,290,709 | 8,400,562 | 4,404,709 | |||
| Options granted, value | $ 99,910 | $ 97,272 | $ 440,386 | $ 45,282 | |||
| Stock or options available for grant | 0 | ||||||
| 2021 Stock Plan [Member] | Share-Based Payment Arrangement, Option [Member] | |||||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
| Options outstanding number of shares | 335,000 | 524,000 | 245,000 | 428,000 | |||
| Options granted, value | $ 155,505 | $ 173,362 | $ 141,105 | $ 167,732 | |||
| Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Forfeitures in Period | 90,000 | 96,000 | |||||
| Stock or options available for grant | 0 | ||||||
| Stock Plan 2021 [Member] | |||||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
| Share based compensation | $ 365,936 | $ 18,710 | |||||
SCHEDULE OF NON CONTROLLING INTEREST (Details) - USD ($) |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
|---|---|---|---|---|---|---|---|
Jun. 30, 2024 |
Mar. 31, 2024 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
|
| Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||
| Net loss attributable to the non-controlling interest | $ (13,324) | $ (764) | $ (32,894) | $ (13,324) | $ (33,658) | ||
| Subsidiaries [Member] | |||||||
| Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||
| Net loss Subsidiary | (27,191) | $ (333,630) | |||||
| Net loss attributable to the non-controlling interest | 13,324 | 90,258 | |||||
| Net loss affecting Bioxytran | (13,867) | (243,372) | |||||
| Accumulated losses | (3,955,108) | (3,927,917) | |||||
| Accumulated losses attributable to the non-controlling interest | 855,160 | 841,836 | |||||
| Accumulated losses affecting Bioxytran | (3,099,948) | (3,086,081) | |||||
| Net equity non-controlling interest | $ (694,210) | $ (680,886) | |||||
NON-CONTROLLING INTEREST (Details Narrative) - shares |
Jun. 30, 2024 |
Dec. 31, 2023 |
Nov. 15, 2020 |
|---|---|---|---|
| Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||
| Common stock, shares issued | 177,416,428 | 145,642,333 | |
| Common stock, shares outstanding | 177,416,428 | 145,642,333 | |
| Pharmalectin, Inc. [Member] | |||
| Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||
| Common stock, shares issued | 29,410,000 | ||
| Common stock, shares outstanding | 29,410,000 | ||
| Pharmalectin, Inc. [Member] | Joint Venture Aggrement [Member] | |||
| Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||
| Common stock, shares outstanding | 15,000,000 | ||
| Percentage of oustanding shares | 17.50% | ||
| Pharmalectin, Inc. [Member] | Affiliaties [Member] | |||
| Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||
| Common stock, shares outstanding | 14,410,000 | ||
| Common stock shares held, percentage | 49.00% | ||
| Parent Company [Member] | Pharmalectin, Inc. [Member] | |||
| Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||
| Common stock, shares outstanding | 15,000,000 | ||
| Common stock shares held, percentage | 51.00% |
COMMITMENTS AND CONTINGENCIES (Details Narrative) |
Jun. 30, 2024
USD ($)
|
|---|---|
| Employment Agreements [Member] | |
| Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
| Payment of severance upon termination | $ 50,000 |
SCHEDULE OF SHARES AWARDED AND STOCK OPTIONS FORFEITED (Details) - Subsequent Event [Member] - 2021 Stock Plan [Member] - USD ($) |
Aug. 14, 2024 |
Aug. 01, 2024 |
|---|---|---|
| Equity Option [Member] | ||
| Subsequent Event [Line Items] | ||
| Stock options forfeited , shares | (45,000) | |
| Stock options forfeited price | $ 0.001 | |
| One Stipend [Member] | ||
| Subsequent Event [Line Items] | ||
| Stock or options available for grant | 454,546 | |
| Shares Awarded , Amount | $ 55,000 | |
| Shares award, share price | $ 0.121 | |
| Two Stipend [Member] | ||
| Subsequent Event [Line Items] | ||
| Stock or options available for grant | 84,646 | |
| Shares Awarded , Amount | $ 10,242 | |
| Shares award, share price | $ 0.121 |
SUBSEQUENT EVENTS (Details Narrative) - Subsequent Event [Member] $ in Millions |
Jul. 15, 2024
USD ($)
|
|---|---|
| Subsequent Event [Line Items] | |
| Investments | $ 2 |
| Heme Foundation [Member] | |
| Subsequent Event [Line Items] | |
| Contributions to joint venture | 10 |
| Minimum [Member] | |
| Subsequent Event [Line Items] | |
| Development cost | $ 20 |
| Development, period | 3 years 6 months |
| Maximum [Member] | |
| Subsequent Event [Line Items] | |
| Development cost | $ 25 |
| Development, period | 5 years |
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