0001477932-18-005571.txt : 20181114 0001477932-18-005571.hdr.sgml : 20181114 20181114165450 ACCESSION NUMBER: 0001477932-18-005571 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 77 CONFORMED PERIOD OF REPORT: 20180930 FILED AS OF DATE: 20181114 DATE AS OF CHANGE: 20181114 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Cure Pharmaceutical Holding Corp. CENTRAL INDEX KEY: 0001643301 STANDARD INDUSTRIAL CLASSIFICATION: PLASTICS, FOIL & COATED PAPER BAGS [2673] IRS NUMBER: 371765151 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-55908 FILM NUMBER: 181184833 BUSINESS ADDRESS: STREET 1: 1620 BEACON PLACE CITY: OXNARD STATE: CA ZIP: 93033 BUSINESS PHONE: 805-824-0410 MAIL ADDRESS: STREET 1: 1620 BEACON PLACE CITY: OXNARD STATE: CA ZIP: 93033 FORMER COMPANY: FORMER CONFORMED NAME: Makkanotti Group Corp. DATE OF NAME CHANGE: 20150526 10-Q 1 curr_10q.htm FORM 10-Q curr_10q.htm

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

x Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

For the quarterly period ended September 30, 2018

 

¨ Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

For the transition period from __________ to __________

 

Commission file number 333-204857

 

CURE PHARMACEUTICAL HOLDING CORP.

(Exact name of registrant as specified in its charter)

 

Nevada

 

2834

 

37-1765151

(State or other jurisdiction of

incorporation or organization)

 

(Primary Standard Industrial

Classification Number)

 

(IRS Employer

Identification Number)

 

1620 Beacon Place, Oxnard, California 93033

(Address of principal executive offices)

 

(805) 824-0410

(Issuer’s telephone number)

 

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. Yes x No ¨

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted 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 and post such files). Yes x No ¨

 

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 the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

 

Large accelerated filer

¨

Accelerated filer

¨

Non-accelerated filer

¨

Smaller reporting company

x

 

Emerging growth company

x

 

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. x

 

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

 

On November 12, 2018, we had 25,845,871 shares of common stock, par value $0.001 per share (the “Common Stock”) issued and outstanding.

 

 
 
 
 

 

TABLE OF CONTENTS

 

 

Page

 

PART I. FINANCIAL INFORMATION:

 

Item 1.

Unaudited Condensed Consolidated Financial Statements

 

3

 

Condensed Consolidated Balance Sheets as of September 30, 2018 (Unaudited) and December 31, 2017

 

3

 

Unaudited Condensed Consolidated Statements of Operations for the three and nine month periods ended September 30, 2018 and 2017

 

4

 

Unaudited Condensed Consolidated Statements of Cash Flows for the nine month periods ended September 30, 2018 and 2017

 

5

 

Notes to the Unaudited Condensed Consolidated Financial Statements

 

6

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

25

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

 

35

 

Item 4.

Controls and Procedures

 

35

 

PART II. OTHER INFORMATION:

 

Item 1.

Legal Proceedings

 

36

 

Item 1A.

Risk Factors

 

36

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

 

36

 

Item 3.

Defaults Upon Senior Securities

 

39

 

Item 4.

Mine Safety Disclosure

 

39

 

Item 5.

Other Information

 

39

 

Item 6.

Exhibits

 

40

 

Signatures

 

41

 

 
2
 
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PART I. FINANCIAL INFORMATION

 

ITEM 1. FINANCIAL STATEMENTS.

 

CURE PHARMACEUTICAL HOLDING CORP.

Condensed Consolidated Balance Sheets

 

 

 

September 30,

2018

 

 

December 31,

2017

 

 

 

Unaudited

 

 

 

 

Assets

Current assets:

 

 

 

 

 

 

Cash

 

$ 302,538

 

 

$ 108,249

 

Accounts receivable

 

 

6,590

 

 

 

4,364

 

Inventory

 

 

92,673

 

 

 

44,996

 

Prepaid expenses and other assets

 

 

860,114

 

 

 

586,888

 

Total current assets

 

 

1,261,915

 

 

 

744,497

 

Property and equipment, net

 

 

313,078

 

 

 

337,361

 

Intellectual property and patents, net

 

 

1,033,923

 

 

 

900,472

 

Prepaid expenses

 

 

332,790

 

 

 

-

 

Other assets

 

 

92,334

 

 

 

117,555

 

Total assets

 

$ 3,034,040

 

 

$ 2,099,885

 

 

 

 

 

 

 

 

 

 

Liabilities and Deficit

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$ 744,765

 

 

$ 544,980

 

Accrued expenses

 

 

385,895

 

 

 

129,978

 

Loan payable

 

 

-

 

 

 

50,425

 

Notes payable, net of unamortized discount

 

 

886,000

 

 

 

800,000

 

Convertible promissory notes, net of unamortized discount

 

 

4,378,566

 

 

 

1,551,488

 

Derivative liability

 

 

806,379

 

 

 

90,738

 

Deferred revenue

 

 

404,517

 

 

 

361,462

 

Total current liabilities

 

 

7,606,122

 

 

 

3,529,071

 

License fees

 

 

560,000

 

 

 

560,000

 

Total liabilities

 

 

8,166,122

 

 

 

4,089,071

 

 

 

 

 

 

 

 

 

 

Deficit:

 

 

 

 

 

 

 

 

Common stock: $0.001 par value; authorized 75,000,000 shares; 25,795,871 and 23,901,252 shares issued and outstanding as of September 30, 2018 and December 31, 2017, respectively

 

 

25,796

 

 

 

23,902

 

Additional paid-in capital

 

 

21,922,680

 

 

 

16,483,632

 

Stock payable

 

 

869,125

 

 

 

324,995

 

Accumulated deficit

 

 

(27,972,054 )

 

 

(18,868,599 )

Total CURE Pharmaceutical Holding Corp stockholders’ deficit

 

 

(5,154,453 )

 

 

(2,036,070 )

Noncontrolling interest in subsidiary

 

 

22,371

 

 

 

46,884

 

Total deficit

 

 

(5,132,082 )

 

 

(1,989,186 )

Total liabilities and deficit

 

$ 3,034,040

 

 

$ 2,099,885

 

 

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

 

 
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CURE PHARMACEUTICAL HOLDING CORP.

Condensed Consolidated Statements of Operations (Unaudited)

For the Three and Nine Months Ended September 30, 2018 and 2017

 

 

 

Three Months Ended

September 30,

 

 

Nine Months Ended

September 30,

 

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

Net product sales

 

$ 67,851

 

 

$ 59,345

 

 

$ 286,591

 

 

$ 118,915

 

Consulting research & development income

 

 

20,000

 

 

 

-

 

 

 

63,192

 

 

 

4,448

 

Shipping and other sales

 

 

-

 

 

 

15,010

 

 

 

-

 

 

 

21,822

 

Total revenues

 

 

87,851

 

 

 

74,355

 

 

 

349,783

 

 

 

145,185

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of goods sold

 

 

41,958

 

 

 

59,427

 

 

 

171,032

 

 

 

134,575

 

Gross profit

 

 

45,893

 

 

 

14,928

 

 

 

178,751

 

 

 

10,610

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development expenses

 

 

291,624

 

 

 

239,663

 

 

 

1,094,993

 

 

 

664,931

 

Selling, general and administrative expenses

 

 

2,444,219

 

 

 

1,290,565

 

 

 

5,496,489

 

 

 

5,888,062

 

Total costs and expenses

 

 

2,735,843

 

 

 

1,530,228

 

 

 

6,591,482

 

 

 

6,552,993

 

Net loss from operations

 

 

(2,689,950 )

 

 

(1,515,300 )

 

 

(6,412,731 )

 

 

(6,542,383 )

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

-

 

 

 

1

 

 

 

-

 

 

 

6

 

Other income

 

 

-

 

 

 

8,699

 

 

 

7,619

 

 

 

25,841

 

Loss on disposal of PP&E

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(12,351 )

Change in derivative liability

 

 

(624,429 )

 

 

218,138

 

 

 

(418,042 )

 

 

175,593

 

Other expense

 

 

(61,695 )

 

 

(8,673 )

 

 

(171,402 )

 

 

(16,061 )

Interest expense

 

 

(1,433,153 )

 

 

(511,503 )

 

 

(2,133,412 )

 

 

(600,709 )

Other income (expense)

 

 

(2,119,277 )

 

 

(293,338 )

 

 

(2,715,237 )

 

 

(427,681 )

Net loss before income taxes

 

 

(4,809,227 )

 

 

(1,808,638 )

 

 

(9,127,968 )

 

 

(6,970,064 )

Provision for income taxes

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Net loss

 

 

(4,809,227 )

 

 

(1,808,638 )

 

 

(9,127,968 )

 

 

(6,970,064 )

Net loss attributed to noncontrolling interest

 

 

(9,935 )

 

 

-

 

 

 

(24,513 )

 

 

-

 

Net loss attributed to CURE Pharmaceutical Holding Corp

 

$ (4,799,292 )

 

 

(1,808,638 )

 

$ (9,103,455 )

 

$ (6,970,064 )

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss per share, basic and diluted

 

$ (0.20 )

 

 

(0.08 )

 

$ (0.37 )

 

$ (0.30 )

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding, basic and diluted

 

 

24,403,901

 

 

 

23,794,730

 

 

 

24,635,143

 

 

 

23,567,317

 

 

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

 

 
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CURE PHARMACEUTICAL HOLDING CORP.

Condensed Consolidated Statements of Cash Flows (Unaudited)

For the Nine Months Ended September 30, 2018 and 2017

 

 

 

For the Nine

Months Ended

 

 

For the Nine

Months Ended

 

 

 

September 30, 2018

 

 

September 30, 2017

 

Cash flows from operating activities

 

 

 

 

 

 

Net loss

 

$ (9,127,968 )

 

$ (6,970,064 )

Adjustment to reconcile net loss to net cash used in operating activities:

 

 

 

 

 

 

 

 

Amortization of stock based compensation – prepaid expenses

 

 

1,162,400

 

 

 

1,261,693

 

Loss on disposal of PP&E

 

 

-

 

 

 

12,351

 

Loss from joint venture

 

 

-

 

 

 

14,956

 

Stock issued for services

 

 

45,614

 

 

 

-

 

Stock issued for amending convertible promissory notes

 

 

189,750

 

 

 

-

 

Equity incentive compensation

 

 

560,800

 

 

 

-

 

Depreciation and amortization

 

 

110,454

 

 

 

130,943

 

Amortization of loan discounts

 

 

1,650,705

 

 

 

564,969

 

Change in derivative liabilities

 

 

418,042

 

 

 

(175,593 )

Warrants granted for commission expense

 

 

1,154,750

 

 

 

-

 

Warrants granted for services

 

 

-

 

 

 

2,560,607

 

Change in other assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

(2,226 )

 

 

(14,151 )

Inventory

 

 

(47,677 )

 

 

(7,908 )

Prepaid expenses and other assets

 

 

165,317

 

 

 

(588,508 )

Other assets

 

 

25,221

 

 

 

24,169

 

Accounts payable

 

 

249,785

 

 

 

199,209

 

Accrued expenses

 

 

269,314

 

 

 

48,181

 

Deferred revenue

 

 

43,055

 

 

 

68,088

 

Net cash used in operating activities

 

 

(3,132,664 )

 

 

(2,871,058 )

 

 

 

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

 

 

 

Purchase in intangible assets

 

 

(71,529 )

 

 

(43,621 )

Payment to joint venture

 

 

-

 

 

 

(5,000 )

Acquisition of property and equipment, net

 

 

(51,093 )

 

 

(55,917 )

Net cash used in investing activities

 

 

(122,622 )

 

 

(104,538 )

 

 

 

 

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

 

 

 

 

Proceeds from convertible promissory notes

 

 

3,600,000

 

 

 

2,105,000

 

Proceeds from promissory notes

 

 

250,000

 

 

 

-

 

Loan repayments

 

 

(400,425 )

 

 

(98,277 )

Capital lease payments

 

 

-

 

 

 

(9,453 )

Net cash provided by financing activities

 

 

3,449,575

 

 

 

1,997,270

 

 

 

 

 

 

 

 

 

 

Net increase (decrease) in cash and cash equivalents

 

 

194,289

 

 

 

(978,326 )

Cash and cash equivalents, beginning of period

 

 

108,249

 

 

 

1,106,142

 

Cash and cash equivalents, end of period

 

$ 302,538

 

 

$ 127,816

 

 

 

 

 

 

 

 

 

 

Supplemental cash flow information

 

 

 

 

 

 

 

 

Cash paid for interest and income taxes:

 

 

 

 

 

 

 

 

Interest

 

$ 67,085

 

 

$ 11,800

 

Income taxes

 

$ -

 

 

$ -

 

 

 

 

 

 

 

 

 

 

Non-cash financing activities:

 

 

 

 

 

 

 

 

Common stock related to prepaid expenses

 

$ 1,018,250

 

 

$ 1,960,000

 

Warrants granted for discount on convertible promissory notes

 

$ 1,546,028

 

 

$ 676,746

 

Loan discount relating to note payable

 

$ -

 

 

$ 10,000

 

Stock issued for settlement of accounts payable

 

$

50,000

 

 

$

-

 

Common stock to be issued for issuance of a promissory note

 

$ 144,000

 

 

$ -

 

Common stock to be issued for conversion of convertible note

 

$ 263,397

 

 

$ -

 

Common stock to be issued for patents

 

$ 97,000

 

 

$ -

 

Accrued interest converted to convertible promissory note

 

$ 10,000

 

 

$ -

 

 

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

 

 
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CURE PHARMACEUTICAL HOLDING CORP.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2018

(UNAUDITED)

 

NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS

 

CURE Pharmaceutical Holding Corp. (the “Company”) was incorporated in the State of Nevada on May 15, 2014. The Company was formerly named Makkanotti Group Corp. which was formed to engage in the business of manufacturing food paper bags in Nicosia, Cyprus.

 

On November 7, 2016, the board of directors and the majority stockholder of the then outstanding shares of the registrant’s common stock executed a written consent to change the registrant’s name to CURE Pharmaceutical Holdings Corp. from Makkanotti Group Corp. The Certificate of Amendment to Articles of Incorporation was filed with the State of Nevada on November 30, 2016.

 

Our wholly owned subsidiary and operating business, CURE Pharmaceutical Corporation, located in Oxnard, California was originally incorporated in July 2011.

 

The Company is a drug formulation and delivery technology company that researches and manufactures novel dosage forms to improve drug safety, efficacy and patient adherence. Our mission is to improve lives by redefining how medications are delivered and experienced. Our business strategy is to develop products using our proprietary technology, license the product rights to partners responsible for clinical development, regulatory approval, marketing and sales and retain exclusive manufacturing rights. We operate a 25,000 sqft cGMP manufacturing plant in Oxnard, CA.

 

Our technology platform includes oral dissolving film (ODF) and transdermal formulations. We apply our technology to pharmaceutical drugs and dietary supplements. ODF products are about the size of a postage stamp and composed of excipients such as polymers, stabilizers, lipids and surfactants which are all generally recognized as safe. They can be designed to deliver active ingredients to the gastrointestinal tract (GI) when placed on the tongue and swallowed, or directly to the blood stream when placed under the tongue (sublingual) or on the inner lining of the cheek and lip (buccal).

 

Our commercial strategy seeks to mitigate risk by pursuing a diversified model.

 

1. Dietary supplements. We manufacture select dietary supplements that complement our portfolio and align with our mission which are white labeled and distributed by third parties. Dietary supplements are regulated under the Dietary Supplement Health and Education Act of 1994 (DSHEA) under which supplements are effective by the FDA for Good Manufacturing Practices under 21 CFR Part 111 but do not require FDA approval. By developing, manufacturing and selling dietary supplements, we can generate modest short term revenue while improving our production capabilities and generating platform-wide intellectual property.

 

2. Pharmaceuticals. We partner with companies that are responsible for clinical development, regulatory approval, marketing and sales of the products. We provide the Chemistry, Manufacturing, and Controls (CMC) documentation required for regulatory submissions and in some instances, we may conduct preclinical and clinical testing. Deal terms may include upfront licensing fees, development costs, milestone payments, royalties and exclusive manufacturing rights. Within this category, we are further diversifying risk and return by pursuing both competitive differentiation of marketed drugs (product life cycle opportunities) and improved pharmacokinetics of investigational drugs. While we currently commercially manufacture dietary supplements in our facility, we are undertaking steps to scale up manufacturing of pharmaceutical drugs for clinical and commercial use.

 

 
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3. Cannabinoids. We are researching and developing drugs in the cannabinoid family of molecules. The oral bioavailability of cannabinoids is very low due to extensive gut and liver metabolism. Consequently, potency and release times are unpredictable and inconsistent. Moreover, cannabinoids don’t readily dissolve in water which adds to dosing difficulties and discrepancies. In addition to improving bioavailability, CUREfilm technology enables the loading of combinations of cannabinoids and other plant extracts that, together, provide maximum therapeutic benefit. Development and manufacturing of cannabinoid drugs are regulated by the FDA and the Drug enforcement Agency (DEA). A research license filed with the DEA in January 2018 was determined to be submitted in error given our proposed activities. As such, we have applied for a Schedule 1 manufacturer license with the DEA which is under review.

 

4. Underserved patient populations. Consistent with our mission of improving the lives of all people in need, regardless of geography or economic status, we licensed our technology to our majority-owned subsidiary, Oak Therapeutics, for the development of novel drug formulations for patients in developing nations such as a rapidly dissolving film to treat tuberculosis.

 

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Principal of Consolidation and Basis of Presentation

 

The condensed consolidated financial statements include the accounts of CURE Pharmaceutical Holding Corp (“CPHC”), its wholly-owned subsidiary, CURE Pharmaceutical Corporation (“CURE”) and its 63% majority owned subsidiary Oak Therapeutics, Inc. (“OAK”), collectively referred to as (“CURE”, “we”, “us”, “our” or the “Company” All significant inter-company balances and transactions have been eliminated in consolidation. The Company’s film strip product represents the principal operations of the Company.

 

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial statements and with the instructions to Form 10-Q and Article 8 of Regulation S-X of the United States Securities and Exchange Commission (“SEC”). Accordingly, they do not contain all information and footnotes required by accounting principles generally accepted in the United States of America for annual financial statements. In the opinion of the Company’s management, the accompanying unaudited condensed consolidated financial statements contain all the adjustments necessary (consisting only of normal recurring accruals) to present the financial position of the Company as of September 30, 2018, and the results of operations and cash flows for the periods presented. The results of operations for the three and nine months ended September 30, 2018 and 2017, are not necessarily indicative of the operating results for the full fiscal year or any future period. These unaudited condensed consolidated financial statements should be read in conjunction with the financial statements and related notes thereto included in Form 10-K for the fiscal period ended December 31, 2017 filed with the Securities and Exchange Commission (the “SEC”) on March 26, 2018.

 

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 and disclosure of contingent assets and liabilities at the date of the financial statements. These estimates and assumptions also affect the reported amounts of revenues, costs and expenses during the reporting period. Management evaluates these estimates and assumptions on a regular basis. Actual results could differ from those estimates.

 

 
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Cash and Cash Equivalents

 

The Company considers all cash on hand and in banks, including accounts in book overdraft positions, certificates of deposit and other highly-liquid investments with maturities of three months or less, when purchased, to be cash and cash equivalents. As of September 30, 2018 and December 31, 2017, the Company had no cash equivalents. At September 30, 2018 and December 31, 2017, the Company maintains its cash and cash equivalents in banks insured by the Federal Deposit Insurance Corporation (“FDIC”) in accounts that at times may be in excess of the federally insured limit of $250,000 per bank. The Company minimizes this risk by placing its cash deposits with major financial institutions.

 

Investment in Associates

 

An associate is an entity over which the Company has significant influence through a joint venture. Significant influence is the power to participate in the financial and operating policy decisions of the investee but not control or joint control over those policies.

 

The results of assets and liabilities of associates are incorporated in the condensed consolidated financial statements using the equity method of accounting. Under the equity method, investments in associates are carried in the consolidated balance sheet at cost as adjusted for post-acquisition changes in the Company’s share of the net assets of the associate, less any impairment in the value of the investment. Losses of an associate in excess of the Company’s interest in that associate are not recognized. Additional losses are provided for, and a liability is recognized, only to the extent that the Company has incurred legal or constructive obligations or made payments on behalf of the associate.

 

Any excess of the cost of acquisition over the Company’s share of the net fair value of the identifiable assets, liabilities and contingent liabilities of the associate recognized at the date of acquisition is recognized as goodwill. The goodwill is included within the carrying amount of the investment.

 

On January 8, 2016, the Company received 50% ownership in Cure Innovations, Inc (“CI”). CI was created in 2015 by IncuBrands Studio, Inc (“IncuBrands”). The Company and IncuBrands each own 50% of the common stock of CI. The Company and IncuBrands entered into a Joint Venture agreement in 2013 to distribute several OTF products utilizing IncuBrands marketing and contacts in various industries as well as utilize the Company’s technology and capabilities of manufacturing OTF’s.

 

On December 6, 2016, the Company entered into a Joint Venture Agreement (“Joint Venture”) with Pace Wellness, Inc. (“Pace”) to jointly develop three Active Pharmaceutical Ingredients (“API”) within the nonprescription and/or Over-the-Counter (OTC) medicines specifically utilizing the Company’s patented and proprietary CUREFilm™ Technology. The three API’s to be jointly developed are Diphenhydramine HCL, Omeprazole and a third API to be determined at a later date (“Products”). Pace shall be the exclusive global distributor of the Products under the Solves Strips® branding or other private or branded labels. All benefits, advantages, and liabilities derived from, or incurred in respect of the Joint Venture shall be borne by the parties in proportion of their respective participating interests of 50/50 equal interest. As of September 30, 2018, the Company has only contributed $5,000 to the Joint Venture. The Company is looking to dissolve this Joint Venture due to Pace’s insolvency and we are no longer looking to develop these Products.

 

Property and Equipment

 

The Company capitalizes expenditures related to property and equipment, subject to a minimum rule, that have a useful life greater than one year for: (1) assets purchased; (2) existing assets that are replaced, improved or the useful lives have been extended; or (3) all land, regardless of cost. Acquisitions of new assets, additions, replacements and improvements (other than land) costing less than the minimum rule in addition to maintenance and repair costs, including any planned major maintenance activities, are expensed as incurred. Depreciation has been provided using the straight-line method on the following estimated useful lives:

 

Manufacturing equipment

 

5-7 Years

Computer and other equipment

 

3-7 Years

Leasehold Improvements

 

Lesser of useful life or the term of the lease

 

 
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Accounts Receivable

 

Accounts receivable are generally unsecured. The Company establishes an allowance for doubtful accounts receivable based on the age of outstanding invoices and management’s evaluation of collectability. Accounts are written off after all reasonable collection efforts have been exhausted and management concludes that likelihood of collection is remote. Any future recoveries are applied against the allowance for doubtful accounts.

 

Impairment of Long-Lived Assets

 

Long-lived assets include equipment and intangible assets other than those with indefinite lives. We assess the carrying value of our long-lived asset groups when indicators of impairment exist and recognize an impairment loss when the carrying amount of a long-lived asset is not recoverable when compared to undiscounted cash flows expected to result from the use and eventual disposition of the asset.

 

Indicators of impairment include significant underperformance relative to historical or projected future operating results, significant changes in our use of the assets or in our business strategy, loss of or changes in customer relationships and significant negative industry or economic trends. When indications of impairment arise for a particular asset or group of assets, we assess the future recoverability of the carrying value of the asset (or asset group) based on an undiscounted cash flow analysis. If carrying value exceeds projected, net, undiscounted cash flows, an additional analysis is performed to determine the fair value of the asset (or asset group), typically a discounted cash flow analysis, and an impairment charge is recorded for the excess of carrying value over fair value. There was no impairment on our long-lived assets during the three and nine month periods ended September 30, 2018 and 2017.

 

Revenue Recognition

 

We recognize revenue in accordance with Accounting Standards Codification (“ASC”) 606, “Revenue Recognition”. The Company adopted Topic 606 using a modified retrospective approach and will be applied prospectively in the Company’s financial statements from January 1, 2018 forward. Revenues under Topic 606 are required to be recognized either at a “point in time” or “ over time”, depending on the facts and circumstances of the arrangement, and will be evaluated using a five-step model. The adoption of Topic 606 did not have a material impact on the Company’s financial statements, at initial implementation nor will it have a material impact on an ongoing basis. We derive revenues from two primary sources: products and services. Product revenue includes the shipment of product according to the agreement with our customers. Services include research and development contracts for the development of OTF products utilizing our CureFilm™ Technology or our other proprietary technologies. Rarely, contracts with customers contain multiple performance obligations. For these contracts, the Company accounts for individual performance obligations separately if they are distinct. The transaction price is allocated to the separate performance obligations on a relative standalone selling price basis. Standalone selling prices are typically estimated based on observable transactions when these services are sold on a standalone basis.

 

 
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The Company’s consulting research and development income include services for the development of OTF products utilizing our CureFilm™ Technology. Most of our development contracts have four phases. Revenue is recognized based on progress toward completion of the performance obligation in each phase. The method to measure progress toward completion requires judgment and is based on the nature of the products or services to be provided. The Company generally uses the input method to measure progress for its contracts because it best depicts the transfer of assets to the customer, which occurs as the Company incurs costs for the contracts. Under the cost-to-cost measure of progress, the progress toward completion is measured based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligation. Revenue is recorded proportionally as costs are incurred. Costs to fulfill these obligations mainly include materials, labor, supplies and consultants.

 

Deferred revenue is shown separately in the condensed consolidated balance sheets. At September 30, 2018 we had deferred revenue of $404,517. At December 31, 2017, we had deferred revenue of $361,462.

 

Advertising Expense

 

The Company expenses marketing, promotions and advertising costs as incurred. Such costs are included in general and administrative expense in the accompanying statements of operations. The Company recorded advertising costs of $45,775 and $144,598 for the three and nine month periods ended September 30, 2018, respectively. The Company recorded advertising costs of $8,567 and $13,062, for the three and nine month periods ended September 30, 2017, respectively.

 

Research and Development

 

Costs incurred in connection with the development of new products and processes are charged to research and development expenses as incurred. The Company recorded research and development expenses of $291,624 and $1,094,993 for the three and nine month periods ended September 30, 2018, respectively. The Company recorded research and development expenses of $239,663 and $664,931 for the three and nine month periods ended September 30, 2017, respectively.

 

Income Taxes

 

The Company utilizes FASB ASC 740, “Income Taxes,” which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the difference between the tax basis of assets and liabilities and their financial reporting amounts based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. A valuation allowance is recorded when it is “more likely-than-not” that a deferred tax asset will not be realized.

 

The Company generated a deferred tax asset through net operating loss carry-forward. However, a valuation allowance of 100% has been established due to the uncertainty of the Company’s realization of the net operating loss carry forward prior to its expiration.

 

Stock-Based Compensation

 

Stock-based compensation is accounted for based on the requirements of the Share-Based Payment Topic of ASC 718 which requires recognition in the consolidated financial statements of the cost of employee and director services received in exchange for an award of equity instruments over the period the employee or director is required to perform the services in exchange for the award (presumptively, the vesting period). The ASC also requires measurement of the cost of employee and director services received in exchange for an award based on the grant-date fair value of the award.

 

Pursuant to ASC Topic 505-50, for share-based payments to consultants and other third-parties, compensation expense is determined at the “measurement date.” The expense is recognized over the vesting period of the award. Until the measurement date is reached, the total amount of compensation expense remains uncertain. The Company initially records compensation expense based on the fair value of the award at the reporting date.

 

 
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Convertible Debentures

 

Beneficial Conversion Feature

 

If the conversion features of conventional convertible debt provides for a rate of conversion that is below market value, this feature is characterized as a beneficial conversion feature (“BCF”). A BCF is recorded by the Company as a debt discount pursuant to ASC Topic 470-20 ““Debt with Conversion and Other Options.” In those circumstances, the convertible debt is recorded net of the discount related to the BCF and the Company amortizes the discount to interest expense over the life of the debt using the effective interest method.

 

Derivative Liabilities

 

ASC 815-40 (formerly SFAS No. 133 “Accounting for derivative instruments and hedging activities”), requires that embedded derivative instruments be bifurcated and assessed, along with free-standing derivative instruments such as warrants, on their issuance date and in accordance with ASC 815-40-15 (formerly EITF 00-19 “Accounting for derivative financial instruments indexed to, and potentially settled in, a company’s own stock”) to determine whether they should be considered a derivative liability and measured at their fair value for accounting purposes. In determining the appropriate fair value, the Company uses the Black-Scholes option pricing formula and present value pricing. At September 30, 2018 and December 31, 2017, the Company adjusted its derivative liability to its fair value, and reflected the change in fair value, in its consolidated statement of operations and comprehensive loss.

 

Fair Value Measurements

 

The Company adopted the provisions of ASC Topic 820, “Fair Value Measurements and Disclosures”, which defines fair value as used in numerous accounting pronouncements, establishes a framework for measuring fair value and expands disclosure of fair value measurements.

 

The estimated fair value of certain financial instruments, including cash and cash equivalents are carried at historical cost basis, which approximates their fair values because of the short-term nature of these instruments.

 

ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 describes three levels of inputs that may be used to measure fair value:

 

Level 1 — quoted prices in active markets for identical assets or liabilities

Level 2 — quoted prices for similar assets and liabilities in active markets or inputs that are observable

Level 3 — inputs that are unobservable (for example cash flow modeling inputs based on assumptions)

  

The Company has no assets or liabilities valued at fair value on a recurring basis.

 

 
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Basic and diluted loss per share

 

Basic loss per share is computed by dividing the net loss to common stockholders for the period by the weighted average number of common shares outstanding during the period. Diluted loss per share is computed by dividing the net loss for the period by the weighted average number of common and dilutive common equivalent shares outstanding during the period. Common equivalent shares, which consist of stock options and warrants, have been excluded from the diluted loss per share calculation because their effect is anti-dilutive.

 

 

 

September 30, 2018

 

 

 

 

 

Number of common stock shares issued and outstanding

 

 

25,795,871

 

Number of common stock shares from conversion of convertible notes

 

 

1,330,905

 

Number of common stock shares from exercise of warrants

 

 

3,804,751

 

Number of common stock shares from exercise of stock options

 

 

655,634

 

Total fully-diluted common stock shares

 

 

31,587,161

 

 

Going Concern

 

The Company’s financial statements are prepared using U.S. GAAP applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company had an accumulated deficit at September 30, 2018 of $27,972,054. The Company had a working capital deficit of $6,344,207 as of September 30, 2018. These factors raise substantial doubt about the Company’s ability to continue as a going concern for one year from the issuance of the financial statements. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it establishes a revenue stream and becomes profitable. The Company is continually analyzing its current costs and is attempting to make additional cost reductions where possible. We expect that we will continue to generate losses from operations throughout 2018.

 

Historically, the Company has had operating losses and negative cash flows from operations which cast significant doubt upon the Company’s ability to continue as a going concern. The Company will need to raise capital in order to fund its operations. This need may be adversely impacted by uncertain market conditions and changes in the regulatory environment. To address its financing requirements, the Company intends to seek financing through debt and equity issuances to existing stockholders.

 

Specifically, management has identified that a minimum of $4,000,000 of capital is needed over the next 12 months in order sustain operations. These capital needs take into account, among other things, management’s plans to advance intellectual property, maintenance of patents, upgrades for manufacturing and to hire personnel for business development. Management has outlined a plan to raise between $7,000,000 to $9,000,000 in capital over the next 12 months through the issuance of shares of the Company’s common stock to accredited investors. Management believes that the capital raised through these methods will be sufficient to sustain operations for the next 12 months. However, the outcome of these matters cannot be predicted with certainty at this time.

 

The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually secure other sources of financing and attain profitable operations. These factors raise substantial doubt about the Company’s ability to continue as a going concern for one year from the issuance of the financial statements. The accompanying condensed consolidated financial statements do not include any adjustments relating to the recoverability and classification of assets and liabilities that might be necessary if the Company is unable to continue as a going concern.

 

 
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Recently Issued Standards

 

In January 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities. The purpose is to enhance the reporting model for financial instruments to provide users of financial statements with more decision-useful information. This ASU is effective for the Company in the first quarter of 2018. Early adoption is not permitted except for limited provisions. The adoption of ASU 2016-01 did not have an impact on the Company’s condensed consolidated financial statements.

 

In February 2016, the FASB issued ASU 2016-02—Leases (Topic 842), requiring lessees to recognize a right-of-use asset and a lease liability on the balance sheet for all leases with the exception of short-term leases. For lessees, leases will continue to be classified as either operating or finance leases in the income statement. The effective date of the new standard for public companies is for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years. Early adoption is permitted. The new standard must be adopted using a modified retrospective transition and requires application of the new guidance at the beginning of the earliest comparative period presented. The Company is evaluating the effect that the updated standard will have on its consolidated financial statements and related disclosures.

 

In March 2016, the FASB issued ASU No. 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. The new standard requires recognition of the income tax effects of vested or settled awards in the income statement and involves several other aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. This new standard became effective for the Company on January 1, 2017. The adoption of this standard did not have a material impact on its financial position, results of operations or statements of cash flows upon adoption.

 

In May 2016, the FASB issued ASU No. 2016-12, “Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients”, to clarify certain core recognition principles including collectability, sales tax presentation, noncash consideration, contract modifications and completed contracts at transition and disclosures no longer required if the full retrospective transition method is adopted. The effective date and transition requirements for these amendments are annual reporting periods beginning after December 15, 2017, including interim reporting periods therein, and that would also permit public entities to elect to adopt the amendments as of the original effective date as applicable to reporting periods beginning after December 15, 2016. The new guidance allows for the amendment to be applied either retrospectively to each prior reporting period presented or retrospectively as a cumulative-effect adjustment as of the date of adoption. The adoption of ASU 2016-12 did not have an impact on the Company’s condensed consolidated financial statements.

 

In August, 2016, the FASB issued Accounting Standards Update No. 2016-15, Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force) (“ASU 2016-15”). The amendments in ASU 2016-15 address eight specific cash flow issues and apply to all entities that are required to present a statement of cash flows under ASC Topic 230, Statement of Cash Flows. The amendments in ASU 2016-15 are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption during an interim period. The adoption of ASU 2016-15 did not have an impact on the Company’s condensed consolidated financial statements.

 

In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business. This new standard clarifies the definition of a business and provides a screen to determine when an integrated set of assets and activities is not a business. The screen requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. This new standard will be effective for the Company on January 1, 2018; however, early adoption is permitted with prospective application to any business development transaction. There are various other updates recently issued, most of which represented technical corrections to the accounting literature or application to specific industries and are not expected to a have a material impact on the Company’s financial position, results of operations or cash flows.

 

 
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In May 2017, the FASB issued ASU No. 2017-09, Compensation-Stock Compensation: Scope of Modification Accounting, which provides clarification on when modification accounting should be used for changes to the terms or conditions of a share-based payment award. This ASU does not change the accounting for modifications but clarifies that modification accounting guidance should only be applied if there is a change to the value, vesting conditions or award classification and would not be required if the changes are considered non-substantive. The amendments of this ASU are effective for the Company in the first quarter of 2018, with early adoption permitted. The adoption of ASU 2017-09 did not have an impact on the Company’s condensed consolidated financial statements.

 

In June 2018, the FASB issued ASU No. 2018-7, Compensation – Stock Compensation (Topic 718) )— Improvements to Nonemployee Share-Based Payment Accounting. This guidance supersedes ASC 505-50 and expands the scope of ASC 718 to include all share-based payment arrangements related to the acquisition of goods and services from both nonemployees and employees. The amendments should be applied on a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption. The guidance permits early adoption and was adopted by the Company in the first quarter of fiscal year 2019. The adoption of this ASU did not have any impact on the Company’s condensed consolidated financial statements.

 

There are various other updates recently issued, however, they are not expected to a have a material impact on the Company’s consolidated financial position, results of operations or cash flows.

 

NOTE 3 - INVENTORY

 

Inventory consists of raw materials, packaging components, work-in-process and finished goods. The Company’s inventory is stated at the lower of cost (FIFO cost basis) or market. The carrying value of inventory consisted of the following at September 30, 2018 and December 31, 2017:

 

 

 

September 30,

2018

 

 

December 31,

2017

 

Raw materials

 

$ 69,748

 

 

$ 67,664

 

Packaging components

 

 

17,986

 

 

 

17,546

 

Work-in-process

 

 

49,049

 

 

 

829

 

 

 

 

136,783

 

 

 

86,039

 

Reserve for obsolescence

 

 

(44,110 )

 

 

(41,043 )

Total inventory

 

$ 92,673

 

 

$ 44,996

 

 

NOTE 4 - PREPAID EXPENSES AND OTHER ASSETS

 

As of September 30, 2018 and December 31, 2017, prepaid expenses and other assets consisted of the following:

 

 

 

September 30,

2018

 

 

December 31,

2017

 

 

 

 

 

 

 

 

Prepaid consulting services– stock-based compensation

 

$ 1,018,467

 

 

$ 258,918

 

Prepaid consulting services

 

 

90,667

 

 

 

116,167

 

Prepaid clinical study

 

 

-

 

 

 

110,538

 

Prepaid insurance

 

 

10,942

 

 

 

60,180

 

Other receivables

 

 

8,683

 

 

 

5,858

 

Prepaid inventory

 

 

15,945

 

 

 

12,182

 

Prepaid expenses

 

 

48,200

 

 

 

23,045

 

Prepaid expenses and other assets

 

 

1,192,904

 

 

 

586,888

 

Current portion of prepaid expenses and other assets

 

 

(860,114 )

 

 

(586,888 )

Prepaid expenses and other assets less current portion

 

$ 332,790

 

 

$ -

 

 

 
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NOTE 5 - PROPERTY AND EQUIPMENT AND INTANGIBLE ASSETS

 

As of September 30, 2018 and December 31, 2017, property and equipment and intangible assets consisted of the following:

 

 

 

September 30,

2018

 

 

December 31,

2017

 

 

 

 

 

 

 

 

Manufacturing equipment

 

$ 835,860

 

 

$ 797,513

 

Computer and other equipment

 

 

180,273

 

 

 

169,499

 

Leasehold improvements

 

 

44,638

 

 

 

42,666

 

Less accumulated depreciation

 

 

(747,693 )

 

 

(672,317 )

Property and Equipment, net

 

$ 313,078

 

 

$ 337,361

 

 

Depreciation expense for the three and nine month periods ended September 30, 2018 was $25,724 and $75,376, respectively. Depreciation expense for the three and nine months ended September 30, 2017 was $21,882 and $98,325, respectively, which includes depreciation of $2,160 and $6,480 for capitalized leased assets for the three and nine months ended September 30, 2017, respectively.

 

 

 

September 30,

2018

 

 

December 31,

2017

 

 

 

 

 

 

 

 

Intellectual Property

 

$ 814,582

 

 

$ 814,582

 

Patents

 

 

393,056

 

 

 

224,527

 

Less accumulated amortization

 

 

(173,715 )

 

 

(138,637 )

Intangible assets, net

 

$ 1,033,923

 

 

$ 900,472

 

 

The Company incurred $168,529 and $43,621 of legal patent costs that were capitalized during the nine months period ended September 30, 2018 and 2017, respectively. In addition, the Company purchased $97,000 of patents through the issuance of 120,000 common stock shares of the Company during the nine months period ended September 30, 2018 and no shares were issued for the purchase of patents for the nine months ended September 30, 2017. Amortization expense for the three and nine month periods ended September 30, 2018 was $12,226 and $35,078, respectively. Amortization expense for the three and nine month periods ended September 30, 2017 was $10,899 and $30,619, respectively.

 

The estimated aggregate amortization expense over each of the next five years is as follows:

 

2018

 

$ 12,226

 

2019

 

 

47,305

 

2020

 

 

47,305

 

2021

 

 

47,305

 

2022

 

 

47,305

 

Thereafter

 

 

584,850

 

Total Amortization

 

$ 786,296

 

 

 
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NOTE 6 – LOAN PAYABLE

 

Loan payable consists of the following at September 30, 2018 and December 31, 2017:

 

 

 

September 30,

2018

 

 

December 31,

2017

 

Notes to a company due August 29, 2018 and September 21, 2018, including interest at 7.55% and 7.05%, respectively per annum; unsecured; interest due monthly

 

$ -

 

 

$ 50,425

 

Current portion of loan payable

 

 

-

 

 

 

(50,425 )

Loan payable, less current portion

 

$ -

 

 

$ -

 

 

Interest expense for the three and nine month periods ended September 30, 2018 was $187 and $1,482, respectively. Interest expense for the three and nine month periods ended September 30, 2017 was $281 and $1,946, respectively.

 

NOTE 7 – NOTES PAYABLE

 

Notes payable consist of the following at September 30, 2018 and December 31, 2017:

 

 

 

September 30,

2018

 

 

December 31,

2017

 

 

 

 

 

 

 

 

Note to a company amended on August 27, 2017 and due on or before one month from the amended date and the maturity date shall be extended for one month periods as long as the Company is not in default, interest shall accrue at 10% per annum, secured by the Company’s intellectual property

 

$ 650,000

 

 

$ 650,000

 

Note to a company of $100,000 due January 31, 2018 including interest of $3,000 per month, unsecured, principal and interest due at maturity, principal and interest repaid on January 23, 2018

 

 

-

 

 

 

100,000

 

Note to an individual, non-interest bearing, unsecured and has no fixed terms of repayment

 

 

50,000

 

 

 

50,000

 

Note to an individual due October 22, 2018, interest payable at 6% per annum, unsecured, principal and accrued interest due at maturity. The Company issued 50,000 shares of its common stock on October 18, 2018 at a price per share of $2.88 as an equity kicker.

 

 

150,000

 

 

 

-

 

Note to a company due December 15, 2018, interest payable at 5% per annum, unsecured, principal and accrued interest due at maturity. If this note is still outstanding as of the date of any bona fide sale of the Company’s preferred stock or common stock in excess of $4,000,000 in gross proceeds, in one transaction or a serious of related transactions, which offering definitively sets a price per share of common stock and results in a listing of the Company’s common stock on a national securities exchange

 

 

100,000

 

 

 

-

 

 

 

 

950,000

 

 

 

800,000

 

 

 

 

 

 

 

 

 

 

Unamortized discount

 

 

(64,000 )

 

 

-

 

Current portion of loan payable

 

 

(886,000 )

 

 

(800,000 )

Loan payable, less current portion

 

$ -

 

 

$ -

 

 

Interest expense for the three and nine month periods ended September 30, 2018 was $17,225 and $49,458, respectively. Interest expense for the three and nine months ended September 30, 2017 was $8,842.

 

 
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NOTE 8 – CONVERTIBLE PROMISSORY NOTES

 

Convertible promissory notes consist of the following at September 30, 2018 and December 31, 2017:

 

 

 

September 30,

2018

 

 

December 31,

2017

 

 

 

 

 

 

 

 

Convertible promissory notes totaling $1,400,000 due between December 31, 2018 and January 31, 2019, interest payable at 8% per annum; unsecured; principal and accrued interest convertible into common stock at the lower of $7.00 per share or the price per share of the latest closing of a debt or equity offering by the Company greater than $3,000,000; accrued interest due between August 31, 2018 and September 30, 2018

 

$ 1,400,000

 

 

$ 1,900,000

 

Convertible promissory notes totaling $2,025,000 due November 30, 2018, interest payable at 9% per annum; unsecured; principal and accrued interest convertible into common stock at either the price per share equal to the average closing price of the Company’s Common Stock on the OTC Markets for the five consecutive trading days prior to the delivery of a Notice of Conversion (“Optional Conversion”) or price per share equal to 75% of the price of the Company’s next bona fide sale of its preferred stock or Common Stock in excess of $4,000,000 in gross proceeds, in one transaction or a series of related transactions, which offering definitively sets a price per share of the Company’s Common Stock or preferred stock and enables the Company to list its common stock on a national securities exchange; accrued interest to be paid quarterly beginning September 30, 2018, which has not yet been paid

 

 

2,025,000

 

 

 

-

 

Convertible promissory note totaling $500,000 due April 30, 2019, interest payable at 9% per annum; unsecured; principal and accrued interest convertible into common stock at a price per share (the “ Voluntary Conversion PPS “) equal to 75% of the average of the closing prices of the Company’s Common Stock on the OTC Market (or any other market on which the common stock of the Company is then listed for trading) over the thirty (30) consecutive trading days prior to the delivery of the notice of conversion by the Investor to the Company, or, if at the time of such conversion the shares of the Company’s Common Stock are not listed for trading, then the entire then outstanding Investment Amount shall be converted into that number of shares of the most senior class of shares of the Company existing at the time of such conversion, at a price per share equal to 75% of the fair market value of such Common Stock as shall be determined by the Board of Directors based on, among others, a valuation prepared by an independent third party and which shall have been submitted to the Company not more than 90 days prior to the date of such determination by the Board of Directors. In the event of the consummation by the Company, on or before the Maturity Date, of a transaction or series of related transactions in which the Company issues equity securities of the Company in consideration of at least US$4,000,000 (a “ Financing “), the then outstanding Investment Amount not previously converted hereunder shall be automatically converted, immediately prior to (but conditioned upon) the consummation of such Financing, into such number of shares (or a sub-class thereof) issued by the Company in the Financing, equal to the outstanding Investment Amount divided by a price per share equal to 75% of the lowest price per share paid to the Company in the Financing. In the event the Financing is not consummated by the Maturity Date, then the outstanding Investment Amount as of the Maturity Date not previously converted hereunder shall be automatically converted, on the Maturity Date, into such number of shares (or a sub-class thereof) issued by the Company in the Financing, equal to the outstanding Investment Amount divided by the Voluntary Conversion PPS

 

 

500,000

 

 

 

-

 

Convertible promissory note totaling $500,000 due December 31, 2018, interest payable at 9% per annum; secured by all assets of the company; principal and accrued interest convertible into common stock at either the price per share equal to the average closing price of the Company’s Common Stock on the OTC Markets for the five consecutive trading days prior to the delivery of a Notice of Conversion (“Optional Conversion”) or price per share equal to 75% of the price of the Company’s next bona fide sale of its preferred stock or Common Stock in excess of $4,000,000 in gross proceeds, in one transaction or a series of related transactions, which offering definitively sets a price per share of the Company’s Common Stock or preferred stock and enables the Company to list its common stock on a national securities exchange; accrued interest to be paid quarterly beginning September 30, 2018

 

 

 500,000

 

 

 

 -

 

Convertible promissory notes totaling $575,000 due June 27, 2019, interest payable at 9% per annum; unsecured; principal and accrued interest convertible into common stock at either the price per share equal to the average closing price of the Company’s Common Stock on the OTC Markets for the five consecutive trading days prior to the delivery of a Notice of Conversion (“Optional Conversion”) or price per share equal to 75% of the price of the Company’s next bona fide sale of its preferred stock or Common Stock in excess of $4,000,000 in gross proceeds, in one transaction or a series of related transactions, which offering definitively sets a price per share of the Company’s Common Stock or preferred stock and enables the Company to list its common stock on a national securities exchange; accrued interest to be paid quarterly beginning December 31, 2018

 

 

575,000

 

 

 

-

 

 

 

 

5,000,000

 

 

 

1,900,000

 

 

 

 

 

 

 

 

 

 

Unamortized discount

 

 

(621,434 )

 

 

(348,512 )

Current portion of convertible promissory notes

 

 

4,378,566

 

 

 

1,551,488

 

Convertible promissory notes, less current portion

 

$ -

 

 

$ -

 

 

During the three and nine month period ended September 30, 2018, the Company incurred $427,327 and $1,286,420, respectively, amortization of discount. During the three and nine months ended September 30, 2017, the Company incurred $477,285 and $554,968, respectively, amortization of discount. Interest expense for the three and nine month periods ended September 30, 2018 was $90,856 and $233,009, respectively. Interest expense for the three and nine months ended September 30, 2017 was $23,617 and $26,922, respectively. 

 

 
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NOTE 9 – DERIVATIVE LIABILITY

 

The following table summarizes fair value measurements by level at September 30, 2018 for assets and liabilities measured at fair value on a recurring basis:

 

 

 

Level I

 

 

Level II

 

 

Level III

 

 

Total

 

Derivative liability

 

$ -

 

 

$ -

 

 

$ (806,379 )

 

$ (806,379 )

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The following table summarizes fair value measurements by level at December 31, 2017 for assets and liabilities measured at fair value on a recurring basis:

 

 

 

Level I

 

 

Level II

 

 

Level III

 

 

Total

 

Derivative liability

 

$ -

 

 

$ -

 

 

$ (90,738 )

 

$ (90,738 )

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The Company has issued convertible promissory notes during 2017 and 2018. The convertible notes require us to record the value of the conversion feature as a liability, at fair value, pursuant to ASC 815, including provisions in the notes that protect the holders from declines in the Company’s stock price, which is considered outside the control of the Company. The derivative liabilities are marked-to-market each reporting period and changes in fair value are recorded as a non-operating gain or loss in our statement of operations, until they are completely settled. The fair value of the conversion feature is determined each reporting period using the Black-Scholes option pricing model, and is affected by changes in inputs to that model including our stock price, expected stock price volatility, interest rates and expected term. The assumptions used in valuing the derivative liability during 2018 were as follows:

 

 

 

September 30,

2018

 

Significant assumptions (weighted-average):

 

 

 

Risk-free interest rate at grant date

 

 

2.94 %

Expected stock price volatility

 

 

146.68 %

Expected dividend payout

 

 

-

 

Expected option life (in years)

 

 

1

 

Expected forfeiture rate

 

 

0 %

 

The following is a reconciliation of the derivative liability for 2018:

 

 

 

September 30,

2018

 

Value at December 31, 2017

 

$ 90,738

 

Increase in value

 

 

418,042

 

Initial value at debt issuance

 

 

297,599

 

Value at September 30, 2018

 

$ 806,379

 

 

NOTE 10 – STOCK BASED AWARDS

 

On December 29, 2017 (“Effective Date”), the Company adopted the CURE Pharmaceutical Holding Corp. 2017 Equity Incentive Plan (the “Plan”), pursuant to which an aggregate of 5,000,000 shares of the common stock of the Company are available for grant. The Board of Directors have determined that it is in the best interests of the Company and its stockholders to provide an additional incentive for certain employees, including executive officers, and non-employee members of the Board of Directors of the Company by granting to them awards with respect to the common stock of the Company pursuant to the Plan. The Plan seeks to achieve this purpose by providing for awards in the form of Options, Stock Appreciation Rights, Restricted Stock Awards, Restricted Stock Units, Performance Shares, Performance Units, Cash-Based Awards and Other Stock-Based Awards (“Awards”). The Plan will continue in effect until its termination by the Committee; provided, however, that all Awards must be granted, if at all, within ten (10) years from the Effective Date.

 

 
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On April 6, 2018, the Company awarded 371,250 Restricted Common Stock (“RCS”), 1,251,700 Nonstatutory Stock Options (“NSO”) and 932,750 Incentive Stock Options (“ISO”) to employees, including executive officers, non-employee members of the Board of Directors of the Company, members of the Advisory Board Committee and consultants at a $0.74 price per share. Vesting period for the awarded RCS, NSO and ISO’s range from immediate to quarterly over a 4 year period. For NSO’s and ISO awarded, the term to exercise their NSO or ISO is 10 years.

 

Stock Options

 

The Company’s stock option activity was as follows:

 

 

 

Options

 

 

Weighted Average Exercise Price

 

 

Weighted Average Contractual Remaining Life

 

Outstanding, December 31, 2017

 

 

-

 

 

 

-

 

 

 

-

 

Granted

 

 

2,184,450

 

 

 

0.73

 

 

 

9.52

 

Exercised

 

 

-

 

 

 

-

 

 

 

-

 

Forfeited/Expired

 

 

-

 

 

 

-

 

 

 

-

 

Outstanding, September 30, 2018

 

 

2,184,450

 

 

 

0.73

 

 

 

9.52

 

Exercisable at September 30, 2018

 

 

655,634

 

 

 

0.74

 

 

 

9.52

 

 

 

Range of

Exercise Price

 

Number of Options

 

 

Weighted Average Remaining Contractual Life (years)

 

 

Weighted Average Exercise Price

 

 

Number of Warrants Exercisable

 

 

Weighted Average Exercise Price

 

$

0.61-$0.74

 

 

2,184,450

 

 

 

9.52

 

 

 

0.73

 

 

 

655,634

 

 

 

0.74

 

 

 

 

 

2,184,450

 

 

 

9.52

 

 

 

0.73

 

 

 

655,634

 

 

 

0.74

 

 

The aggregate intrinsic value of options outstanding and exercisable at September 30, 2018 was $644.

 

The aggregate grant date fair value of options granted during the nine months ended September 30, 2018 and year ended December 31, 2017 amounted to $1,299,862 and $0, respectively. Compensation expense related to stock options was $76,407 and $390,136 for the three and nine month periods ended September 30, 2018, respectively. No compensation expense related to stock options were incurred during the three and nine month periods ended September 30, 2017.

 

As of September 30, 2018, the total unrecognized fair value compensation cost related to unvested stock options was $909,726, which is to be recognized over a remaining weighted average period of approximately 9.52years.

 

 
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The weighted-average fair value of options granted during the nine months ended September 30, 2018 and year ended December 31, 2017, and the weighted-average significant assumptions used to determine those fair values, using a Black-Scholes-Merton (“Black-Scholes”) option pricing model are as follows:

 

 

 

September 30,

2018

 

 

December 31,

2017

 

Significant assumptions (weighted-average):

 

 

 

 

 

 

Risk-free interest rate at grant date

 

 

2.94 %

 

 

0 %

Expected stock price volatility

 

 

146.68 %

 

 

0 %

Expected dividend payout

 

 

-

 

 

 

-

 

Expected option life (in years)

 

 

10

 

 

 

-

 

Expected forfeiture rate

 

 

0 %

 

 

0 %

 

Restricted Stock

 

The Company’s restricted stock activity was as follows:

 

Compensation expense related to restricted shares was $23,125 and $170,663 for the three and nine month periods ended September 30, 2018, respectively. There was no compensation expense related to restricted shares for the three and nine month periods ended September 30, 2017. Information relating to non-vested restricted award shares is as follows:

 

 

 

Restricted

Stock Shares

 

 

Weighted Average Grant Date Fair Value

 

Non-vested, December 31, 2017

 

 

-

 

 

 

-

 

Granted

 

 

371,250

 

 

 

0.74

 

Vested

 

 

(230,625 )

 

 

0.74

 

Forfeited/Expired

 

 

-

 

 

 

-

 

Non-vested, September 30, 2018

 

 

140,625

 

 

 

0.74

 

 

NOTE 11 – WARRANT AGREEMENTS

 

On January 24, 2018, the Company issued an additional 55,000 warrants at a fair market value of $50,094 and with an exercise price of $1.00 per share in connection with issuance of $1,100,000 convertible promissory notes in 2017 and amended on January 24, 2018 to extend the maturity date to March 31, 2018. The Company considered if the amendment of the convertible promissory note was a debt modification or extinguishment based on the guidelines of ASC 470-50, and concluded that the amendments of the convertible promissory notes were debt modifications. The Company recorded the fair market value of the 55,000 warrants issued as a debt discount that has been fully amortized as of September 30, 2018.

 

On April 15, 2018, the Company issued an additional 275,000 warrants at a fair market value of $87,828 and with an exercise price of $1.00 per share in connection with issuance of $1,100,000 convertible promissory notes in 2017, amended on January 24, 2018 to extend the maturity date to March 31, 2018 and a second amendment on April 15, 2018 to extend the maturity date to May 31, 2018. In addition, the Company extended the term of the warrant agreements for one additional year for each of the convertible promissory notes. The Company considered if the amendment of the convertible promissory note was a debt modification or extinguishment based on the guidelines of ASC 470-50, and concluded that the amendments of the convertible promissory notes were debt modifications. The Company recorded the fair market value of the 275,000 warrants issued as a debt discount that has been fully amortized as of September 30, 2018.

 

On May 1, 2018, the Company issued 110,000 warrants at a fair market value of $27,479 and with an exercise price of $1.00 per share in connection with commission earned for the issuance of convertible promissory notes by the Company.

 

 
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On July 7, 2018, the Company issued 148,644 warrants at a fair market value of $48,249 and with an exercise price of $1.00 per share in connection with the conversion of a convertible promissory note issued by the Company. As per the warrant agreement dated May 15, 2018, the Company shall issue fifty percent (50%) of the Company’s common stock shares issued upon conversion of the convertible promissory note. The convertible promissory note is to be converted into 297,288 common stock shares of the Company and as a result, 148,644 warrants were issued. As of our filing of our Form 10-Q for the quarterly period ended September 30, 2018, the company has not yet issued these common stock shares and has recorded a stock payable.

 

Warrants that vest at the end of a one-year period are amortized over the vesting period using the straight-line method.

 

The Company’s warrant activity was as follows:

 

 

 

Warrants

 

 

Weighted Average Exercise Price

 

 

Weighted Average Contractual Remaining Life

 

Outstanding, December 31, 2017

 

 

4,752,107

 

 

 

2.90

 

 

 

4.98

 

Granted

 

 

588,644

 

 

 

1.00

 

 

 

2.76

 

Exercised

 

 

-

 

 

 

-

 

 

 

-

 

Forfeited/Expired

 

 

-

 

 

 

-

 

 

 

-

 

Outstanding, September 30, 2018

 

 

5,340,751

 

 

 

1.95

 

 

 

2.25

 

Exercisable at September 30, 2018

 

 

3,804,751

 

 

 

1.93

 

 

 

2.28

 

 

 

Range of Exercise Price

 

Number of Warrants

 

Weighted Average Remaining Contractual Life (years)

 

Weighted Average Exercise Price

 

Number of Warrants Exercisable

 

Weighted Average Exercise Price

 

$

1.00 – $7.00

 

5,340,751

 

2.25

 

$

1.95

 

3,804,751

 

$

1.93

 

5,340,751

 

2.25

 

$

1.95

 

3,804,751

 

$

1.93

 

The weighted-average fair value of warrants granted to during the nine months ended September 30, 2018 and year ended December 31, 2017, and the weighted-average significant assumptions used to determine those fair values, using a Black-Scholes-Merton (“Black-Scholes”) option pricing model are as follows:

 

 

 

September 30,

2018

 

 

December 31,

2017

 

Significant assumptions (weighted-average):

 

 

 

 

 

 

Risk-free interest rate at grant date

 

 

2.94 %

 

 

2.20 %

Expected stock price volatility

 

 

146.68 %

 

 

75.43 %

Expected dividend payout

 

 

-

 

 

 

-

 

Expected option life (in years)

 

 

3

 

 

 

3

 

Expected forfeiture rate

 

 

0 %

 

 

0 %

 

 
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NOTE 12 – STOCKHOLDERS’ EQUITY

 

Authorized Stock

 

The Company has authorized to issue is 75,000,000 common shares with a par value of $0.001 per share.

 

As of September 30, 2018 and December 31, 2017, there were 25,795,871 and 23,901,252 shares of the Company’s common stock issued and outstanding, respectively.

 

Common Share Issuances

 

On January 24, 2018, the Company issued 50,000 common stock shares at $1.48 per share for consulting services to be performed over a one year period. The total value of this issuance was $74,000 and as of September 30, 2018, $23,108 is included in prepaid expenses and other assets.

 

On May 16, 2018, the Company issued 70,150 common stock shares at $0.65 per share for consulting services performed. The total value of this issuance was $45,614.

 

On May 16, 2018, the Company issued 1,000,000 common stock shares at $0.97 per share for consulting services to be performed over a 30 month period. The total value of this issuance was $970,000 and as of September 30, 2018, $831,429 is included in prepaid expenses and other assets.

 

On July 17, 2018, the Company issued 70,000 common stock shares at $1.85 per share for consulting services to be performed over a six month period. The total value of this issuance was $129,500.

 

On July 17, 2018, the Company issued 69,444 common stock shares at $0.72 per share for the cancellation of two months rent and overages for property tax and general liability insurance. The total value of this issuance was $50,000.

 

On July 17, 2018, the Company issued 250,000 common stock shares at $1.10 per share for strategic marketing and development advisory services to be performed over a six month period. The total value of this issuance was $275,000.

 

On August 17, 2018, the Company issued a total of 115,000 common stock shares at $1.65 per share for compensation of extending the maturity dates of convertible promissory notes of three note holders. The total value of this issuance was $189,750. The Company considered if the amendment of the convertible promissory note was a debt modification or extinguishment based on the guidelines of ASC 470-50, and concluded that the amendments of the convertible promissory notes were debt modifications. The Company recorded the fair market value of the 115,000 common stock shares issued as a debt discount that has been fully amortized as of September 30, 2018.

 

On September 4, 2018, the Company issued 90,000 common stock shares at $0.71 per share and 90,000 shares at $1.00 per share for media and advertising services to be performed over a six month period. The total value of these issuances was $153,900.

 

On September 4, 2018, the Company issued 90,000 common stock shares at $3.24 per share for media and advertising services to be performed over a six month period. The total value of this issuance was $291,600.

 

 
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Stock Payable

 

On April 2, 2018 (the “Effective Date”), the Company entered into a patent purchase agreement (“Agreement”) with an individual (“Assignor”) who is the owner of all rights, title and interest in and to certain Assigned Patents to purchase the rights to the Assigned Patents. As consideration for the assignment of the Assigned Patents and other rights under the Agreement, the Company shall issue to Assignor shares of its Common Stock (“Shares”) as follows, provided, that the maximum number of Shares issuable hereunder shall not exceed Two Hundred Thousand (200,000): (a) 50,000 Shares will be issued on the Effective Date; (b) 10,000 Shares will be issued for each Abandoned Application the prosecution of which is revived by the United States Patent and Trademark Office (“USPTO”); and (c) 50,000 Shares will be issued upon issuance by the USPTO of each patent that includes at least one specific claim in a patent application that recites subject matter to be defined by Assignee in its sole discretion (“Target Claim”). For the nine months period ended September 30, 2018, the Company owed 50,000 Shares at $0.69 price per share,20,000 Shares at $0.70 price per share and 50,000 shares at $0.97 price per share, for a total of 120,000 Shares. As the Company has not yet issued the 120,000 Shares as of September 30, 2018, the Company recorded a stock payable of $97,000, where $94,618 is included in intellectual property and patents as of September 30, 2018.

 

 On July 7, 2018, a convertible promissory note and accrued interest totaling $263,398 was converted into 297,288 shares of common stock of the Company at a price of $0.886 per share. As of our filing of our Form 10-Q for the quarterly period ended September 30, 2018, the company has not yet issued these common stock shares and has recorded a stock payable.

 

On August 3, 2018, the Company entered into a Media Advertising Agreement (“Agreement”). Per the terms of the Agreement, the Company was to issue 30,000 common stock shares at $1.88 per share for providing media and advertising services over a six month period. The total value of these issuances was $56,400. As of our filing of our Form 10-Q for the quarterly period ended September 30, 2018, the company has not yet issued these common stock shares and has recorded a stock payable.

 

On September 5, 2018, the Company issued an unsecured $150,000 Promissory Note (“Note”) with an individual. As part of the issuance of the Note, the Company is to issue 50,000 common stock shares as an equity kicker at a $2.88 price per share. As the Company did not issue the 50,000 common stock shares as of September 30, 2018, the Company recorded a stock payable of $144,000.

 

As of September 30, 2018, the Company still has $308,328 worth of stock payable not yet issued that is from the year ended December 31, 2017 audited figures.

 

NOTE 13 - COMMITMENTS AND CONTINGENCIES

 

Litigation:

 

From time to time, we may become involved in various lawsuits and legal proceedings that arise in the ordinary course of business. However, litigation is subject to inherent uncertainties, and an adverse result in these or other matters may arise from time to time that may harm our business. The only significant matter of which the Company is aware of is discussed below.

 

On May 22, 2017, Sandy Sierra Garate (“Applicant”), an employee of the Company, filed an application for benefits due to serious and willful misconduct of the employer pursuant to labor code section 4553 with the State of California Workers’ Compensation Appeals Board (WCAB Case No: ADJ 10686812) resulting in injury arising out of and in the course of the Applicant’s employment on August 5, 2016. The Applicant is requesting relief in this matter for a one half increase in all compensation recoverable in connection with the injury of August 5, 2016, for the allowance of costs and expenses in an amount to be determined and for such further relief as is deemed appropriate. The Company is currently unable to determine what additional expenses will be incurred in order to defend this matter. As such, the Company cannot determine whether there is a reasonable possibility that a loss will be incurred nor can it estimate the range of any such potential loss. Accordingly, the Company has not accrued an amount for any potential loss associated with this action.

 

 
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Operating leases

 

The Company maintains its corporate offices and manufacturing facility at 1620 Beacon Place, Oxnard, CA 93033, which contains approximately 25,000 square feet. The Company is currently on a month-to-month lease.

 

The Company also leased additional office and warehouse space at 1612 Fiske Place, Oxnard, CA 93033, which contains approximately 2,227 square feet. The Company was on a month-to-month lease and vacated this facility on August 6, 2018.

 

Total rent expense for the three and nine month periods ended September 30, 2018 was $63,992 and $205,962, respectively. Total rent expense for the three and nine month periods ended September 30, 2017 was $73,415 and $219,230, respectively.

 

NOTE 14 – SUBSEQUENT EVENTS

 

On October 9, 2018, the United States Patent and Trademark Office (“USPTO”) allowed for an oral thin film patent (U.S. Patent No. 10,092,611), which covers the processing and integration of bioactive cannabinoid molecules into oral thin film dosage forms, such as CUREfilm™. These molecules, such as cannabidiol (CBD), are obtained from the Company’s patented methods (U.S. Patent No. 9,044,390 and 9,186,386) of extraction and purification of cannabis plant material. This patent allowance by the USPTO and per the patent purchase agreement entered on April 2, 2018, the Company will issue 50,000 common stock shares at $2.81 price per share. As of the date of this filing, the Company has not yet issued these shares.

 

On October 12, 2018, the Company sent a written 30-Day Notice of Default (“Notice”) to Altair International Corp (“Altair”), regarding the Exclusive License and Distribution Agreement (“Agreement”), dated August 10, 2016 (“Effective Date”), with Altair. The Notice was provided to Altair due to Altair failing to fulfill its obligations under the Agreement and has materially breached the Agreement. To maintain the rights granted under the Agreement, Altair was to make minimum orders in the amount of $1,500,000 of the collective Products, as defined in the Agreement, within the first 24 months following the Effective Date. As of October 26, 2018, Altair did not order any collective Products and has provided written confirmation that Altair has failed to fulfill its obligations under the Agreement and that the Notice will not be cured. As a result, the Agreement is terminated and license fees totaling $560,000 will be recognized as other income in the fourth quarter of 2018.

 

On October 15, 2018, Cure Pharmaceutical Holding Corp. (the “Company”) entered into a Securities Purchase Agreement (the “Securities Purchase Agreement”) with accredited investors (each an “Investor” and collectively, the “Investors”). Pursuant to the terms of the Securities Purchase Agreement, the Company sold up to $2,000,000 in convertible notes (the “Notes”), initially convertible into shares of the Company’s common stock, par value $0.001 per share (the “Common Stock”) at a conversion price equal to $2.50 at the earlier of (1) the Investor’s discretion or (2) the Company’s next bona fide sale of its preferred stock or Common Stock in excess of $4,000,000 in gross proceeds, in one transaction or a series of related transactions, which offering definitively sets a price per share of the Company’s Common Stock and results in a listing of the Company’s Common Stock on a national securities exchange. The Notes shall be issued in tranches with (1) a closing of $250,000 on October 15, 2018; (2) a closing of $250,000 on or before November 15, 2018; (3) a closing of $250,000 on or before December 1, 2018; and a closing of $1,250,000 on or before December 31, 2018.

 

On October 30, 2018, the Company issued 50,000 common stock shares at a $2.88 price per share to an individual as an equity kicker for issuing an unsecured promissory note dated September 5, 2018. As the Company did not issue the 50,000 common stock shares as of September 30, 2018, the Company recorded a stock payable of $144,000.

 

On October 31, 2018, the Company amended four convertible promissory notes totaling $850,000 to extend the maturity dates to December 31, 2018. For extending the maturity date, the Company will issue a total of 115,000 common stock shares of the Company at $1.95 price per share.

 

On October 31, 2018, the Company amended a promissory notes totaling $150,000 to extend the maturity date to December 31, 2018. For extending the maturity date, the Company will issue 30,000 common stock shares of the Company at $1.95 price per share.

 

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

 

Statements made in this Form 10-Q that are not historical or current facts are “forward-looking statements” made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 (the “Act”) and Section 21E of the Securities Exchange Act of 1934. These statements often can be identified by the use of terms such as “may,” “will,” “expect,” “believe,” “anticipate,” “estimate,” “approximate” or “continue,” or the negative thereof. We intend that such forward-looking statements be subject to the safe harbors for such statements. We wish to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Any forward-looking statements represent management’s best judgment as to what may occur in the future. However, forward-looking statements are subject to risks, uncertainties and important factors beyond our control that could cause actual results and events to differ materially from historical results of operations and events and those presently anticipated or projected. We disclaim any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statement or to reflect the occurrence of anticipated or unanticipated events.

 

BUSINESS

 

CURE Pharmaceutical Holding Corp. (the “Company”) was incorporated in the State of Nevada on May 15, 2014. The Company was formerly named Makkanotti Group Corp. which was formed to engage in the business of manufacturing food paper bags in Nicosia, Cyprus.

 

On November 7, 2016, the board of directors and the majority stockholder of the then outstanding shares of the registrant’s common stock executed a written consent to change the registrant’s name to CURE Pharmaceutical Holdings Corp. from Makkanotti Group Corp. The Certificate of Amendment to Articles of Incorporation was filed with the State of Nevada on November 30, 2016.

 

Our wholly owned subsidiary and operating business, CURE Pharmaceutical Corporation, located in Oxnard, California was originally incorporated in July 2011.

 

Industry Overview and Trends

 

The pharmaceutical industry is facing ever-growing R&D expenditure and fewer new drug approvals as a result of increasing regulation, a failure to predict safety problems or a lack of efficacy early in a drug’s development, and high investment in new technologies to improve the speed and accuracy of drug development. In addition to these challenges to the industry’s operators, many leading drugs are coming off-patent, creating a need to fill revenue gaps. The pharmaceutical industry is also challenged by the many patients who do not adhere to a regime of prescription drugs because of side effects, difficulty in administration or the taste of a drug. According to HealthPrize and Capgemini, the loss of global revenues by drug makers due to non-adherence to medicines is $630 billion every year.

 

Improved formulations can address these many challenges by cutting down development costs, reducing the time to market, extending product patent protection, improving patient compliance and increasing drug efficacy. For example, reformulation can enable drug repositioning, the process of finding new uses for failed drugs, such as those abandoned for lack of efficacy after Phase II trials, or marketed drugs for which new uses will extend patent life and, therefore, profitability.

 

 
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The FDA approves more reformulations than new chemical entities (NCEs) each year under Section 505(b)(2) of the Food, Drug, and Cosmetic Act, (“505(b)(2)”) the FDA. The number of 2017 NDA approvals that used the 505(b)(2) regulatory pathway rose dramatically from 45 approvals in each of the last two years to an all-time high of 63 in 2017. Under Section 505(b)(2), the FDA may grant market exclusivity for a term of up to three years of exclusivity following approval of a listed drug that contains previously approved active ingredients but is approved in a new dosage, dosage form, route of administration or indication for use. Taken together, the exclusivity period of a drug and the lower R&D cost for reformulating a drug, have led to pharmaceutical companies taking a keen interest in reformulating their drugs as part of their lifecycle management protocols.

 

We are a drug formulation and delivery technology company that researches and manufactures novel dosage forms to improve drug safety, efficacy and patient adherence. Our mission is to improve lives by redefining how medications are delivered and experienced. Our business strategy is to develop products using our proprietary technology, license the product rights to partners responsible for clinical development, regulatory approval, marketing and sales and retain exclusive manufacturing rights. We operate a 25,000 sq ft cGMP manufacturing plant in Oxnard, CA.

 

Technology

 

Our technology platform includes oral dissolving film (ODF) and transdermal formulations. We apply our technology to pharmaceutical drugs and dietary supplements.

 

ODF products are about the size of a postage stamp and composed of excipients such as polymers, stabilizers, lipids and surfactants which are all generally recognized as safe. They can be designed to deliver active ingredients to the gastrointestinal tract (GI) when placed on the tongue and swallowed, or directly to the blood stream when placed under the tongue (sublingual) or on the inner lining of the cheek and lip (buccal).

 

Sublingual and buccal drug delivery are non-invasive routes for drug delivery that allows for absorption directly into the vascularized tissue in the mouth, avoiding degradation of the active molecule in the stomach, intestines and liver. These routes can reduce overall drug exposure and toxicities.

 

As an ODF, active ingredients are often pre-solubilized within the film matrix which can accelerate the onset of action, whether the GI is targeted of the systemic circulation. Active ingredients can also be encapsulated within the film matrix which can cause a sustained release profile. Combined sustain release and rapid release strategies can be achieved with ODFs.

 

ODFs can be designed for rapid dissolution or slower dissolution in the case of a buccal patch. In each case, ODFs must mask the taste of the active ingredient if unpalatable, throughout the dissolution process. The self-dissolving nature of ODF means that no water or swallowing are required for administration, improving medication adherence - especially among the elderly, children, and in conditions where patients have difficulty in swallowing.

 

The CUREfilm platform is a scalable and versatile formulation and drug delivery system for both oral (ODF) and transdermal (skin) delivery. CUREfilm formulations can improve or match the pharmacokinetics of drugs depending on the desired outcome. The platform is compatible with a broad spectrum of molecules and can be applied to investigational and marketed drugs or dietary supplements.

 

Our CUREfilm transdermal technology has been tested at laboratory scale on a dozen different molecules. Our CUREfilm ODF technology, which is our core focus, has been used to develop hundreds of products at laboratory scale and over 20 dietary supplements at commercial scale in our GMP plant located in Oxnard, CA.

 

 
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Intellectual Property

 

The competitive advantages of the CUREfilm platform and products over other ODF technology and products are protected by issued and pending patents, as well as trade secrets such as proprietary equipment design and manufacturing processes which allow us to produce CUREfilm products at commercial scale in a cGMP environment.

 

 

 

 

 

 

Filing Date/

 

 

 

 

 

Title

 

Serial No. /

Patent No.

 

 

Application

Date

 

Type

 

Status

 

 

 

 

 

 

 

 

 

 

 

Method and apparatus for minimizing heat, moisture, and shear damage to medicant

 

 

8,840,919

 

 

23-Sept-14

 

Utility

 

Issued

 

Method and apparatus for minimizing heat, moisture,

 

 

 

 

 

 

 

 

 

 

 

and shear damage to medicant

 

 

9,155,698

 

 

13-Oct-15

 

Utility

 

Issued

 

Edible films for administration of medicaments to animals

 

 

9,561,182

 

 

18-Jan-17

 

Utility

 

Issued

 

Methods for modulating dissolution, bioavailability, bioequivalence

 

 

8,999,372

 

 

7-Apr-15

 

Utility

 

Issued

 

Pharmaceutical Composition and Method of Manufacturing

 

 

9,044,390

 

 

2-Jun-15

 

Utility

 

Issued

 

Pharmaceutical Composition and Method of Manufacturing

 

 

9,186,386

 

 

17-Nov-15

 

Utility

 

Issued

 

Pharmaceutical Composition and Method of Manufacturing

 

 

9,980,996

 

 

29-May-18

 

Utility

 

Issued

 

Pharmaceutical Composition and Method of Manufacturing

 

 

10,092,611

 

 

9-Oct-18

 

Utility

 

Issued

 

Pharmaceutical Composition and Method of Manufacturing

 

14/934,940

 

 

6-Nov-15

 

Utility

 

Pending

 

Pharmaceutical Composition and Method of Manufacturing

 

16/151,436

 

 

4-Oct-18

 

Utility

 

Pending

 

Pharmaceutical Composition with Ionically Crosslinked

 

 

 

 

 

 

 

 

 

 

 

Polymer Encapsulation of Active Ingredient

 

15/315,264

 

 

30-Nov-16

 

Utility

 

Pending

 

Method and Apparatus For Minimizing Heat, Moisture, and Shear Damage To Medicants and Other Compositions During Incorporation of Same with Edible Films

 

15/666,057

 

 

1-Aug-17

 

Utility

 

Pending

 

Thin Film with High Load of Active Ingredient

 

13/890,875

 

 

9-May-13

 

Utility

 

Pending

 

Thin Film with High Load of Active Ingredient

 

14/069,239

 

 

31-Oct-13

 

Utility

 

Pending

 

Thin Film with High Load of Active Ingredient

 

 

2.0148

 

 

9-May-13

 

CN

 

Pending

 

High dosage dissolvable films for oral administration

 

PCT/US18/38034

 

 

18-Jun-18

 

PCT

 

Pending

 

Methods and Compositions For Improving Sleep

 

 62/680,325

 

 

 4-Jun-18

 

 PRV

 

Pending

 

Rapidly Disintegrating Film Matrix for Moisture Sensitive Compounds

 

62/696,359

 

 

11-Jul-18

 

PRV

 

Pending

 

 

Business Strategy

 

Our commercial strategy seeks to mitigate risk by pursuing a diversified model.

 

1. Dietary supplements. We manufacture select dietary supplements that complement our portfolio and align with our mission which are white labeled and distributed by third parties. Dietary supplements are regulated under the Dietary Supplement Health and Education Act of 1994 (DSHEA) under which supplements are effective by the FDA for Good Manufacturing Practices under 21 CFR Part 111 but do not require FDA approval. By developing, manufacturing and selling dietary supplement, we can generate modest short term revenue while improving our production capabilities and generating platform-wide intellectual property.

  

2. Pharmaceuticals. We partner with companies that are responsible for clinical development, regulatory approval, marketing and sales of the products. We provide the Chemistry, Manufacturing, and Controls (CMC) documentation required for regulatory submissions and in some instances, we may conduct preclinical and clinical testing. Deal terms may include upfront licensing fees, development costs, milestone payments, royalties and exclusive manufacturing rights. Within this category, we are further diversifying risk and return by pursuing both competitive differentiation of marketed drugs (product life cycle opportunities) and improved pharmacokinetics of investigational drugs. While we currently commercially manufacture dietary supplements in our facility, we are undertaking steps to scale up manufacturing of pharmaceutical drugs for clinical and commercial use.

 

 
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3. Cannabinoids. We are researching and developing drugs in the cannabinoid family of molecules. The oral bioavailability of cannabinoids is very low due to extensive gut and liver metabolism. Consequently, potency and release times are unpredictable and inconsistent. Moreover, cannabinoids don’t readily dissolve in water which adds to dosing difficulties and discrepancies. In addition to improving bioavailability, CUREfilm technology enables the loading of combinations of cannabinoids and other plant extracts that, together, provide maximum therapeutic benefit. Development and manufacturing of cannabinoid drugs are regulated by the FDA and the Drug enforcement Agency (DEA). A research license filed with the DEA in January 2018 was determined to be submitted in error given our proposed activities. As such, we have applied for a Schedule 1 manufacturer license with the DEA which is under review.

 

4. Underserved patient populations. Consistent with our mission of improving the lives of all people in need, regardless of geography or economic status, we licensed our technology to our majority-owned subsidiary, Oak Therapeutics, for the development of novel drug formulations for patients in developing nations such as a rapidly dissolving film to treat tuberculosis.

 

Growth Strategy

 

We will drive growth by (1) securing additional distributors for our dietary supplements, (2) out licensing rights to our drug products in available territories; (3) in-licensing novel drug delivery technologies and cannabinoid related patents and (4) developing additional ODF drug products with biotech and pharmaceutical partners.

 

Product Portfolio and Partnerships

 

Products 

Our product portfolio includes dietary supplements and prescription drugs. To manufacture our products, we depend on raw material suppliers and packaging material suppliers. There are several global suppliers of packaging laminate appropriate for dietary supplements and drug product ODFs. We are currently purchasing our packaging laminate from Glenroy Inc. and Bemis Company.

 

CURE 3068 (Launched)

This is a melatonin-containing sleep aid CUREfilm ODF that is manufactured and sold as a dietary supplement. Our non-exclusive distributor is ID Life, a health and wellness company focused on customized nutrition and selling within the United States. We have an open purchase order with ID Life for 3,210,252 units of product in 2018.

 

CURE 5079 (Launched)

This novel sleep aid containing a dietary cannabinoid CUREfilm ODF was launched Q3 2018 by Incubrands under its Sleep Club initiative. The distribution rights are exclusive through the end of 2018. A purchase order was placed on February 22, 2018.

 

CURE 5003

We are developing a sildenafil CUREfilm ODF for p.o. administration. On August 1, 2017, we entered into a development agreement with an undisclosed partner for China, Hong Kong, Japan, Korea, Singapore, Philippines, Taiwan, Vietnam and Thailand. The product which will be launched for the treatment of erectile disorder, is in late stage development. We are qualifying the API supplier and have qualified our contract packaging partner.

 

 
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CURE 5067

We are developing a 50,000IU, once per week, vitamin D3 CUREfilm ODF for p.o. administration. On February 18, 2017, we entered into an exclusive 5-year license and distribution agreement with Meroven Limited in the MENA region: Iraq, Saudi Arabia, Yemen, Syria, UAE, Jordan, Palestine, Lebanon, Oman, Kuwait, Qatar, Bahrain, Sudan, Egypt, Tunisia, Morocco, Algeria and Africa. The product is currently in the optimization development stage.

 

CURE 5198

We are developing a Palmitoylethanolamine (PEA) & Dronabinol (THC) CUREfilm ODF for buccal administration. On October 27, 2017, we entered into a development agreement with Therapix Biosciences for worldwide rights. The product is in formulation development for PEA. We will need our DEA license to incorporate THC into the product.

 

CURE 5200

We are developing a novel CUREfilm ODF substrate with an undisclosed partner. On June 4, 2018, we entered into a development agreement with an undisclosed partner for product development feasibility of CURE 5200. In order to protect CURE’s and our partner’s competitive advantage, no further details of the product can be disclosed at this stage.

 

CURE 5209

We are developing a CUREfilm ODF for mood enhancement as a dietary supplement. On May 30, 2018, we entered into a development agreement with an undisclosed partner for product development feasibility of CURE 5209. In order to protect CURE’s and our partner’s competitive advantage, no further details of the product can be disclosed at this stage.

 

CURE 5210

We are developing a dietary cannabinoid ODF using food grade beta-caryophyllene to target the CB2 receptor. We are in early feasibility stages of development of this product and have not yet signed with a distribution partner.

 

Partnerships

On September 4, 2018, CURE entered into its first multi-year licensing agreement (the “Licensing Agreement”) with Canopy Growth Corporation, a company that engages in the production and sale of medical cannabis (“Canopy”). Under the terms of the Licensing Agreement, Canopy will have an exclusive license to certain of the Company’s intellectual property rights, including the Company’s patented, multi-layer oral thin film (OTF), CUREfilm™ technology for use with cannabis extracts and biosynthetic cannabinoids (“Products”) and the Company’s trademarks in markets around the world where it is legal for Canopy to sell the Products, excluding Asia. The Company will retain the right to manufacture synthetic cannabinoids for pharmaceutical applications. Canopy will manufacture CUREfilms that deliver cannabis extracts, expanding the commercialization and monetization of the CUREfilm technology. The parties will collaborate on new products and uses for the products. Canopy shall pay the Company approximately $250,000 for costs associated with a feasibility study and technology transfer as well as certain milestone payments and royalties on product sales by Canopy with minimum royalties starting in 2020.

 

 
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On July 9, 2018, CURE entered into a non-binding Confidential Term Sheet (“Term Sheet) with Therapix Bioscience Ltd., an Israeli public company (“Therapix”) to acquire all of Therapix’s non-pain assets, which include several clinical drug candidates as well as two pre-clinical drug candidates (“Assets”), in consideration for the issuance by the Company to Therapix of newly issued shares of common stock of the Company (the “Shares”). The parties retained an independent third-party to value the Assets and the Shares as the basis for the acquisition. The resulting Asset valuation and Shares offered were not agreeable to Therapix and therefore, the Parties concluded that entering into a definitive agreement would not be in the best interest of their respective shareholders. CURE will continue to evaluate in-licensing and acquisition opportunities in the pharmaceutical cannabinoid space.

 

Dependence on Major Customers

 

We currently rely on a few distributors for our dietary supplements. We also depend upon a limited number of partners to provide funding for the development of our products, to assist in obtaining regulatory approvals that are required in order to commercialize these products, and to market and sell our products.

 

Competition

 

We compete with other companies within the drug delivery industry that may have a competitive advantage over us due to their greater size, cash flows and institutional experience. Some of these drug delivery competitors include Aquestive Therapeutics Inc (formerly Monosol Rx), Tesa-Labtec GmbH, BioDelivery Sciences International, Inc., LTS Lohmann Therapy Systems Corp and IntelGenx. New entrants such as Zim Laboratories in India and CMG Pharmaceuticals in Korea are also pursuing ODF products. Some of these competitors, such as IntelGenx are also pursuing cannabinoid formulations.

 

Our cannabinoid product candidates may compete with medical and recreational marijuana, in markets where the recreational and/or medical use of marijuana is legal. There is support in the United States for further legalization of marijuana. In markets where recreational and/or medical marijuana is not legal, our product candidates may compete with marijuana purchased in the illegal drug market. We cannot assess the extent to which patients may utilize marijuana obtained illegally for the treatment of the indications for which we are developing our product candidates.

 

Government Regulations

 

In the U.S., the FDA regulates drug products under the Federal Food, Drug and Cosmetic Act (the “FDCA”), and other laws within the Public Health Service Act. Failure to comply with applicable U.S. requirements, both before and after approval, may subject us to administrative and judicial sanctions, such as a delay in approving or refusal by the FDA to approve pending applications, warning letters, product recalls, product seizures, total or partial suspension of production or distribution, injunctions, and/or criminal prosecutions. Before our drug products are marketed they must be approved by the FDA. The steps required before a novel drug product is approved by the FDA include: (1) pre-clinical laboratory, animal, and formulation tests; (2) submission to the FDA of an Investigational New Drug Application (“IND”) for human clinical testing, which must become effective before human clinical trials may begin; (3) adequate and well-controlled clinical trials to establish the safety and effectiveness of the product for each indication for which approval is sought; (4) submission to the FDA of a New Drug Application (“NDA”) or an ANDA, for generic drugs. In certain cases, an application for marketing approval may include information regarding safety and efficacy of a proposed drug that comes from studies not conducted by or for the applicant. Such applications, known as a 505(b)(2) NDA, are permitted for new drug products that incorporate previously approved active ingredients, even if the proposed new drug incorporates an approved active ingredient in a novel formulation or for a new indication; (5) satisfactory completion of an FDA inspection of the manufacturing facility or facilities at which the drug product is produced to assess compliance with cGMP and FDA review; and finally (6) approval of an NDA or ANDA.

 

 
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The cost of complying with the foregoing requirements, including preparing and submitting an NDA or ANDA, may be substantial. Accordingly, we typically rely upon our partners in the pharmaceutical industry to spearhead and bear the costs of the FDA approval process. We also seek to mitigate regulatory costs by focusing on 505(b)(2) NDA opportunities. By applying our drug delivery technology to existing drugs, we seek to develop products with lower research & development expenses and shorter time-to-market timelines as compared to regular NDA products.

 

In addition, our facility will require a license by the U.S. Drug Enforcement Administration to produce scheduled controlled substances, such as cannabinoids.

 

Research and Development Expense

 

Our R&D expenses, net of R&D tax credits, for the year ended December 31, 2017 increased by $673,972 to $1,427,341, compared with $753,369 for the year ended December 31, 2016. The increase in R&D expenditure is explained in the section of this report entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations”.

 

Environmental Compliance

 

Our research and development activities involve the controlled use of hazardous materials and chemicals. We are subject to federal, state and local laws and regulations governing the use, storage, handling and disposal of these materials and specific waste products. We are also subject to numerous environmental, health and workplace safety laws and regulations, including those governing laboratory procedures, exposure to blood-borne pathogens and the handling of bio-hazardous materials. The cost of compliance with these laws and regulations could be significant and may adversely affect capital expenditures to the extent we are required to procure expensive capital equipment to meet regulatory requirements. At this time, we believe that we are in compliance with environmental regulations applicable to our research and development and manufacturing facility located in Oxnard, California.

 

Employees

 

As of the date of this filing, we have 13 full-time and 1 part-time employees. None of our employees are covered by collective bargaining agreements. We consider our relations with our employees to be good.

 

RESULTS OF OPERATIONS

 

Revenues for the Three and Nine Months Ended September 30, 2018 and 2017

 

Revenues for the three and nine months ended September 30, 2018 were $87,851 and $349,783, respectively, as compared to $74,355 and $145,185 for the three and nine months ended September 30, 2017, respectively. The increase was principally due to the Company increased orders from ID Life, LLC for Sleep Strips. Revenues earned from ID Life have increased by 103% for the nine months ended September 30, 2018 compared to the same period in 2017. In addition, the Company successfully completed a new sleep OTF product for another customer during the nine months ended September 30, 2018. As this was a new customer in 2018, we did not generate this type of revenue in the same period in 2017. Finally, The Company completed phases I and II of our research and development agreement with Aveneon Technology Ltd. for the development of a Sildenafil OTF during the 1st quarter of 2018. The Company did not generate this type of revenue in the same period in 2017.

 

 
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Cost of Goods Sold

 

Cost of goods sold was $41,958 and $171,032 in the three and nine months ended September 30, 2018 compared to $59,427 and $134,575 in the three and nine months ended September 30, 2017, respectively. Cost of goods sold decreased by $17,469 and increased by $36,457 in the three and nine months ended September 30, 2018, respectively, compared to the three and nine months ended September 30, 2017, respectively. The decrease in the three months period ended September 30, 2018 was primarily due to the Company generating revenue from ID Life on higher margin products during the three months ended September 30, 2018 compared to the same period in 2017. The increase in the nine months period ended September 30, 2018 compared to the nine months ended September 30, 2017 was primarily due to the increased sales to ID Life for Sleep Strips as well as sales from a new customer for another sleep OTF product during the nine months ended September 30, 2018.

 

Selling, General and Administrative Expenses

 

Selling, general and administrative expenses for the three and nine months ended September 30, 2018 amounted to $2,444,219 and $5,496,489, respectively, and for the three and nine months ended September 30, 2017 amounted to $1,290,565 and $5,888,062, respectively. For the three and nine months ended September 30, 2018 and 2017, selling, general and administrative expenses were mainly comprised of amortization, commission, insurance, payroll, consulting, investor relation services, PR services and rent expenses. The increase in the three months ended September 30, 2018 compared to the three months ended September 30, 2017 was mainly due to the increase in noncash transactions relating to common stock issued for consulting services and recording the fair value of warrants issued for services recorded in the three months ended September 30, 2018 compared to the same period in 2017. In addition, the Company saw an increase in payroll, legal, accounting, investor relations, and PR services during the three months ended September 30, 2018 compared to the three months ended September 30, 2017. The decrease in the nine months ended September 30, 2018 compared to the nine months ended September 30, 2017 was mainly due to the decrease in noncash transaction relating to recording the fair value of warrants issued for services recorded during the nine months ended September 30, 2017 compared to same period in 2018. However, this decrease was offset by increases in payroll, legal, accounting, investor relations, and PR services during the nine months ended September 30, 2018 compared to the nine months ended September 30, 2017.

 

Research and Development Expenses

 

For the three and nine months ended September 30, 2018, research and development expenses increased to $291,624 and $1,094,993, respectively, compared to the three and nine months ended September 30, 2017 of $239,663 and $664,931, respectively. The increase in research and development expenses is due to the Company’s focus on developing potential partnerships with pharmaceutical and bioscience companies and new OTC and prescription products. This is evident by our research and development deals for the development of a Sildenafil CUREfilm, a Palmitoylethanolamine (PEA) & Dronabinol (THC) CUREfilm ODF for buccal administration, a novel CUREfilm ODF substrate with an undisclosed partner, and a CUREfilm ODF for mood enhancement as a dietary supplement once per week. In addition, the Company continues to work on the development of a 50,000IU vitamin D3 CUREfilm ODF for p.o. administration as well as developing a novel dietary cannabinoid.

  

LIQUIDITY AND CAPITAL RESOURCES

 

For the Nine Months ended September 30, 2018

 

As of September 30, 2018, our total assets were $3,034,040 comprised of cash of $302,538, accounts receivable of $6,590, inventory of $92,673, prepaid expenses and other assets of $860,114, net property and equipment of $313,078, net intangibles of $1,033,923, prepaid expenses of $332,790 and other assets $92,334. Our total liabilities were $8,166,122 comprised of accounts payable of $744,765, accrued expenses of $385,895, current portion of note payables, net of $886,000 convertible promissory notes, net, of $4,378,566, derivative liability of $806,379, deferred revenue of $404,517 and license fees of $560,000.

 

 
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Cash flows used in operating activities

 

For the nine months ended September 30, 2018, operating activities consumed $3,132,664 of cash. This was primarily the result of a net loss of $9,127,968, offset by depreciation and amortization of $110,454, amortization of stock based compensation – prepaid expenses of $1,162,400, amortization of loan discounts of $1,650,706, noncash compensation of $560,800, common stock issued for services of $45,614, change in derivative liabilities of $418,042, warrants granted for commission expense of $1,154,50, stock issued for amending convertible notes of $189,750, as well as the changes in accounts receivable of $2,226, inventory of $47,677, prepaid expenses of $165,317, other assets of $25,221, accounts payable of $249,785, accrued expenses of $269,314 and deferred revenue of $43,055. For the nine months ended September 30, 2017, operating activities consumed $2,871,058 of cash. This was primarily the result of a net loss of $6,970,064, offset by depreciation and amortization of $130,943, amortization of prepaid stock-based compensation of $1,261,693, amortization of loan discounts of $564,969, warrants issued for services of $2,560,607 as well as the changes in prepaid expenses of $588,508, other assets of $24,169, accounts payable of $199,209, accrued expenses of $48,181 and deferred revenue of $68,088.

 

Cash flows used in investing activities

 

Investment activities used an additional $122,622 of cash during the nine months ended September 30, 2018, primarily as a result of payments for patents and costs associated in the development and improvement of our intellectual property of $71,529 and acquisition of property and equipment of $51,093. Investment activities used an additional $104,538 of cash during the nine months ended September 30, 2017, primarily as a result of payments for patents and costs associated in the development and improvement of our intellectual property of $43,621, payment to joint venture investment of $5,000 and acquisition of property and equipment of $55,917.

 

Cash flows provided by financing activities

 

Financing activities provided $3,449,575 of cash for the nine months ended September 30, 2018, primarily as the result of proceeds from the issuance of convertible promissory notes of $3,600,000 and $250,000 from the issuance of promissory notes; and repayments of convertible promissory note and loan payables of $400,425. Financing activities provided $1,997,270 of cash for the nine months ended September 30, 2017, primarily as the result of proceeds from loans of $2,105,000 and repayments of loan and capital lease payables of $107,730.

 

CRITICAL ACCOUNTING POLICIES

 

The preparation of financial statements in conformity with generally accepted accounting principles of the United States (“U.S. GAAP”) requires estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities in the financial statements and accompanying notes. The SEC has defined a company’s critical accounting policies as the ones that are most important to the portrayal of the company’s financial condition and results of operations, and which require the company to make its most difficult and subjective judgments, often as a result of the need to make estimates of matters that are inherently uncertain. Based on this definition, we have identified the critical accounting policies and judgments addressed below. We also have other key accounting policies, which involve the use of estimates, judgments, and assumptions that are significant to understanding our results. For additional information, see Note 2 – “Summary of Significant Accounting Policies”. Although we believe that our estimates, assumptions, and judgments are reasonable, they are based upon information presently available. Actual results may differ significantly from these estimates under different assumptions, judgments, or condition.

 

 
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Impairment of Long-Lived Assets

 

Long-lived assets include equipment and intangible assets other than those with indefinite lives. We assess the carrying value of our long-lived asset groups when indicators of impairment exist and recognize an impairment loss when the carrying amount of a long-lived asset is not recoverable when compared to undiscounted cash flows expected to result from the use and eventual disposition of the asset.

 

Indicators of impairment include significant underperformance relative to historical or projected future operating results, significant changes in our use of the assets or in our business strategy, loss of or changes in customer relationships and significant negative industry or economic trends. When indications of impairment arise for a particular asset or group of assets, we assess the future recoverability of the carrying value of the asset (or asset group) based on an undiscounted cash flow analysis. If carrying value exceeds projected, net, undiscounted cash flows, an additional analysis is performed to determine the fair value of the asset (or asset group), typically a discounted cash flow analysis, and an impairment charge is recorded for the excess of carrying value over fair value. There was no impairment on our long-lived assets during the nine months ended September 30, 2018 and 2017.

 

Going Concern

 

For the year ended December 31, 2017, the auditors opinion contained a going concern paragraph, which stated that the Company had an accumulated deficit, working deficit and net loss. These factors raise substantial doubt about the Company’s ability to continue as a going concern for one year from the issuance of the financial statements.

 

The Company has an accumulated deficit balance as of September 30, 2018. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it establishes a revenue stream and becomes profitable. The Company is continually analyzing its current costs and is attempting to make additional cost reductions where possible. We expect that we will continue to generate losses from operations throughout the remainder of 2018.

 

Historically, the Company has had operating losses and negative cash flows from operations which cast significant doubt upon the Company’s ability to continue as a going concern. The Company will need to raise capital in order to fund its operations. This need may be adversely impacted by uncertain market conditions and changes in the regulatory environment. To address its financing requirements, the Company intends to seek financing through debt and equity issuances to existing stockholders.

 

Specifically, management has identified that a minimum of $4,000,000 of capital is needed over the next 12 months in order sustain operations. These capital needs take into account, among other things, management’s plans to advance intellectual property, maintenance of patents, upgrades for manufacturing and to hire personnel for business development. Management has outlined a plan to raise $7,000,000 to $9,000,000 in capital over the next 12 months through the issuance of shares of the Company’s common stock to accredited investors. Management believes that the capital raised through these methods will be sufficient to sustain operations for the next 12 months. If we cannot raise additional funds when we need or want them, our operations and prospects could be negatively affected. However, the outcome of these matters cannot be predicted with certainty at this time.

 

The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually secure other sources of financing and attain profitable operations. The accompanying financial statements do not include any adjustments relating to the recoverability and classification of assets and liabilities that might be necessary if the Company is unable to continue as a going concern.

 

 
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OFF-BALANCE SHEET ARRANGEMENTS

 

As of the date of this Quarterly Report, we do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors.

 

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

 

Not Applicable.

 

ITEM 4. CONTROLS AND PROCEDURES

 

Our management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rules 13a-15(f) and 15d-15(t) under the Exchange Act. Our internal control over financial reporting is designed 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. Our internal control over financial reporting includes those policies and procedures that:

 

 

1.

Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of our assets;

 

2.

Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with U.S. GAAP, and that our receipts and expenditures are being made only in accordance with the authorization of our management and directors; and

 

3.

Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on the financial statements.

 

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

 

Management assessed the effectiveness of our internal control over financial reporting as of September 30, 2018. Based on this assessment, management concluded that the Company did not maintain effective internal controls over financial reporting as a result of the identified material weakness in our internal control over financial reporting described below. In making this assessment, management used the framework set forth in the report entitled Internal Control--Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission, or COSO. The COSO framework summarizes each of the components of a company’s internal control system, including (i) the control environment, (ii) risk assessment, (iii) control activities, (iv) information and communication and (v) monitoring.

 

 
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Identified Material Weakness

 

A material weakness in our internal control over financial reporting is a control deficiency, or combination of control deficiencies, that results in more than a remote likelihood that a material misstatement or the financial statements will not be prevented or detected. Management identified the segregation of duties as a material weakness during its assessment of internal controls over financial reporting as of September 30, 2018. As of September 30, 2018, we had one full-time employee with the requisite expertise in the key functional areas of finance and accounting. As a result, there is a lack of proper segregation of duties necessary to ensure that all transactions are accounted for accurately and in a timely manner. As our resources allow, we will add financial personnel to our management team.

 

Management, with the participation of the Company’s Principal Executive Officer and Principal Financial Officer, carried out an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Exchange Act Rules 13a15(e) and 15d15(e)) as of September 30, 2018, the end of the period covered by this Quarterly Report on Form 10-Q (the “Evaluation Date”). Based upon that evaluation, the Company’s Principal Executive Officer and Principal Financial Officer have concluded that as of the Evaluation Date, the Company’s disclosure controls are not effective as a result of the identified material weakness described herein.

 

Changes in Internal Control Over Financial Reporting

 

There were no changes in our internal controls over financial reporting during the fiscal quarter ended September 30, 2018 that materially affected, or is reasonably likely to have a material effect, on our internal control over financial reporting.

 

ITEM 1. LEGAL PROCEEDINGS

 

The information set forth under Note 13 of Notes to Unaudited Condensed Consolidated Financial Statements, included in Part I, Item 1 of this report, is incorporated herein by reference.

 

ITEM 1A. RISK FACTORS

 

Not Applicable.

 

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

 

On January 24, 2018, the Company issued 50,000 common stock shares at $1.48 per share for consulting services to be performed over a one year period.

 

The shares of common stock described above were issued without registration under the Securities Act of 1933 (the “Securities Act”) in reliance on the exemptions provided by Section 4(a)(2) of the Securities Act promulgated thereunder and in reliance on similar exemptions under applicable state laws.

 

On January 24, 2018, the Company issued an additional 55,000 warrants in connection with the issuance of $1,100,000 convertible promissory notes issued in 2017. The warrants have an exercise price of $1.00 per share and a term of 3 years.

 

From January 30, 2018 to March 28, 2018, the Company issued up to $2,025,000 convertible promissory notes with investors (“Investors”) due November 30, 2018. The notes bear interest at 9% per year and are convertible into common stock at either a price per share equal to the average closing price of the Company’s Common Stock on the OTC Markets for the five consecutive trading days prior to the delivery of a Notice of Conversion (“Optional Conversion”) or price per share equal to 75% of the price of the Company’s next bona fide sale of its preferred stock or Common Stock in excess of $4,000,000 in gross proceeds, in one transaction or a series of related transactions, which offering definitively sets a price per share of the Company’s Common Stock or preferred stock and enables the Company to list its common stock on a national securities exchange. The Investors in this offering also received warrants (the “Warrants”) for the option to purchase equal to 50% of the shares of Common Stock that the Investor is entitled to receive in connection with the conversion of the Investor’s Note. The Warrants’ price per share shall equal the lower of (a) $2.00 or (b) 125% of the price per share of the Qualified Offering. The Warrants will have a three year term and shall be exercisable in cash.

 

 
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The Company has previously adopted and maintains the CURE Pharmaceutical Holding Corp. 2017 Equity Incentive Plan (the “Plan”), pursuant to which an aggregate of 5,000,000 shares of the common stock of the Company were authorized to be granted. The Board of Directors have determined that it is in the best interests of the Company and its stockholders to provide an additional incentive for certain employees, including executive officers, and non-employee members of the Board of Directors of the Company by granting to them awards with respect to the common stock of the Company pursuant to the Plan. On April 6, 2018, the Company awarded 500,000 Restricted Common Stock (“RCS”), 1,251,700 Nonstatutory Stock Options (“NSO”) and 804,000 Incentive Stock Options (“ISO”) to employees, including executive officers, non-employee members of the Board of Directors of the Company, members of the Advisory Board Committee and consultants at a $0.74 price per share. Vesting period for the awarded RCS, NSO and ISO’s range from immediate to quarterly over a 4 year period. For NSO’s and ISO awarded, the term to exercise their NSO or ISO is 10 years.

 

On April 15, 2018, the Company amended six convertible promissory notes totaling $1,100,000 to extend the maturity dates to May 31, 2018. For extending the maturity date, the Company granted an additional 275,000 warrants to purchase common stock of the Company at a strike price of $1.00 per share. In addition, the Company extended the term of the warrant agreements for one additional year for each of the convertible promissory notes. On April 23, 2018, the Company repaid two of these convertible promissory notes totaling $250,000.

 

On April 24, 2018, the Company received in total $500,000 (“Investment Amount”) by issuing a convertible promissory note (“Convertible Note”) to a Company, Therapix Biosciences Ltd., (“Investor”) that is due April 30, 2019 (“Maturity Date”). The Convertible Note shall accrue interest at 9% per annum and is unsecured. Unless earlier converted, at the election of the Investor, the entire then outstanding Investment Amount shall be converted into that number of shares of the most senior class of shares of the Company existing at the time of such conversion, at a price per share (the “ Voluntary Conversion PPS “) equal to 75% of the average of the closing prices of the Company’s Common Stock on the OTC Market (or any other market on which the common stock of the Company is then listed for trading) over the thirty (30) consecutive trading days prior to the delivery of the notice of conversion by the Investor to the Company, or, if at the time of such conversion the shares of the Company’s Common Stock are not listed for trading, then the entire then outstanding Investment Amount shall be converted into that number of shares of the most senior class of shares of the Company existing at the time of such conversion, at a price per share equal to 75% of the fair market value of such Common Stock as shall be determined by the Board of Directors based on, among others, a valuation prepared by an independent third party and which shall have been submitted to the Company not more than 90 days prior to the date of such determination by the Board of Directors. In the event of the consummation by the Company, on or before the Maturity Date, of a transaction or series of related transactions in which the Company issues equity securities of the Company in consideration of at least US$4,000,000 (a “ Financing “), the then outstanding Investment Amount not previously converted hereunder shall be automatically converted, immediately prior to (but conditioned upon) the consummation of such Financing, into such number of shares (or a sub-class thereof) issued by the Company in the Financing, equal to the outstanding Investment Amount divided by a price per share equal to 75% of the lowest price per share paid to the Company in the Financing. In the event the Financing is not consummated by the Maturity Date, then the outstanding Investment Amount as of the Maturity Date not previously converted hereunder shall be automatically converted, on the Maturity Date, into such number of shares (or a sub-class thereof) issued by the Company in the Financing, equal to the outstanding Investment Amount divided by the Voluntary Conversion PPS.

 

 
37
 
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On May 1, 2018, the Company issued 110,000 warrants at a fair market value of $27,479 and with an exercise price of $1.00 per share in connection with convertible promissory notes purchased issued by the Company.

 

On May 15, 2018, the Company issued a $250,000 convertible promissory note with an investor (“Investor”) due December 31, 2018. The notes bear interest at 9% per year and are convertible into common stock at either a price per share equal to the average closing price of the Company’s Common Stock on the OTC Markets for the five consecutive trading days prior to the delivery of a Notice of Conversion (“Optional Conversion”) or price per share equal to 75% of the price of the Company’s next bona fide sale of its preferred stock or Common Stock in excess of $4,000,000 in gross proceeds, in one transaction or a series of related transactions, which offering definitively sets a price per share of the Company’s Common Stock or preferred stock and enables the Company to list its common stock on a national securities exchange. The Investors in this offering also received warrants (the “Warrants”) for the option to purchase equal to 50% of the shares of Common Stock that the Investor is entitled to receive in connection with the conversion of the Investor’s Note. The Warrants’ price per share shall equal the lower of (a) $2.00 or (b) 125% of the price per share of the Qualified Offering. If the Qualified Offering has not occurred, then the Exercise Price shall be $2.00. The Warrants will have a three-year term and shall be exercisable in cash.

 

On June 30, 2018, the Company issued a $500,000 convertible promissory note (“Convertible Note”) with an investor (“Investor”) due December 31, 2018. The Convertible Note are secured by all of the assets of the Company and Subsidiaries, including ownership of the Subsidiaries The Convertible Note bears interest at 9% per year and are convertible into common stock at either a price per share equal to the average closing price of the Company’s Common Stock on the OTC Markets for the five consecutive trading days prior to the delivery of a Notice of Conversion (“Optional Conversion”) or price per share equal to 75% of the price of the Company’s next bona fide sale of its preferred stock or Common Stock in excess of $4,000,000 in gross proceeds, in one transaction or a series of related transactions, which offering definitively sets a price per share of the Company’s Common Stock or preferred stock and enables the Company to list its common stock on a national securities exchange. The Investor in this offering also received warrants (the “Warrants”) for the option to purchase equal to 50% of the shares of Common Stock that the Investor is entitled to receive in connection with the conversion of the Investor’s Note. The Warrants’ price per share shall equal the lower of (a) $2.00 or (b) 125% of the price per share of the Qualified Offering. If the Qualified Offering has not occurred, then the Exercise Price shall be $2.00. The Warrants will have a three-year term and shall be exercisable in cash.

 

On May 16, 2018, the Company issued 1,000,000 common stock shares at $0.97 per share for investor relation services to be performed over 30 month period.

 

On May 16, 2018, the Company issued 70,175 common stock shares at $0.65 per share for consulting services performed.

 

On July 7, 2018, the Company issued 148,644 warrants at a fair market value of $48,249 and with an exercise price of $1.00 per share in connection with the conversion of a convertible promissory note issued by the Company.

 

On July 17, 2018, the Company issued 70,000 common stock shares at $1.85 per share for consulting services to be performed over a six month period.

 

On July 17, 2018, the Company issued 69,444 common stock shares at $0.72 per share for the cancellation of two months rent and overages for property tax and general liability insurance.

 

 
38
 
Table of Contents

 

On July 17, 2018, the Company issued 250,000 common stock shares at $1.10 per share for strategic marketing and development advisory services to be performed over a six month period.

 

On August 17, 2018, the Company issued a total of 115,000 common stock shares at $1.65 per share for compensation of extending the maturity dates of convertible promissory notes of three note holders.

 

On September 4, 2018, the Company issued 90,000 common stock shares at $0.71 per share and 90,000 shares at $1.00 per share for media and advertising services to be performed over a six month period.

 

On September 4, 2018, the Company issued 90,000 common stock shares at $3.24 per share for media and advertising services to be performed over a six month period.

 

September 27, 2018, the Company issued up to $575,000 convertible promissory notes with investors (“Investors”) due June 27, 2019. The notes bear interest at 9% per year and are convertible into common stock at either a price per share equal to the average closing price of the Company’s Common Stock on the OTC Markets for the five consecutive trading days prior to the delivery of a Notice of Conversion (“Optional Conversion”) or price per share equal to 75% of the price of the Company’s next bona fide sale of its preferred stock or Common Stock in excess of $4,000,000 in gross proceeds, in one transaction or a series of related transactions, which offering definitively sets a price per share of the Company’s Common Stock or preferred stock and enables the Company to list its common stock on a national securities exchange. The Investors in this offering also received warrants (the “Warrants”) for the option to purchase equal to 50% of the shares of Common Stock that the Investor is entitled to receive in connection with the conversion of the Investor’s Note. The Warrants’ price per share shall equal the lower of (a) $2.00 or (b) 125% of the price per share of the Qualified Offering. The Warrants will have a three year term and shall be exercisable in cash.

 

The warrants and notes described above were issued and sold without registration under the Securities Act in reliance on the exemptions provided by Section 4(a)(2) of the Securities Act and/or Regulation D promulgated thereunder and in reliance on similar exemptions under applicable state laws.

 

ITEM 3. DEFAULTS UPON SENIOR SECURITES

 

None.

 

ITEM 4. MINE SAFETY DISCLOSURE

 

None.

 

ITEM 5. OTHER INFORMATION

 

None.

 

 
39
 
Table of Contents

 

ITEM 6. EXHIBITS

 

31.1

 

Certification of Chief Executive Officer pursuant to section 302 of the Sarbanes-Oxley Act of 2002

31.2

 

Certification of Chief Financial Officer pursuant to section 302 of the Sarbanes-Oxley Act of 2002

32.1

 

Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

32.2

 

Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

101.INS

 

XBRL Instance Document

101.SCH

 

XBRL Taxonomy Extension Schema Document

101.CAL

 

XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF

 

XBRL Taxonomy Extension Definition Linkbase Document

101.LAB

 

XBRL Taxonomy Extension Label Linkbase Document

101.PRE

 

XBRL Taxonomy Extension Presentation Linkbase Document

 

 
40
 
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SIGNATURES

 

In accordance with the requirements of the Exchange Act, the Registrant caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

CURE PHARMACEUTICAL HOLDING CORP.

 

Dated: November 14, 2018

By:

/s/ Robert Davidson

 

Robert Davidson

 

Chief Executive Officer

 

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated:

 

/s/ Robert Davidson

 

Robert Davidson

 

Chief Executive Officer

 

November 14, 2018

 

/s/ Mark Udell

 

Mark Udell

 

Chief Financial Officer

 

November 14, 2018

 

 

41

 

EX-31.1 2 curr_ex311.htm CERTIFICATION curr_ex311.htm

EXHIBIT 31.1

 

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES OXLEY ACT OF 2002

AND RULE 13A-14 OF THE EXCHANGE ACT OF 1934

 

CERTIFICATION

 

I, Robert Davidson, certify that:

 

1.

I have reviewed this quarterly report on Form 10-Q of CURE Pharmaceutical Holding Corp.;

 

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4.

I am 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 my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me by others within those entities, particularly during the period in which this report is being prepared;

 

b.

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c.

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report my 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 year (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.

I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

 

a.

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

b.

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

 

Date: November 14, 2018

By:

/s/ Robert Davidson

 

Robert Davidson

 

Chief Executive Officer and

Principal Executive Officer

 

EX-31.2 3 curr_ex312.htm CERTIFICATION curr_ex312.htm

EXHIBIT 31.2

 

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES OXLEY ACT OF 2002

AND RULE 13A-14 OF THE EXCHANGE ACT OF 1934

 

CERTIFICATION

 

I, Mark Udell, certify that:

 

1.

I have reviewed this quarterly report on Form 10-Q of CURE Pharmaceutical Holding Corp.;

 

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4.

The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a – 15(f) and 15d – 15(f)) for the registrant and have:

 

 

a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

 

b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under 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 the annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.

The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

 

a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

 

b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

 

Date: November 14, 2018

By:

/s/ Mark Udell

 

Mark Udell

 

Chief Financial Officer

 

EX-32.1 4 curr_ex321.htm CERTIFICATION curr_ex321.htm

EXHIBIT 32.1

 

CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER

PURSUANT TO 18 U.S. C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report of CURE Pharmaceutical Holding Corp., (the “Company”) on Form 10-Q for the period ended September 30, 2018, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Robert Davidson, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my 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.

 

 

Date: November 14, 2018

By:

/s/ Robert Davidson

 

Robert Davidson

 

Chief Executive Officer and

Principal Executive Officer

 

EX-32.2 5 curr_ex322.htm CERTIFICATION curr_ex322.htm

EXHIBIT 32.2

 

CERTIFICATION OF THE PRINCIPAL FINANCIAL OFFICER

PURSUANT TO 18 U.S. C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report of CURE Pharmaceutical Holding Corp., (the “Company”) on Form 10-Q for the period ended September 30, 2018, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Mark Udell, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my 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.

 

 

Date: November 14, 2018

By:

/s/ Mark Udell

 

Mark Udell

 

Chief Financial Officer

 

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Sep. 30, 2018
Nov. 12, 2018
Document And Entity Information    
Entity Registrant Name CURE PHARMACEUTICAL HOLDING CORP.  
Entity Central Index Key 0001643301  
Document Type 10-Q  
Document Period End Date Sep. 30, 2018  
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Current Fiscal Year End Date --12-31  
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Entity Filer Category Non-accelerated Filer  
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Condensed Consolidated Balance Sheets - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Current assets:    
Cash $ 302,538 $ 108,249
Accounts receivable 6,590 4,364
Inventory 92,673 44,996
Prepaid expenses and other assets 860,114 586,888
Total current assets 1,261,915 744,497
Property and equipment, net 313,078 337,361
Intellectual property and patents, net 1,033,923 900,472
Prepaid expenses 332,790
Other assets 92,334 117,555
Total assets 3,034,040 2,099,885
Current liabilities:    
Accounts payable 744,765 544,980
Accrued expenses 385,895 129,978
Loan payable 50,425
Notes payable, net of unamortized discount 886,000 800,000
Convertible promissory notes, net of unamortized discount 4,378,566 1,551,488
Derivative liability 806,379 90,738
Deferred revenue 404,517 361,462
Total current liabilities 7,606,122 3,529,071
License fees 560,000 560,000
Total liabilities 8,166,122 4,089,071
Deficit:    
Common stock: $0.001 par value; authorized 75,000,000 shares; 25,795,871 and 23,901,252 shares issued and outstanding as of September 30, 2018 and December 31, 2017, respectively 25,796 23,902
Additional paid-in capital 21,922,680 16,483,632
Stock payable 869,125 324,995
Accumulated deficit (27,972,054) (18,868,599)
Total CURE Pharmaceutical Holding Corp stockholders’ deficit (5,154,453) (2,036,070)
Noncontrolling interest in subsidiary 22,371 46,884
Total deficit (5,132,082) (1,989,186)
Total liabilities and deficit $ 3,034,040 $ 2,099,885
XML 14 R3.htm IDEA: XBRL DOCUMENT v3.10.0.1
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
Sep. 30, 2018
Dec. 31, 2017
Deficit:    
Common Stock, Par Value Per Share $ 0.001 $ 0.001
Common Stock, Shares Authorized 75,000,000 75,000,000
Common Stock, Shares Issued 25,795,871 23,901,252
Common Stock, Shares Outstanding 25,795,871 23,901,252
XML 15 R4.htm IDEA: XBRL DOCUMENT v3.10.0.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Revenue        
Net product sales $ 67,851 $ 59,345 $ 286,591 $ 118,915
Consulting research & development income 20,000 63,192 4,448
Shipping and other sales 15,010 21,822
Total revenues 87,851 74,355 349,783 145,185
Cost of goods sold 41,958 59,427 171,032 134,575
Gross profit 45,893 14,928 178,751 10,610
Research and development expenses 291,624 239,663 1,094,993 664,931
Selling, general and administrative expenses 2,444,219 1,290,565 5,496,489 5,888,062
Total costs and expenses 2,735,843 1,530,228 6,591,482 6,552,993
Net loss from operations (2,689,950) (1,515,300) (6,412,731) (6,542,383)
Other income (expense):        
Interest income 1 6
Other income 8,699 7,619 25,841
Loss on disposal of PP&E (12,351)
Change in derivative liability (624,429) 218,138 (418,042) 175,593
Other expense (61,695) (8,673) (171,402) (16,061)
Interest expense (1,433,153) (511,503) (2,133,412) (600,709)
Other income (expense) (2,119,277) (293,338) (2,715,237) (427,681)
Net loss before income taxes (4,809,227) (1,808,638) (9,127,968) (6,970,064)
Provision for income taxes
Net loss (4,809,227) (1,808,638) (9,127,968) (6,970,064)
Net loss attributed to noncontrolling interest (9,935) (24,513)
Net loss attributed to CURE Pharmaceutical Holding Corp $ (4,799,292) $ (1,808,638) $ (9,103,455) $ (6,970,064)
Net loss per share, basic and diluted $ (0.20) $ (0.08) $ (0.37) $ (0.30)
Weighted average shares outstanding, basic and diluted 24,403,901 23,794,730 24,635,143 23,567,317
XML 16 R5.htm IDEA: XBRL DOCUMENT v3.10.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Cash Flows from Operating Activities    
Net loss $ (9,127,968) $ (6,970,064)
Adjustments to reconcile net loss to net cash used in operating activities:    
Amortization of stock based compensation prepaid expenses 1,162,400 1,261,693
Loss on disposal of PP&E 12,351
Loss from joint venture 14,956
Stock issued for services 45,614
Stock issued for amending convertible promissory notes 189,750
Equity incentive compensation 560,800
Depreciation and amortization 110,454 130,943
Amortization of loan discounts 1,650,705 564,969
Change in derivative liability 418,042 (175,593)
Warrants granted for commission expense 1,154,750
Warrants granted for services 2,560,607
Change in other assets and liabilities:    
Accounts receivable (2,226) (14,151)
Inventory (47,677) (7,908)
Prepaid expenses and other assets 165,317 (588,508)
Other assets 25,221 24,169
Accounts payable 249,785 199,209
Accrued expenses 269,314 48,181
Deferred revenue 43,055 68,088
Net cash used in operating activities (3,132,664) (2,871,058)
Cash flows from investing activities    
Purchase in intangible assets (71,529) (43,621)
Payment to joint venture (5,000)
Acquisition of property and equipment, net (51,093) (55,917)
Net cash used in investing activities (122,622) (104,538)
Cash flows from financing activities    
Proceeds from convertible promissory notes 3,600,000 2,105,000
Proceeds from promissory notes 250,000
Loan repayments (400,425) (98,277)
Capital lease payments (9,453)
Net cash provided by financing activities 3,449,575 1,997,270
Net increase (decrease) in cash and cash equivalents 194,289 (978,326)
Cash and cash equivalents, beginning of period 108,249 1,106,142
Cash and cash equivalents, end of period 302,538 127,816
Supplemental cash flow information    
Cash paid for interest 67,085 11,800
Cash paid for income taxes
Non-cash financing activities:    
Common stock related to prepaid expenses 1,018,250 1,960,000
Warrants granted for discount on convertible promissory notes 1,546,028 676,746
Loan discount relating to note payable 10,000
Stock issued for settlement of accounts payable 50,000  
Common stock to be issued for issuance of a promissory note 144,000
Common stock to be issued for conversion of convertible note 263,397
Common stock to be issued for patents 97,000
Accrued interest converted to convertible promissory note $ 10,000
XML 17 R6.htm IDEA: XBRL DOCUMENT v3.10.0.1
ORGANIZATION AND DESCRIPTION OF BUSINESS
9 Months Ended
Sep. 30, 2018
Notes to Financial Statements  
NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS

CURE Pharmaceutical Holding Corp. (the “Company”) was incorporated in the State of Nevada on May 15, 2014. The Company was formerly named Makkanotti Group Corp. which was formed to engage in the business of manufacturing food paper bags in Nicosia, Cyprus.

 

On November 7, 2016, the board of directors and the majority stockholder of the then outstanding shares of the registrant’s common stock executed a written consent to change the registrant’s name to CURE Pharmaceutical Holdings Corp. from Makkanotti Group Corp. The Certificate of Amendment to Articles of Incorporation was filed with the State of Nevada on November 30, 2016.

 

Our wholly owned subsidiary and operating business, CURE Pharmaceutical Corporation, located in Oxnard, California was originally incorporated in July 2011.

 

The Company is a drug formulation and delivery technology company that researches and manufactures novel dosage forms to improve drug safety, efficacy and patient adherence. Our mission is to improve lives by redefining how medications are delivered and experienced. Our business strategy is to develop products using our proprietary technology, license the product rights to partners responsible for clinical development, regulatory approval, marketing and sales and retain exclusive manufacturing rights. We operate a 25,000 sqft cGMP manufacturing plant in Oxnard, CA.

 

Our technology platform includes oral dissolving film (ODF) and transdermal formulations. We apply our technology to pharmaceutical drugs and dietary supplements. ODF products are about the size of a postage stamp and composed of excipients such as polymers, stabilizers, lipids and surfactants which are all generally recognized as safe. They can be designed to deliver active ingredients to the gastrointestinal tract (GI) when placed on the tongue and swallowed, or directly to the blood stream when placed under the tongue (sublingual) or on the inner lining of the cheek and lip (buccal).

 

Our commercial strategy seeks to mitigate risk by pursuing a diversified model.

 

1. Dietary supplements. We manufacture select dietary supplements that complement our portfolio and align with our mission which are white labeled and distributed by third parties. Dietary supplements are regulated under the Dietary Supplement Health and Education Act of 1994 (DSHEA) under which supplements are effective by the FDA for Good Manufacturing Practices under 21 CFR Part 111 but do not require FDA approval. By developing, manufacturing and selling dietary supplements, we can generate modest short term revenue while improving our production capabilities and generating platform-wide intellectual property.

 

2. Pharmaceuticals. We partner with companies that are responsible for clinical development, regulatory approval, marketing and sales of the products. We provide the Chemistry, Manufacturing, and Controls (CMC) documentation required for regulatory submissions and in some instances, we may conduct preclinical and clinical testing. Deal terms may include upfront licensing fees, development costs, milestone payments, royalties and exclusive manufacturing rights. Within this category, we are further diversifying risk and return by pursuing both competitive differentiation of marketed drugs (product life cycle opportunities) and improved pharmacokinetics of investigational drugs. While we currently commercially manufacture dietary supplements in our facility, we are undertaking steps to scale up manufacturing of pharmaceutical drugs for clinical and commercial use.

 

 3. Cannabinoids. We are researching and developing drugs in the cannabinoid family of molecules. The oral bioavailability of cannabinoids is very low due to extensive gut and liver metabolism. Consequently, potency and release times are unpredictable and inconsistent. Moreover, cannabinoids don’t readily dissolve in water which adds to dosing difficulties and discrepancies. In addition to improving bioavailability, CUREfilm technology enables the loading of combinations of cannabinoids and other plant extracts that, together, provide maximum therapeutic benefit. Development and manufacturing of cannabinoid drugs are regulated by the FDA and the Drug enforcement Agency (DEA). A research license filed with the DEA in January 2018 was determined to be submitted in error given our proposed activities. As such, we have applied for a Schedule 1 manufacturer license with the DEA which is under review.

 

4. Underserved patient populations. Consistent with our mission of improving the lives of all people in need, regardless of geography or economic status, we licensed our technology to our majority-owned subsidiary, Oak Therapeutics, for the development of novel drug formulations for patients in developing nations such as a rapidly dissolving film to treat tuberculosis.

XML 18 R7.htm IDEA: XBRL DOCUMENT v3.10.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
9 Months Ended
Sep. 30, 2018
Notes to Financial Statements  
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principal of Consolidation and Basis of Presentation

 

The condensed consolidated financial statements include the accounts of CURE Pharmaceutical Holding Corp (“CPHC”), its wholly-owned subsidiary, CURE Pharmaceutical Corporation (“CURE”) and its 63% majority owned subsidiary Oak Therapeutics, Inc. (“OAK”), collectively referred to as (“CURE”, “we”, “us”, “our” or the “Company” All significant inter-company balances and transactions have been eliminated in consolidation. The Company’s film strip product represents the principal operations of the Company.

 

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial statements and with the instructions to Form 10-Q and Article 8 of Regulation S-X of the United States Securities and Exchange Commission (“SEC”). Accordingly, they do not contain all information and footnotes required by accounting principles generally accepted in the United States of America for annual financial statements. In the opinion of the Company’s management, the accompanying unaudited condensed consolidated financial statements contain all the adjustments necessary (consisting only of normal recurring accruals) to present the financial position of the Company as of September 30, 2018, and the results of operations and cash flows for the periods presented. The results of operations for the three and nine months ended September 30, 2018 and 2017, are not necessarily indicative of the operating results for the full fiscal year or any future period. These unaudited condensed consolidated financial statements should be read in conjunction with the financial statements and related notes thereto included in Form 10-K for the fiscal period ended December 31, 2017 filed with the Securities and Exchange Commission (the “SEC”) on March 26, 2018.

 

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 and disclosure of contingent assets and liabilities at the date of the financial statements. These estimates and assumptions also affect the reported amounts of revenues, costs and expenses during the reporting period. Management evaluates these estimates and assumptions on a regular basis. Actual results could differ from those estimates.

  

Cash and Cash Equivalents

 

The Company considers all cash on hand and in banks, including accounts in book overdraft positions, certificates of deposit and other highly-liquid investments with maturities of three months or less, when purchased, to be cash and cash equivalents. As of September 30, 2018 and December 31, 2017, the Company had no cash equivalents. At September 30, 2018 and December 31, 2017, the Company maintains its cash and cash equivalents in banks insured by the Federal Deposit Insurance Corporation (“FDIC”) in accounts that at times may be in excess of the federally insured limit of $250,000 per bank. The Company minimizes this risk by placing its cash deposits with major financial institutions.

 

Investment in Associates

 

An associate is an entity over which the Company has significant influence through a joint venture. Significant influence is the power to participate in the financial and operating policy decisions of the investee but not control or joint control over those policies.

 

The results of assets and liabilities of associates are incorporated in the condensed consolidated financial statements using the equity method of accounting. Under the equity method, investments in associates are carried in the consolidated balance sheet at cost as adjusted for post-acquisition changes in the Company’s share of the net assets of the associate, less any impairment in the value of the investment. Losses of an associate in excess of the Company’s interest in that associate are not recognized. Additional losses are provided for, and a liability is recognized, only to the extent that the Company has incurred legal or constructive obligations or made payments on behalf of the associate.

 

Any excess of the cost of acquisition over the Company’s share of the net fair value of the identifiable assets, liabilities and contingent liabilities of the associate recognized at the date of acquisition is recognized as goodwill. The goodwill is included within the carrying amount of the investment.

 

On January 8, 2016, the Company received 50% ownership in Cure Innovations, Inc (“CI”). CI was created in 2015 by IncuBrands Studio, Inc (“IncuBrands”). The Company and IncuBrands each own 50% of the common stock of CI. The Company and IncuBrands entered into a Joint Venture agreement in 2013 to distribute several OTF products utilizing IncuBrands marketing and contacts in various industries as well as utilize the Company’s technology and capabilities of manufacturing OTF’s.

 

On December 6, 2016, the Company entered into a Joint Venture Agreement (“Joint Venture”) with Pace Wellness, Inc. (“Pace”) to jointly develop three Active Pharmaceutical Ingredients (“API”) within the nonprescription and/or Over-the-Counter (OTC) medicines specifically utilizing the Company’s patented and proprietary CUREFilm™ Technology. The three API’s to be jointly developed are Diphenhydramine HCL, Omeprazole and a third API to be determined at a later date (“Products”). Pace shall be the exclusive global distributor of the Products under the Solves Strips® branding or other private or branded labels. All benefits, advantages, and liabilities derived from, or incurred in respect of the Joint Venture shall be borne by the parties in proportion of their respective participating interests of 50/50 equal interest. As of September 30, 2018, the Company has only contributed $5,000 to the Joint Venture. The Company is looking to dissolve this Joint Venture due to Pace’s insolvency and we are no longer looking to develop these Products.

 

Property and Equipment

 

The Company capitalizes expenditures related to property and equipment, subject to a minimum rule, that have a useful life greater than one year for: (1) assets purchased; (2) existing assets that are replaced, improved or the useful lives have been extended; or (3) all land, regardless of cost. Acquisitions of new assets, additions, replacements and improvements (other than land) costing less than the minimum rule in addition to maintenance and repair costs, including any planned major maintenance activities, are expensed as incurred. Depreciation has been provided using the straight-line method on the following estimated useful lives:

 

Manufacturing equipment   5-7 Years
Computer and other equipment   3-7 Years
Leasehold Improvements   Lesser of useful life or the term of the lease

  

Accounts Receivable

 

Accounts receivable are generally unsecured. The Company establishes an allowance for doubtful accounts receivable based on the age of outstanding invoices and management’s evaluation of collectability. Accounts are written off after all reasonable collection efforts have been exhausted and management concludes that likelihood of collection is remote. Any future recoveries are applied against the allowance for doubtful accounts.

 

Impairment of Long-Lived Assets

 

Long-lived assets include equipment and intangible assets other than those with indefinite lives. We assess the carrying value of our long-lived asset groups when indicators of impairment exist and recognize an impairment loss when the carrying amount of a long-lived asset is not recoverable when compared to undiscounted cash flows expected to result from the use and eventual disposition of the asset.

 

Indicators of impairment include significant underperformance relative to historical or projected future operating results, significant changes in our use of the assets or in our business strategy, loss of or changes in customer relationships and significant negative industry or economic trends. When indications of impairment arise for a particular asset or group of assets, we assess the future recoverability of the carrying value of the asset (or asset group) based on an undiscounted cash flow analysis. If carrying value exceeds projected, net, undiscounted cash flows, an additional analysis is performed to determine the fair value of the asset (or asset group), typically a discounted cash flow analysis, and an impairment charge is recorded for the excess of carrying value over fair value. There was no impairment on our long-lived assets during the three and nine month periods ended September 30, 2018 and 2017.

 

Revenue Recognition

 

We recognize revenue in accordance with Accounting Standards Codification (“ASC”) 606, “Revenue Recognition”. The Company adopted Topic 606 using a modified retrospective approach and will be applied prospectively in the Company’s financial statements from January 1, 2018 forward. Revenues under Topic 606 are required to be recognized either at a “point in time” or “ over time”, depending on the facts and circumstances of the arrangement, and will be evaluated using a five-step model. The adoption of Topic 606 did not have a material impact on the Company’s financial statements, at initial implementation nor will it have a material impact on an ongoing basis. We derive revenues from two primary sources: products and services. Product revenue includes the shipment of product according to the agreement with our customers. Services include research and development contracts for the development of OTF products utilizing our CureFilm™ Technology or our other proprietary technologies. Rarely, contracts with customers contain multiple performance obligations. For these contracts, the Company accounts for individual performance obligations separately if they are distinct. The transaction price is allocated to the separate performance obligations on a relative standalone selling price basis. Standalone selling prices are typically estimated based on observable transactions when these services are sold on a standalone basis.

  

The Company’s consulting research and development income include services for the development of OTF products utilizing our CureFilm™ Technology. Most of our development contracts have four phases. Revenue is recognized based on progress toward completion of the performance obligation in each phase. The method to measure progress toward completion requires judgment and is based on the nature of the products or services to be provided. The Company generally uses the input method to measure progress for its contracts because it best depicts the transfer of assets to the customer, which occurs as the Company incurs costs for the contracts. Under the cost-to-cost measure of progress, the progress toward completion is measured based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligation. Revenue is recorded proportionally as costs are incurred. Costs to fulfill these obligations mainly include materials, labor, supplies and consultants.

 

Deferred revenue is shown separately in the condensed consolidated balance sheets. At September 30, 2018 we had deferred revenue of $404,517. At December 31, 2017, we had deferred revenue of $361,462.

 

Advertising Expense

 

The Company expenses marketing, promotions and advertising costs as incurred. Such costs are included in general and administrative expense in the accompanying statements of operations. The Company recorded advertising costs of $45,775 and $144,598 for the three and nine month periods ended September 30, 2018, respectively. The Company recorded advertising costs of $8,567 and $13,062, for the three and nine month periods ended September 30, 2017, respectively.

 

Research and Development

 

Costs incurred in connection with the development of new products and processes are charged to research and development expenses as incurred. The Company recorded research and development expenses of $291,624 and $1,094,993 for the three and nine month periods ended September 30, 2018, respectively. The Company recorded research and development expenses of $239,663 and $664,931 for the three and nine month periods ended September 30, 2017, respectively.

 

Income Taxes

 

The Company utilizes FASB ASC 740, “Income Taxes,” which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the difference between the tax basis of assets and liabilities and their financial reporting amounts based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. A valuation allowance is recorded when it is “more likely-than-not” that a deferred tax asset will not be realized.

 

The Company generated a deferred tax asset through net operating loss carry-forward. However, a valuation allowance of 100% has been established due to the uncertainty of the Company’s realization of the net operating loss carry forward prior to its expiration.

 

Stock-Based Compensation

 

Stock-based compensation is accounted for based on the requirements of the Share-Based Payment Topic of ASC 718 which requires recognition in the consolidated financial statements of the cost of employee and director services received in exchange for an award of equity instruments over the period the employee or director is required to perform the services in exchange for the award (presumptively, the vesting period). The ASC also requires measurement of the cost of employee and director services received in exchange for an award based on the grant-date fair value of the award.

  

Pursuant to ASC Topic 505-50, for share-based payments to consultants and other third-parties, compensation expense is determined at the “measurement date.” The expense is recognized over the vesting period of the award. Until the measurement date is reached, the total amount of compensation expense remains uncertain. The Company initially records compensation expense based on the fair value of the award at the reporting date.

 

Convertible Debentures

 

Beneficial Conversion Feature

 

If the conversion features of conventional convertible debt provides for a rate of conversion that is below market value, this feature is characterized as a beneficial conversion feature (“BCF”). A BCF is recorded by the Company as a debt discount pursuant to ASC Topic 470-20 ““Debt with Conversion and Other Options.” In those circumstances, the convertible debt is recorded net of the discount related to the BCF and the Company amortizes the discount to interest expense over the life of the debt using the effective interest method.

 

Derivative Liabilities

 

ASC 815-40 (formerly SFAS No. 133 “Accounting for derivative instruments and hedging activities”), requires that embedded derivative instruments be bifurcated and assessed, along with free-standing derivative instruments such as warrants, on their issuance date and in accordance with ASC 815-40-15 (formerly EITF 00-19 “Accounting for derivative financial instruments indexed to, and potentially settled in, a company’s own stock”) to determine whether they should be considered a derivative liability and measured at their fair value for accounting purposes. In determining the appropriate fair value, the Company uses the Black-Scholes option pricing formula and present value pricing. At September 30, 2018 and December 31, 2017, the Company adjusted its derivative liability to its fair value, and reflected the change in fair value, in its consolidated statement of operations and comprehensive loss.

 

Fair Value Measurements

 

The Company adopted the provisions of ASC Topic 820, “Fair Value Measurements and Disclosures”, which defines fair value as used in numerous accounting pronouncements, establishes a framework for measuring fair value and expands disclosure of fair value measurements.

 

The estimated fair value of certain financial instruments, including cash and cash equivalents are carried at historical cost basis, which approximates their fair values because of the short-term nature of these instruments.

 

ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 describes three levels of inputs that may be used to measure fair value:

 

Level 1 — quoted prices in active markets for identical assets or liabilities

Level 2 — quoted prices for similar assets and liabilities in active markets or inputs that are observable

Level 3 — inputs that are unobservable (for example cash flow modeling inputs based on assumptions)

  

The Company has no assets or liabilities valued at fair value on a recurring basis.

  

Basic and diluted loss per share

 

Basic loss per share is computed by dividing the net loss to common stockholders for the period by the weighted average number of common shares outstanding during the period. Diluted loss per share is computed by dividing the net loss for the period by the weighted average number of common and dilutive common equivalent shares outstanding during the period. Common equivalent shares, which consist of stock options and warrants, have been excluded from the diluted loss per share calculation because their effect is anti-dilutive.

 

    September 30, 2018  
       
Number of common stock shares issued and outstanding     25,795,871  
Number of common stock shares from conversion of convertible notes     1,330,905  
Number of common stock shares from exercise of warrants     3,804,751  
Number of common stock shares from exercise of stock options     655,634  
Total fully-diluted common stock shares     31,587,161  

 

Going Concern

 

The Company’s financial statements are prepared using U.S. GAAP applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company had an accumulated deficit at September 30, 2018 of $27,972,054. The Company had a working capital deficit of $6,344,207 as of September 30, 2018. These factors raise substantial doubt about the Company’s ability to continue as a going concern for one year from the issuance of the financial statements. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it establishes a revenue stream and becomes profitable. The Company is continually analyzing its current costs and is attempting to make additional cost reductions where possible. We expect that we will continue to generate losses from operations throughout 2018.

 

Historically, the Company has had operating losses and negative cash flows from operations which cast significant doubt upon the Company’s ability to continue as a going concern. The Company will need to raise capital in order to fund its operations. This need may be adversely impacted by uncertain market conditions and changes in the regulatory environment. To address its financing requirements, the Company intends to seek financing through debt and equity issuances to existing stockholders.

 

Specifically, management has identified that a minimum of $4,000,000 of capital is needed over the next 12 months in order sustain operations. These capital needs take into account, among other things, management’s plans to advance intellectual property, maintenance of patents, upgrades for manufacturing and to hire personnel for business development. Management has outlined a plan to raise between $7,000,000 to $9,000,000 in capital over the next 12 months through the issuance of shares of the Company’s common stock to accredited investors. Management believes that the capital raised through these methods will be sufficient to sustain operations for the next 12 months. However, the outcome of these matters cannot be predicted with certainty at this time.

 

The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually secure other sources of financing and attain profitable operations. These factors raise substantial doubt about the Company’s ability to continue as a going concern for one year from the issuance of the financial statements. The accompanying condensed consolidated financial statements do not include any adjustments relating to the recoverability and classification of assets and liabilities that might be necessary if the Company is unable to continue as a going concern.

  

Recently Issued Standards

 

In January 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities. The purpose is to enhance the reporting model for financial instruments to provide users of financial statements with more decision-useful information. This ASU is effective for the Company in the first quarter of 2018. Early adoption is not permitted except for limited provisions. The adoption of ASU 2016-01 did not have an impact on the Company’s condensed consolidated financial statements.

 

In February 2016, the FASB issued ASU 2016-02—Leases (Topic 842), requiring lessees to recognize a right-of-use asset and a lease liability on the balance sheet for all leases with the exception of short-term leases. For lessees, leases will continue to be classified as either operating or finance leases in the income statement. The effective date of the new standard for public companies is for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years. Early adoption is permitted. The new standard must be adopted using a modified retrospective transition and requires application of the new guidance at the beginning of the earliest comparative period presented. The Company is evaluating the effect that the updated standard will have on its consolidated financial statements and related disclosures.

 

In March 2016, the FASB issued ASU No. 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. The new standard requires recognition of the income tax effects of vested or settled awards in the income statement and involves several other aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. This new standard became effective for the Company on January 1, 2017. The adoption of this standard did not have a material impact on its financial position, results of operations or statements of cash flows upon adoption.

 

In May 2016, the FASB issued ASU No. 2016-12, “Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients”, to clarify certain core recognition principles including collectability, sales tax presentation, noncash consideration, contract modifications and completed contracts at transition and disclosures no longer required if the full retrospective transition method is adopted. The effective date and transition requirements for these amendments are annual reporting periods beginning after December 15, 2017, including interim reporting periods therein, and that would also permit public entities to elect to adopt the amendments as of the original effective date as applicable to reporting periods beginning after December 15, 2016. The new guidance allows for the amendment to be applied either retrospectively to each prior reporting period presented or retrospectively as a cumulative-effect adjustment as of the date of adoption. The adoption of ASU 2016-12 did not have an impact on the Company’s condensed consolidated financial statements.

 

In August, 2016, the FASB issued Accounting Standards Update No. 2016-15, Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force) (“ASU 2016-15”). The amendments in ASU 2016-15 address eight specific cash flow issues and apply to all entities that are required to present a statement of cash flows under ASC Topic 230, Statement of Cash Flows. The amendments in ASU 2016-15 are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption during an interim period. The adoption of ASU 2016-15 did not have an impact on the Company’s condensed consolidated financial statements.

 

In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business. This new standard clarifies the definition of a business and provides a screen to determine when an integrated set of assets and activities is not a business. The screen requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. This new standard will be effective for the Company on January 1, 2018; however, early adoption is permitted with prospective application to any business development transaction. There are various other updates recently issued, most of which represented technical corrections to the accounting literature or application to specific industries and are not expected to a have a material impact on the Company’s financial position, results of operations or cash flows.

  

In May 2017, the FASB issued ASU No. 2017-09, Compensation-Stock Compensation: Scope of Modification Accounting, which provides clarification on when modification accounting should be used for changes to the terms or conditions of a share-based payment award. This ASU does not change the accounting for modifications but clarifies that modification accounting guidance should only be applied if there is a change to the value, vesting conditions or award classification and would not be required if the changes are considered non-substantive. The amendments of this ASU are effective for the Company in the first quarter of 2018, with early adoption permitted. The adoption of ASU 2017-09 did not have an impact on the Company’s condensed consolidated financial statements.

 

In June 2018, the FASB issued ASU No. 2018-7, Compensation – Stock Compensation (Topic 718) )— Improvements to Nonemployee Share-Based Payment Accounting. This guidance supersedes ASC 505-50 and expands the scope of ASC 718 to include all share-based payment arrangements related to the acquisition of goods and services from both nonemployees and employees. The amendments should be applied on a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption. The guidance permits early adoption and was adopted by the Company in the first quarter of fiscal year 2019. The adoption of this ASU did not have any impact on the Company’s condensed consolidated financial statements.

 

There are various other updates recently issued, however, they are not expected to a have a material impact on the Company’s consolidated financial position, results of operations or cash flows.

XML 19 R8.htm IDEA: XBRL DOCUMENT v3.10.0.1
INVENTORY
9 Months Ended
Sep. 30, 2018
Notes to Financial Statements  
NOTE 3 - INVENTORY

Inventory consists of raw materials, packaging components, work-in-process and finished goods. The Company’s inventory is stated at the lower of cost (FIFO cost basis) or market. The carrying value of inventory consisted of the following at September 30, 2018 and December 31, 2017:

 

   

September 30,

2018

   

December 31,

2017

 
Raw materials   $ 69,748     $ 67,664  
Packaging components     17,986       17,546  
Work-in-process     49,049       829  
      136,783       86,039  
Reserve for obsolescence     (44,110 )     (41,043 )
Total inventory   $ 92,673     $ 44,996  

XML 20 R9.htm IDEA: XBRL DOCUMENT v3.10.0.1
PREPAID EXPENSES AND OTHER ASSETS
9 Months Ended
Sep. 30, 2018
Notes to Financial Statements  
Note 4 - PREPAID EXPENSES AND OTHER ASSETS

As of September 30, 2018 and December 31, 2017, prepaid expenses and other assets consisted of the following:

 

   

September 30,

2018

   

December 31,

2017

 
             
Prepaid consulting services– stock-based compensation   $ 1,018,467     $ 258,918  
Prepaid consulting services     90,667       116,167  
Prepaid clinical study     -       110,538  
Prepaid insurance     10,942       60,180  
Other receivables     8,683       5,858  
Prepaid inventory     15,945       12,182  
Prepaid expenses     48,200       23,045  
Prepaid expenses and other assets     1,192,904       586,888  
Current portion of prepaid expenses and other assets     (860,114 )     (586,888 )
Prepaid expenses and other assets less current portion   $ 332,790     $ -  

XML 21 R10.htm IDEA: XBRL DOCUMENT v3.10.0.1
PROPERTY AND EQUIPMENT AND INTANGIBLE ASSETS
9 Months Ended
Sep. 30, 2018
Notes to Financial Statements  
NOTE 5 - PROPERTY AND EQUIPMENT AND INTANGIBLE ASSETS

As of September 30, 2018 and December 31, 2017, property and equipment and intangible assets consisted of the following:

 

   

September 30,

2018

   

December 31,

2017

 
             
Manufacturing equipment   $ 835,860     $ 797,513  
Computer and other equipment     180,273       169,499  
Leasehold improvements     44,638       42,666  
Less accumulated depreciation     (747,693 )     (672,317 )
Property and Equipment, net   $ 313,078     $ 337,361  

 

Depreciation expense for the three and nine month periods ended September 30, 2018 was $25,724 and $75,376, respectively. Depreciation expense for the three and nine months ended September 30, 2017 was $21,882 and $98,325, respectively, which includes depreciation of $2,160 and $6,480 for capitalized leased assets for the three and nine months ended September 30, 2017, respectively.

 

   

September 30,

2018

   

December 31,

2017

 
             
Intellectual Property   $ 814,582     $ 814,582  
Patents     393,056       224,527  
Less accumulated amortization     (173,715 )     (138,637 )
Intangible assets, net   $ 1,033,923     $ 900,472  

 

The Company incurred $168,529 and $43,621 of legal patent costs that were capitalized during the nine months period ended September 30, 2018 and 2017, respectively. In addition, the Company purchased $97,000 of patents through the issuance of 120,000 common stock shares of the Company during the nine months period ended September 30, 2018 and no shares were issued for the purchase of patents for the nine months ended September 30, 2017. Amortization expense for the three and nine month periods ended September 30, 2018 was $12,226 and $35,078, respectively. Amortization expense for the three and nine month periods ended September 30, 2017 was $10,899 and $30,619, respectively.

 

The estimated aggregate amortization expense over each of the next five years is as follows:

 

2018   $ 12,226  
2019     47,305  
2020     47,305  
2021     47,305  
2022     47,305  
Thereafter     584,850  
Total Amortization   $ 786,296  

XML 22 R11.htm IDEA: XBRL DOCUMENT v3.10.0.1
LOAN PAYABLE
9 Months Ended
Sep. 30, 2018
Notes to Financial Statements  
NOTE 6 - LOAN PAYABLE

Loan payable consists of the following at September 30, 2018 and December 31, 2017:

 

   

September 30,

2018

   

December 31,

2017

 
Notes to a company due August 29, 2018 and September 21, 2018, including interest at 7.55% and 7.05%, respectively per annum; unsecured; interest due monthly   $ -     $ 50,425  
Current portion of loan payable     -       (50,425 )
Loan payable, less current portion   $ -     $ -  

 

Interest expense for the three and nine month periods ended September 30, 2018 was $187 and $1,482, respectively. Interest expense for the three and nine month periods ended September 30, 2017 was $281 and $1,946, respectively.

XML 23 R12.htm IDEA: XBRL DOCUMENT v3.10.0.1
NOTES PAYABLE
9 Months Ended
Sep. 30, 2018
Notes to Financial Statements  
NOTE 7 - NOTES PAYABLE

Notes payable consist of the following at September 30, 2018 and December 31, 2017:

 

   

September 30,

2018

   

December 31,

2017

 
             
Note to a company amended on August 27, 2017 and due on or before one month from the amended date and the maturity date shall be extended for one month periods as long as the Company is not in default, interest shall accrue at 10% per annum, secured by the Company’s intellectual property   $ 650,000     $ 650,000  
Note to a company of $100,000 due January 31, 2018 including interest of $3,000 per month, unsecured, principal and interest due at maturity, principal and interest repaid on January 23, 2018     -       100,000  
Note to an individual, non-interest bearing, unsecured and has no fixed terms of repayment     50,000       50,000  
Note to an individual due October 22, 2018, interest payable at 6% per annum, unsecured, principal and accrued interest due at maturity. The Company issued 50,000 shares of its common stock on October 18, 2018 at a price per share of $2.88 as an equity kicker.     150,000       -  
Note to a company due December 15, 2018, interest payable at 5% per annum, unsecured, principal and accrued interest due at maturity. If this note is still outstanding as of the date of any bona fide sale of the Company’s preferred stock or common stock in excess of $4,000,000 in gross proceeds, in one transaction or a serious of related transactions, which offering definitively sets a price per share of common stock and results in a listing of the Company’s common stock on a national securities exchange     100,000       -  
      950,000       800,000  
                 
Unamortized discount     (64,000 )     -  
Current portion of loan payable     (886,000 )     (800,000 )
Loan payable, less current portion   $ -     $ -  

 

Interest expense for the three and nine month periods ended September 30, 2018 was $17,225 and $49,458, respectively. Interest expense for the three and nine months ended September 30, 2017 was $8,842.

XML 24 R13.htm IDEA: XBRL DOCUMENT v3.10.0.1
CONVERTIBLE PROMISSORY NOTES
9 Months Ended
Sep. 30, 2018
Notes to Financial Statements  
NOTE 8 - CONVERTIBLE PROMISSORY NOTES

Convertible promissory notes consist of the following at September 30, 2018 and December 31, 2017:

 

   

September 30,

2018

   

December 31,

2017

 
             
Convertible promissory notes totaling $1,400,000 due between December 31, 2018 and January 31, 2019, interest payable at 8% per annum; unsecured; principal and accrued interest convertible into common stock at the lower of $7.00 per share or the price per share of the latest closing of a debt or equity offering by the Company greater than $3,000,000; accrued interest due between August 31, 2018 and September 30, 2018   $ 1,400,000     $ 1,900,000  
Convertible promissory notes totaling $2,025,000 due November 30, 2018, interest payable at 9% per annum; unsecured; principal and accrued interest convertible into common stock at either the price per share equal to the average closing price of the Company’s Common Stock on the OTC Markets for the five consecutive trading days prior to the delivery of a Notice of Conversion (“Optional Conversion”) or price per share equal to 75% of the price of the Company’s next bona fide sale of its preferred stock or Common Stock in excess of $4,000,000 in gross proceeds, in one transaction or a series of related transactions, which offering definitively sets a price per share of the Company’s Common Stock or preferred stock and enables the Company to list its common stock on a national securities exchange; accrued interest to be paid quarterly beginning September 30, 2018, which has not yet been paid     2,025,000       -  
Convertible promissory note totaling $500,000 due April 30, 2019, interest payable at 9% per annum; unsecured; principal and accrued interest convertible into common stock at a price per share (the “ Voluntary Conversion PPS “) equal to 75% of the average of the closing prices of the Company’s Common Stock on the OTC Market (or any other market on which the common stock of the Company is then listed for trading) over the thirty (30) consecutive trading days prior to the delivery of the notice of conversion by the Investor to the Company, or, if at the time of such conversion the shares of the Company’s Common Stock are not listed for trading, then the entire then outstanding Investment Amount shall be converted into that number of shares of the most senior class of shares of the Company existing at the time of such conversion, at a price per share equal to 75% of the fair market value of such Common Stock as shall be determined by the Board of Directors based on, among others, a valuation prepared by an independent third party and which shall have been submitted to the Company not more than 90 days prior to the date of such determination by the Board of Directors. In the event of the consummation by the Company, on or before the Maturity Date, of a transaction or series of related transactions in which the Company issues equity securities of the Company in consideration of at least US$4,000,000 (a “ Financing “), the then outstanding Investment Amount not previously converted hereunder shall be automatically converted, immediately prior to (but conditioned upon) the consummation of such Financing, into such number of shares (or a sub-class thereof) issued by the Company in the Financing, equal to the outstanding Investment Amount divided by a price per share equal to 75% of the lowest price per share paid to the Company in the Financing. In the event the Financing is not consummated by the Maturity Date, then the outstanding Investment Amount as of the Maturity Date not previously converted hereunder shall be automatically converted, on the Maturity Date, into such number of shares (or a sub-class thereof) issued by the Company in the Financing, equal to the outstanding Investment Amount divided by the Voluntary Conversion PPS     500,000       -  
Convertible promissory note totaling $500,000 due December 31, 2018, interest payable at 9% per annum; secured by all assets of the company; principal and accrued interest convertible into common stock at either the price per share equal to the average closing price of the Company’s Common Stock on the OTC Markets for the five consecutive trading days prior to the delivery of a Notice of Conversion (“Optional Conversion”) or price per share equal to 75% of the price of the Company’s next bona fide sale of its preferred stock or Common Stock in excess of $4,000,000 in gross proceeds, in one transaction or a series of related transactions, which offering definitively sets a price per share of the Company’s Common Stock or preferred stock and enables the Company to list its common stock on a national securities exchange; accrued interest to be paid quarterly beginning September 30, 2018      500,000        -  
Convertible promissory notes totaling $575,000 due June 27, 2019, interest payable at 9% per annum; unsecured; principal and accrued interest convertible into common stock at either the price per share equal to the average closing price of the Company’s Common Stock on the OTC Markets for the five consecutive trading days prior to the delivery of a Notice of Conversion (“Optional Conversion”) or price per share equal to 75% of the price of the Company’s next bona fide sale of its preferred stock or Common Stock in excess of $4,000,000 in gross proceeds, in one transaction or a series of related transactions, which offering definitively sets a price per share of the Company’s Common Stock or preferred stock and enables the Company to list its common stock on a national securities exchange; accrued interest to be paid quarterly beginning December 31, 2018     575,000       -  
      5,000,000       1,900,000  
                 
Unamortized discount     (621,434 )     (348,512 )
Current portion of convertible promissory notes     4,378,566       1,551,488  
Convertible promissory notes, less current portion   $ -     $ -  

 

During the three and nine month period ended September 30, 2018, the Company incurred $427,327 and $1,286,420, respectively, amortization of discount. During the three and nine months ended September 30, 2017, the Company incurred $477,285 and $554,968, respectively, amortization of discount. Interest expense for the three and nine month periods ended September 30, 2018 was $90,856 and $233,009, respectively. Interest expense for the three and nine months ended September 30, 2017 was $23,617 and $26,922, respectively. 

XML 25 R14.htm IDEA: XBRL DOCUMENT v3.10.0.1
DERIVATIVE LIABILITY
9 Months Ended
Sep. 30, 2018
Notes to Financial Statements  
NOTE 9 - DERIVATIVE LIABILITY

The following table summarizes fair value measurements by level at September 30, 2018 for assets and liabilities measured at fair value on a recurring basis:

 

    Level I     Level II     Level III     Total  
Derivative liability   $ -     $ -     $ (806,379 )   $ (806,379 )
                                 

 

The following table summarizes fair value measurements by level at December 31, 2017 for assets and liabilities measured at fair value on a recurring basis:

 

    Level I     Level II     Level III     Total  
Derivative liability   $ -     $ -     $ (90,738 )   $ (90,738 )
                                 

 

The Company has issued convertible promissory notes during 2017 and 2018. The convertible notes require us to record the value of the conversion feature as a liability, at fair value, pursuant to ASC 815, including provisions in the notes that protect the holders from declines in the Company’s stock price, which is considered outside the control of the Company. The derivative liabilities are marked-to-market each reporting period and changes in fair value are recorded as a non-operating gain or loss in our statement of operations, until they are completely settled. The fair value of the conversion feature is determined each reporting period using the Black-Scholes option pricing model, and is affected by changes in inputs to that model including our stock price, expected stock price volatility, interest rates and expected term. The assumptions used in valuing the derivative liability during 2018 were as follows:

 

   

September 30,

2018

 
Significant assumptions (weighted-average):      
Risk-free interest rate at grant date     2.94 %
Expected stock price volatility     146.68 %
Expected dividend payout     -  
Expected option life (in years)     1  
Expected forfeiture rate     0 %

 

The following is a reconciliation of the derivative liability for 2018:

 

   

September 30,

2018

 
Value at December 31, 2017   $ 90,738  
Increase in value     418,042  
Initial value at debt issuance     297,599  
Value at September 30, 2018   $ 806,379  

XML 26 R15.htm IDEA: XBRL DOCUMENT v3.10.0.1
STOCK BASED AWARDS
9 Months Ended
Sep. 30, 2018
Notes to Financial Statements  
NOTE 10 - STOCK BASED AWARDS

On December 29, 2017 (“Effective Date”), the Company adopted the CURE Pharmaceutical Holding Corp. 2017 Equity Incentive Plan (the “Plan”), pursuant to which an aggregate of 5,000,000 shares of the common stock of the Company are available for grant. The Board of Directors have determined that it is in the best interests of the Company and its stockholders to provide an additional incentive for certain employees, including executive officers, and non-employee members of the Board of Directors of the Company by granting to them awards with respect to the common stock of the Company pursuant to the Plan. The Plan seeks to achieve this purpose by providing for awards in the form of Options, Stock Appreciation Rights, Restricted Stock Awards, Restricted Stock Units, Performance Shares, Performance Units, Cash-Based Awards and Other Stock-Based Awards (“Awards”). The Plan will continue in effect until its termination by the Committee; provided, however, that all Awards must be granted, if at all, within ten (10) years from the Effective Date.

  

On April 6, 2018, the Company awarded 371,250 Restricted Common Stock (“RCS”), 1,251,700 Nonstatutory Stock Options (“NSO”) and 932,750 Incentive Stock Options (“ISO”) to employees, including executive officers, non-employee members of the Board of Directors of the Company, members of the Advisory Board Committee and consultants at a $0.74 price per share. Vesting period for the awarded RCS, NSO and ISO’s range from immediate to quarterly over a 4 year period. For NSO’s and ISO awarded, the term to exercise their NSO or ISO is 10 years.

 

Stock Options

 

The Company’s stock option activity was as follows:

 

    Options     Weighted Average Exercise Price     Weighted Average Contractual Remaining Life  
Outstanding, December 31, 2017     -       -       -  
Granted     2,184,450       0.73       9.52  
Exercised     -       -       -  
Forfeited/Expired     -       -       -  
Outstanding, September 30, 2018     2,184,450       0.73       9.52  
Exercisable at September 30, 2018     655,634       0.74       9.52  

 

 

Range of

Exercise Price

  Number of Options     Weighted Average Remaining Contractual Life (years)     Weighted Average Exercise Price     Number of Warrants Exercisable     Weighted Average Exercise Price  
$ 0.61-$0.74     2,184,450       9.52       0.73       655,634       0.74  
        2,184,450       9.52       0.73       655,634       0.74  

 

The aggregate intrinsic value of options outstanding and exercisable at September 30, 2018 was $644.

 

The aggregate grant date fair value of options granted during the nine months ended September 30, 2018 and year ended December 31, 2017 amounted to $1,299,862 and $0, respectively. Compensation expense related to stock options was $76,407 and $390,136 for the three and nine month periods ended September 30, 2018, respectively. No compensation expense related to stock options were incurred during the three and nine month periods ended September 30, 2017.

 

As of September 30, 2018, the total unrecognized fair value compensation cost related to unvested stock options was $909,726, which is to be recognized over a remaining weighted average period of approximately 9.52years.

  

The weighted-average fair value of options granted during the nine months ended September 30, 2018 and year ended December 31, 2017, and the weighted-average significant assumptions used to determine those fair values, using a Black-Scholes-Merton (“Black-Scholes”) option pricing model are as follows:

 

   

September 30,

2018

   

December 31,

2017

 
Significant assumptions (weighted-average):            
Risk-free interest rate at grant date     2.94 %     0 %
Expected stock price volatility     146.68 %     0 %
Expected dividend payout     -       -  
Expected option life (in years)     10       -  
Expected forfeiture rate     0 %     0 %

 

Restricted Stock

 

The Company’s restricted stock activity was as follows:

 

Compensation expense related to restricted shares was $23,125 and $170,663 for the three and nine month periods ended September 30, 2018, respectively. There was no compensation expense related to restricted shares for the three and nine month periods ended September 30, 2017. Information relating to non-vested restricted award shares is as follows:

 

   

Restricted

Stock Shares

    Weighted Average Grant Date Fair Value  
Non-vested, December 31, 2017     -       -  
Granted     371,250       0.74  
Vested     (230,625 )     0.74  
Forfeited/Expired     -       -  
Non-vested, September 30, 2018     140,625       0.74  

XML 27 R16.htm IDEA: XBRL DOCUMENT v3.10.0.1
WARRANT AGREEMENTS
9 Months Ended
Sep. 30, 2018
Notes to Financial Statements  
NOTE 11 - WARRANT AGREEMENTS

On January 24, 2018, the Company issued an additional 55,000 warrants at a fair market value of $50,094 and with an exercise price of $1.00 per share in connection with issuance of $1,100,000 convertible promissory notes in 2017 and amended on January 24, 2018 to extend the maturity date to March 31, 2018. The Company considered if the amendment of the convertible promissory note was a debt modification or extinguishment based on the guidelines of ASC 470-50, and concluded that the amendments of the convertible promissory notes were debt modifications. The Company recorded the fair market value of the 55,000 warrants issued as a debt discount that has been fully amortized as of September 30, 2018.

 

On April 15, 2018, the Company issued an additional 275,000 warrants at a fair market value of $87,828 and with an exercise price of $1.00 per share in connection with issuance of $1,100,000 convertible promissory notes in 2017, amended on January 24, 2018 to extend the maturity date to March 31, 2018 and a second amendment on April 15, 2018 to extend the maturity date to May 31, 2018. In addition, the Company extended the term of the warrant agreements for one additional year for each of the convertible promissory notes. The Company considered if the amendment of the convertible promissory note was a debt modification or extinguishment based on the guidelines of ASC 470-50, and concluded that the amendments of the convertible promissory notes were debt modifications. The Company recorded the fair market value of the 275,000 warrants issued as a debt discount that has been fully amortized as of September 30, 2018.

 

On May 1, 2018, the Company issued 110,000 warrants at a fair market value of $27,479 and with an exercise price of $1.00 per share in connection with commission earned for the issuance of convertible promissory notes by the Company.

  

On July 7, 2018, the Company issued 148,644 warrants at a fair market value of $48,249 and with an exercise price of $1.00 per share in connection with the conversion of a convertible promissory note issued by the Company. As per the warrant agreement dated May 15, 2018, the Company shall issue fifty percent (50%) of the Company’s common stock shares issued upon conversion of the convertible promissory note. The convertible promissory note is to be converted into 297,288 common stock shares of the Company and as a result, 148,644 warrants were issued. As of our filing of our Form 10-Q for the quarterly period ended September 30, 2018, the company has not yet issued these common stock shares and has recorded a stock payable.

 

Warrants that vest at the end of a one-year period are amortized over the vesting period using the straight-line method.

 

The Company’s warrant activity was as follows:

 

    Warrants     Weighted Average Exercise Price     Weighted Average Contractual Remaining Life  
Outstanding, December 31, 2017     4,752,107       2.90       4.98  
Granted     588,644       1.00       2.76  
Exercised     -       -       -  
Forfeited/Expired     -       -       -  
Outstanding, September 30, 2018     5,340,751       1.95       2.25  
Exercisable at September 30, 2018     3,804,751       1.93       2.28  

 

 

Range of Exercise Price

  Number of Warrants     Weighted Average Remaining Contractual Life (years)     Weighted Average Exercise Price     Number of Warrants Exercisable     Weighted Average Exercise Price  
$ 1.00 – $7.00     5,340,751       2.25     $ 1.95       3,804,751     $ 1.93  
        5,340,751       2.25     $ 1.95       3,804,751     $ 1.93  

 

The weighted-average fair value of warrants granted to during the nine months ended September 30, 2018 and year ended December 31, 2017, and the weighted-average significant assumptions used to determine those fair values, using a Black-Scholes-Merton (“Black-Scholes”) option pricing model are as follows:

 

   

September 30,

2018

   

December 31,

2017

 
Significant assumptions (weighted-average):            
Risk-free interest rate at grant date     2.94 %     2.20 %
Expected stock price volatility     146.68 %     75.43 %
Expected dividend payout     -       -  
Expected option life (in years)     3       3  
Expected forfeiture rate     0 %     0 %

XML 28 R17.htm IDEA: XBRL DOCUMENT v3.10.0.1
STOCKHOLDERS' EQUITY
9 Months Ended
Sep. 30, 2018
Notes to Financial Statements  
NOTE 12 - STOCKHOLDERS' EQUITY

Authorized Stock

 

The Company has authorized to issue is 75,000,000 common shares with a par value of $0.001 per share.

 

As of September 30, 2018 and December 31, 2017, there were 25,795,871 and 23,901,252 shares of the Company’s common stock issued and outstanding, respectively.

 

Common Share Issuances

 

On January 24, 2018, the Company issued 50,000 common stock shares at $1.48 per share for consulting services to be performed over a one year period. The total value of this issuance was $74,000 and as of September 30, 2018, $23,108 is included in prepaid expenses and other assets.

 

On May 16, 2018, the Company issued 70,150 common stock shares at $0.65 per share for consulting services performed. The total value of this issuance was $45,614.

 

On May 16, 2018, the Company issued 1,000,000 common stock shares at $0.97 per share for consulting services to be performed over a 30 month period. The total value of this issuance was $970,000 and as of September 30, 2018, $831,429 is included in prepaid expenses and other assets.

 

On July 17, 2018, the Company issued 70,000 common stock shares at $1.85 per share for consulting services to be performed over a six month period. The total value of this issuance was $129,500.

 

On July 17, 2018, the Company issued 69,444 common stock shares at $0.72 per share for the cancellation of two months rent and overages for property tax and general liability insurance. The total value of this issuance was $50,000.

 

On July 17, 2018, the Company issued 250,000 common stock shares at $1.10 per share for strategic marketing and development advisory services to be performed over a six month period. The total value of this issuance was $275,000.

 

On August 17, 2018, the Company issued a total of 115,000 common stock shares at $1.65 per share for compensation of extending the maturity dates of convertible promissory notes of three note holders. The total value of this issuance was $189,750. The Company considered if the amendment of the convertible promissory note was a debt modification or extinguishment based on the guidelines of ASC 470-50, and concluded that the amendments of the convertible promissory notes were debt modifications. The Company recorded the fair market value of the 115,000 common stock shares issued as a debt discount that has been fully amortized as of September 30, 2018.

 

On September 4, 2018, the Company issued 90,000 common stock shares at $0.71 per share and 90,000 shares at $1.00 per share for media and advertising services to be performed over a six month period. The total value of these issuances was $153,900.

 

On September 4, 2018, the Company issued 90,000 common stock shares at $3.24 per share for media and advertising services to be performed over a six month period. The total value of this issuance was $291,600.

  

Stock Payable

 

On April 2, 2018 (the “Effective Date”), the Company entered into a patent purchase agreement (“Agreement”) with an individual (“Assignor”) who is the owner of all rights, title and interest in and to certain Assigned Patents to purchase the rights to the Assigned Patents. As consideration for the assignment of the Assigned Patents and other rights under the Agreement, the Company shall issue to Assignor shares of its Common Stock (“Shares”) as follows, provided, that the maximum number of Shares issuable hereunder shall not exceed Two Hundred Thousand (200,000): (a) 50,000 Shares will be issued on the Effective Date; (b) 10,000 Shares will be issued for each Abandoned Application the prosecution of which is revived by the United States Patent and Trademark Office (“USPTO”); and (c) 50,000 Shares will be issued upon issuance by the USPTO of each patent that includes at least one specific claim in a patent application that recites subject matter to be defined by Assignee in its sole discretion (“Target Claim”). For the nine months period ended September 30, 2018, the Company owed 50,000 Shares at $0.69 price per share,20,000 Shares at $0.70 price per share and 50,000 shares at $0.97 price per share, for a total of 120,000 Shares. As the Company has not yet issued the 120,000 Shares as of September 30, 2018, the Company recorded a stock payable of $97,000, where $94,618 is included in intellectual property and patents as of September 30, 2018.

 

 On July 7, 2018, a convertible promissory note and accrued interest totaling $263,398 was converted into 297,288 shares of common stock of the Company at a price of $0.886 per share. As of our filing of our Form 10-Q for the quarterly period ended September 30, 2018, the company has not yet issued these common stock shares and has recorded a stock payable.

 

On August 3, 2018, the Company entered into a Media Advertising Agreement (“Agreement”). Per the terms of the Agreement, the Company was to issue 30,000 common stock shares at $1.88 per share for providing media and advertising services over a six month period. The total value of these issuances was $56,400. As of our filing of our Form 10-Q for the quarterly period ended September 30, 2018, the company has not yet issued these common stock shares and has recorded a stock payable.

 

On September 5, 2018, the Company issued an unsecured $150,000 Promissory Note (“Note”) with an individual. As part of the issuance of the Note, the Company is to issue 50,000 common stock shares as an equity kicker at a $2.88 price per share. As the Company did not issue the 50,000 common stock shares as of September 30, 2018, the Company recorded a stock payable of $144,000.

 

As of September 30, 2018, the Company still has $308,328 worth of stock payable not yet issued that is from the year ended December 31, 2017 audited figures.

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COMMITMENTS AND CONTINGENCIES
9 Months Ended
Sep. 30, 2018
Notes to Financial Statements  
NOTE 13 - COMMITMENTS AND CONTINGENCIES

Litigation:

 

From time to time, we may become involved in various lawsuits and legal proceedings that arise in the ordinary course of business. However, litigation is subject to inherent uncertainties, and an adverse result in these or other matters may arise from time to time that may harm our business. The only significant matter of which the Company is aware of is discussed below.

 

On May 22, 2017, Sandy Sierra Garate (“Applicant”), an employee of the Company, filed an application for benefits due to serious and willful misconduct of the employer pursuant to labor code section 4553 with the State of California Workers’ Compensation Appeals Board (WCAB Case No: ADJ 10686812) resulting in injury arising out of and in the course of the Applicant’s employment on August 5, 2016. The Applicant is requesting relief in this matter for a one half increase in all compensation recoverable in connection with the injury of August 5, 2016, for the allowance of costs and expenses in an amount to be determined and for such further relief as is deemed appropriate. The Company is currently unable to determine what additional expenses will be incurred in order to defend this matter. As such, the Company cannot determine whether there is a reasonable possibility that a loss will be incurred nor can it estimate the range of any such potential loss. Accordingly, the Company has not accrued an amount for any potential loss associated with this action.

  

Operating leases

 

The Company maintains its corporate offices and manufacturing facility at 1620 Beacon Place, Oxnard, CA 93033, which contains approximately 25,000 square feet. The Company is currently on a month-to-month lease.

 

The Company also leased additional office and warehouse space at 1612 Fiske Place, Oxnard, CA 93033, which contains approximately 2,227 square feet. The Company was on a month-to-month lease and vacated this facility on August 6, 2018.

 

Total rent expense for the three and nine month periods ended September 30, 2018 was $63,992 and $205,962, respectively. Total rent expense for the three and nine month periods ended September 30, 2017 was $73,415 and $219,230, respectively.

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SUBSEQUENT EVENTS
9 Months Ended
Sep. 30, 2018
Notes to Financial Statements  
NOTE 14 - SUBSEQUENT EVENTS

On October 9, 2018, the United States Patent and Trademark Office (“USPTO”) allowed for an oral thin film patent (U.S. Patent No. 10,092,611), which covers the processing and integration of bioactive cannabinoid molecules into oral thin film dosage forms, such as CUREfilm™. These molecules, such as cannabidiol (CBD), are obtained from the Company’s patented methods (U.S. Patent No. 9,044,390 and 9,186,386) of extraction and purification of cannabis plant material. This patent allowance by the USPTO and per the patent purchase agreement entered on April 2, 2018, the Company will issue 50,000 common stock shares at $2.81 price per share. As of the date of this filing, the Company has not yet issued these shares.

 

On October 12, 2018, the Company sent a written 30-Day Notice of Default (“Notice”) to Altair International Corp (“Altair”), regarding the Exclusive License and Distribution Agreement (“Agreement”), dated August 10, 2016 (“Effective Date”), with Altair. The Notice was provided to Altair due to Altair failing to fulfill its obligations under the Agreement and has materially breached the Agreement. To maintain the rights granted under the Agreement, Altair was to make minimum orders in the amount of $1,500,000 of the collective Products, as defined in the Agreement, within the first 24 months following the Effective Date. As of October 26, 2018, Altair did not order any collective Products and has provided written confirmation that Altair has failed to fulfill its obligations under the Agreement and that the Notice will not be cured. As a result, the Agreement is terminated and license fees totaling $560,000 will be recognized as other income in the fourth quarter of 2018.

 

On October 15, 2018, Cure Pharmaceutical Holding Corp. (the “Company”) entered into a Securities Purchase Agreement (the “Securities Purchase Agreement”) with accredited investors (each an “Investor” and collectively, the “Investors”). Pursuant to the terms of the Securities Purchase Agreement, the Company sold up to $2,000,000 in convertible notes (the “Notes”), initially convertible into shares of the Company’s common stock, par value $0.001 per share (the “Common Stock”) at a conversion price equal to $2.50 at the earlier of (1) the Investor’s discretion or (2) the Company’s next bona fide sale of its preferred stock or Common Stock in excess of $4,000,000 in gross proceeds, in one transaction or a series of related transactions, which offering definitively sets a price per share of the Company’s Common Stock and results in a listing of the Company’s Common Stock on a national securities exchange. The Notes shall be issued in tranches with (1) a closing of $250,000 on October 15, 2018; (2) a closing of $250,000 on or before November 15, 2018; (3) a closing of $250,000 on or before December 1, 2018; and a closing of $1,250,000 on or before December 31, 2018.

 

On October 30, 2018, the Company issued 50,000 common stock shares at a $2.88 price per share to an individual as an equity kicker for issuing an unsecured promissory note dated September 5, 2018. As the Company did not issue the 50,000 common stock shares as of September 30, 2018, the Company recorded a stock payable of $144,000.

 

On October 31, 2018, the Company amended four convertible promissory notes totaling $850,000 to extend the maturity dates to December 31, 2018. For extending the maturity date, the Company will issue a total of 115,000 common stock shares of the Company at $1.95 price per share.

 

On October 31, 2018, the Company amended a promissory notes totaling $150,000 to extend the maturity date to December 31, 2018. For extending the maturity date, the Company will issue 30,000 common stock shares of the Company at $1.95 price per share.

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
9 Months Ended
Sep. 30, 2018
Summary Of Significant Accounting Policies Policies  
Principles of consolidation and basis of presentation

The condensed consolidated financial statements include the accounts of CURE Pharmaceutical Holding Corp (“CPHC”), its wholly-owned subsidiary, CURE Pharmaceutical Corporation (“CURE”) and its 63% majority owned subsidiary Oak Therapeutics, Inc. (“OAK”), collectively referred to as (“CURE”, “we”, “us”, “our” or the “Company” All significant inter-company balances and transactions have been eliminated in consolidation. The Company’s film strip product represents the principal operations of the Company.

 

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial statements and with the instructions to Form 10-Q and Article 8 of Regulation S-X of the United States Securities and Exchange Commission (“SEC”). Accordingly, they do not contain all information and footnotes required by accounting principles generally accepted in the United States of America for annual financial statements. In the opinion of the Company’s management, the accompanying unaudited condensed consolidated financial statements contain all the adjustments necessary (consisting only of normal recurring accruals) to present the financial position of the Company as of September 30, 2018, and the results of operations and cash flows for the periods presented. The results of operations for the three and nine months ended September 30, 2018 and 2017, are not necessarily indicative of the operating results for the full fiscal year or any future period. These unaudited condensed consolidated financial statements should be read in conjunction with the financial statements and related notes thereto included in Form 10-K for the fiscal period ended December 31, 2017 filed with the Securities and Exchange Commission (the “SEC”) on March 26, 2018.

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 and disclosure of contingent assets and liabilities at the date of the financial statements. These estimates and assumptions also affect the reported amounts of revenues, costs and expenses during the reporting period. Management evaluates these estimates and assumptions on a regular basis. Actual results could differ from those estimates. 

Cash and Cash Equivalents

The Company considers all cash on hand and in banks, including accounts in book overdraft positions, certificates of deposit and other highly-liquid investments with maturities of three months or less, when purchased, to be cash and cash equivalents. As of September 30, 2018 and December 31, 2017, the Company had no cash equivalents. At September 30, 2018 and December 31, 2017, the Company maintains its cash and cash equivalents in banks insured by the Federal Deposit Insurance Corporation (“FDIC”) in accounts that at times may be in excess of the federally insured limit of $250,000 per bank. The Company minimizes this risk by placing its cash deposits with major financial institutions.

Investment in Associates

An associate is an entity over which the Company has significant influence through a joint venture. Significant influence is the power to participate in the financial and operating policy decisions of the investee but not control or joint control over those policies.

 

The results of assets and liabilities of associates are incorporated in the condensed consolidated financial statements using the equity method of accounting. Under the equity method, investments in associates are carried in the consolidated balance sheet at cost as adjusted for post-acquisition changes in the Company’s share of the net assets of the associate, less any impairment in the value of the investment. Losses of an associate in excess of the Company’s interest in that associate are not recognized. Additional losses are provided for, and a liability is recognized, only to the extent that the Company has incurred legal or constructive obligations or made payments on behalf of the associate.

 

Any excess of the cost of acquisition over the Company’s share of the net fair value of the identifiable assets, liabilities and contingent liabilities of the associate recognized at the date of acquisition is recognized as goodwill. The goodwill is included within the carrying amount of the investment.

 

On January 8, 2016, the Company received 50% ownership in Cure Innovations, Inc (“CI”). CI was created in 2015 by IncuBrands Studio, Inc (“IncuBrands”). The Company and IncuBrands each own 50% of the common stock of CI. The Company and IncuBrands entered into a Joint Venture agreement in 2013 to distribute several OTF products utilizing IncuBrands marketing and contacts in various industries as well as utilize the Company’s technology and capabilities of manufacturing OTF’s.

 

On December 6, 2016, the Company entered into a Joint Venture Agreement (“Joint Venture”) with Pace Wellness, Inc. (“Pace”) to jointly develop three Active Pharmaceutical Ingredients (“API”) within the nonprescription and/or Over-the-Counter (OTC) medicines specifically utilizing the Company’s patented and proprietary CUREFilm™ Technology. The three API’s to be jointly developed are Diphenhydramine HCL, Omeprazole and a third API to be determined at a later date (“Products”). Pace shall be the exclusive global distributor of the Products under the Solves Strips® branding or other private or branded labels. All benefits, advantages, and liabilities derived from, or incurred in respect of the Joint Venture shall be borne by the parties in proportion of their respective participating interests of 50/50 equal interest. As of September 30, 2018, the Company has only contributed $5,000 to the Joint Venture. The Company is looking to dissolve this Joint Venture due to Pace’s insolvency and we are no longer looking to develop these Products.

Property and Equipment

The Company capitalizes expenditures related to property and equipment, subject to a minimum rule, that have a useful life greater than one year for: (1) assets purchased; (2) existing assets that are replaced, improved or the useful lives have been extended; or (3) all land, regardless of cost. Acquisitions of new assets, additions, replacements and improvements (other than land) costing less than the minimum rule in addition to maintenance and repair costs, including any planned major maintenance activities, are expensed as incurred. Depreciation has been provided using the straight-line method on the following estimated useful lives:

 

Manufacturing equipment   5-7 Years
Computer and other equipment   3-7 Years
Leasehold Improvements   Lesser of useful life or the term of the lease
Accounts receivable

Accounts receivable are generally unsecured. The Company establishes an allowance for doubtful accounts receivable based on the age of outstanding invoices and management’s evaluation of collectability. Accounts are written off after all reasonable collection efforts have been exhausted and management concludes that likelihood of collection is remote. Any future recoveries are applied against the allowance for doubtful accounts.

Impairment of Long-Lived Assets

Long-lived assets include equipment and intangible assets other than those with indefinite lives. We assess the carrying value of our long-lived asset groups when indicators of impairment exist and recognize an impairment loss when the carrying amount of a long-lived asset is not recoverable when compared to undiscounted cash flows expected to result from the use and eventual disposition of the asset.

 

Indicators of impairment include significant underperformance relative to historical or projected future operating results, significant changes in our use of the assets or in our business strategy, loss of or changes in customer relationships and significant negative industry or economic trends. When indications of impairment arise for a particular asset or group of assets, we assess the future recoverability of the carrying value of the asset (or asset group) based on an undiscounted cash flow analysis. If carrying value exceeds projected, net, undiscounted cash flows, an additional analysis is performed to determine the fair value of the asset (or asset group), typically a discounted cash flow analysis, and an impairment charge is recorded for the excess of carrying value over fair value. There was no impairment on our long-lived assets during the three and nine month periods ended September 30, 2018 and 2017.

Revenue Recognition

We recognize revenue in accordance with Accounting Standards Codification (“ASC”) 606, “Revenue Recognition”. The Company adopted Topic 606 using a modified retrospective approach and will be applied prospectively in the Company’s financial statements from January 1, 2018 forward. Revenues under Topic 606 are required to be recognized either at a “point in time” or “ over time”, depending on the facts and circumstances of the arrangement, and will be evaluated using a five-step model. The adoption of Topic 606 did not have a material impact on the Company’s financial statements, at initial implementation nor will it have a material impact on an ongoing basis. We derive revenues from two primary sources: products and services. Product revenue includes the shipment of product according to the agreement with our customers. Services include research and development contracts for the development of OTF products utilizing our CureFilm™ Technology or our other proprietary technologies. Rarely, contracts with customers contain multiple performance obligations. For these contracts, the Company accounts for individual performance obligations separately if they are distinct. The transaction price is allocated to the separate performance obligations on a relative standalone selling price basis. Standalone selling prices are typically estimated based on observable transactions when these services are sold on a standalone basis.

  

The Company’s consulting research and development income include services for the development of OTF products utilizing our CureFilm™ Technology. Most of our development contracts have four phases. Revenue is recognized based on progress toward completion of the performance obligation in each phase. The method to measure progress toward completion requires judgment and is based on the nature of the products or services to be provided. The Company generally uses the input method to measure progress for its contracts because it best depicts the transfer of assets to the customer, which occurs as the Company incurs costs for the contracts. Under the cost-to-cost measure of progress, the progress toward completion is measured based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligation. Revenue is recorded proportionally as costs are incurred. Costs to fulfill these obligations mainly include materials, labor, supplies and consultants.

 

Deferred revenue is shown separately in the condensed consolidated balance sheets. At September 30, 2018 we had deferred revenue of $404,517. At December 31, 2017, we had deferred revenue of $361,462.

Advertising Expense

The Company expenses marketing, promotions and advertising costs as incurred. Such costs are included in general and administrative expense in the accompanying statements of operations. The Company recorded advertising costs of $45,775 and $144,598 for the three and nine month periods ended September 30, 2018, respectively. The Company recorded advertising costs of $8,567 and $13,062, for the three and nine month periods ended September 30, 2017, respectively.

Research and Development

Costs incurred in connection with the development of new products and processes are charged to research and development expenses as incurred. The Company recorded research and development expenses of $291,624 and $1,094,993 for the three and nine month periods ended September 30, 2018, respectively. The Company recorded research and development expenses of $239,663 and $664,931 for the three and nine month periods ended September 30, 2017, respectively.

Income Taxes

The Company utilizes FASB ASC 740, “Income Taxes,” which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the difference between the tax basis of assets and liabilities and their financial reporting amounts based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. A valuation allowance is recorded when it is “more likely-than-not” that a deferred tax asset will not be realized.

 

The Company generated a deferred tax asset through net operating loss carry-forward. However, a valuation allowance of 100% has been established due to the uncertainty of the Company’s realization of the net operating loss carry forward prior to its expiration.

Stock-Based Compensation

Stock-based compensation is accounted for based on the requirements of the Share-Based Payment Topic of ASC 718 which requires recognition in the consolidated financial statements of the cost of employee and director services received in exchange for an award of equity instruments over the period the employee or director is required to perform the services in exchange for the award (presumptively, the vesting period). The ASC also requires measurement of the cost of employee and director services received in exchange for an award based on the grant-date fair value of the award.

  

Pursuant to ASC Topic 505-50, for share-based payments to consultants and other third-parties, compensation expense is determined at the “measurement date.” The expense is recognized over the vesting period of the award. Until the measurement date is reached, the total amount of compensation expense remains uncertain. The Company initially records compensation expense based on the fair value of the award at the reporting date.

Convertible Debentures

Beneficial Conversion Feature

 

If the conversion features of conventional convertible debt provides for a rate of conversion that is below market value, this feature is characterized as a beneficial conversion feature (“BCF”). A BCF is recorded by the Company as a debt discount pursuant to ASC Topic 470-20 ““Debt with Conversion and Other Options.” In those circumstances, the convertible debt is recorded net of the discount related to the BCF and the Company amortizes the discount to interest expense over the life of the debt using the effective interest method.

 

Derivative Liabilities

 

ASC 815-40 (formerly SFAS No. 133 “Accounting for derivative instruments and hedging activities”), requires that embedded derivative instruments be bifurcated and assessed, along with free-standing derivative instruments such as warrants, on their issuance date and in accordance with ASC 815-40-15 (formerly EITF 00-19 “Accounting for derivative financial instruments indexed to, and potentially settled in, a company’s own stock”) to determine whether they should be considered a derivative liability and measured at their fair value for accounting purposes. In determining the appropriate fair value, the Company uses the Black-Scholes option pricing formula and present value pricing. At September 30, 2018 and December 31, 2017, the Company adjusted its derivative liability to its fair value, and reflected the change in fair value, in its consolidated statement of operations and comprehensive loss.

Fair Value Measurements

The Company adopted the provisions of ASC Topic 820, “Fair Value Measurements and Disclosures”, which defines fair value as used in numerous accounting pronouncements, establishes a framework for measuring fair value and expands disclosure of fair value measurements.

 

The estimated fair value of certain financial instruments, including cash and cash equivalents are carried at historical cost basis, which approximates their fair values because of the short-term nature of these instruments.

 

ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 describes three levels of inputs that may be used to measure fair value:

 

Level 1 — quoted prices in active markets for identical assets or liabilities

Level 2 — quoted prices for similar assets and liabilities in active markets or inputs that are observable

Level 3 — inputs that are unobservable (for example cash flow modeling inputs based on assumptions)

  

The Company has no assets or liabilities valued at fair value on a recurring basis. 

Basic and diluted loss per share

Basic loss per share is computed by dividing the net loss to common stockholders for the period by the weighted average number of common shares outstanding during the period. Diluted loss per share is computed by dividing the net loss for the period by the weighted average number of common and dilutive common equivalent shares outstanding during the period. Common equivalent shares, which consist of stock options and warrants, have been excluded from the diluted loss per share calculation because their effect is anti-dilutive.

 

    September 30, 2018  
       
Number of common stock shares issued and outstanding     25,795,871  
Number of common stock shares from conversion of convertible notes     1,330,905  
Number of common stock shares from exercise of warrants     3,804,751  
Number of common stock shares from exercise of stock options     655,634  
Total fully-diluted common stock shares     31,587,161  

Going Concern

The Company’s financial statements are prepared using U.S. GAAP applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company had an accumulated deficit at September 30, 2018 of $27,972,054. The Company had a working capital deficit of $6,344,207 as of September 30, 2018. These factors raise substantial doubt about the Company’s ability to continue as a going concern for one year from the issuance of the financial statements. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it establishes a revenue stream and becomes profitable. The Company is continually analyzing its current costs and is attempting to make additional cost reductions where possible. We expect that we will continue to generate losses from operations throughout 2018.

 

Historically, the Company has had operating losses and negative cash flows from operations which cast significant doubt upon the Company’s ability to continue as a going concern. The Company will need to raise capital in order to fund its operations. This need may be adversely impacted by uncertain market conditions and changes in the regulatory environment. To address its financing requirements, the Company intends to seek financing through debt and equity issuances to existing stockholders.

 

Specifically, management has identified that a minimum of $4,000,000 of capital is needed over the next 12 months in order sustain operations. These capital needs take into account, among other things, management’s plans to advance intellectual property, maintenance of patents, upgrades for manufacturing and to hire personnel for business development. Management has outlined a plan to raise between $7,000,000 to $9,000,000 in capital over the next 12 months through the issuance of shares of the Company’s common stock to accredited investors. Management believes that the capital raised through these methods will be sufficient to sustain operations for the next 12 months. However, the outcome of these matters cannot be predicted with certainty at this time.

 

The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually secure other sources of financing and attain profitable operations. These factors raise substantial doubt about the Company’s ability to continue as a going concern for one year from the issuance of the financial statements. The accompanying condensed consolidated financial statements do not include any adjustments relating to the recoverability and classification of assets and liabilities that might be necessary if the Company is unable to continue as a going concern. 

Recently Issued Standards

In January 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities. The purpose is to enhance the reporting model for financial instruments to provide users of financial statements with more decision-useful information. This ASU is effective for the Company in the first quarter of 2018. Early adoption is not permitted except for limited provisions. The adoption of ASU 2016-01 did not have an impact on the Company’s condensed consolidated financial statements.

 

In February 2016, the FASB issued ASU 2016-02—Leases (Topic 842), requiring lessees to recognize a right-of-use asset and a lease liability on the balance sheet for all leases with the exception of short-term leases. For lessees, leases will continue to be classified as either operating or finance leases in the income statement. The effective date of the new standard for public companies is for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years. Early adoption is permitted. The new standard must be adopted using a modified retrospective transition and requires application of the new guidance at the beginning of the earliest comparative period presented. The Company is evaluating the effect that the updated standard will have on its consolidated financial statements and related disclosures.

 

In March 2016, the FASB issued ASU No. 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. The new standard requires recognition of the income tax effects of vested or settled awards in the income statement and involves several other aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. This new standard became effective for the Company on January 1, 2017. The adoption of this standard did not have a material impact on its financial position, results of operations or statements of cash flows upon adoption.

 

In May 2016, the FASB issued ASU No. 2016-12, “Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients”, to clarify certain core recognition principles including collectability, sales tax presentation, noncash consideration, contract modifications and completed contracts at transition and disclosures no longer required if the full retrospective transition method is adopted. The effective date and transition requirements for these amendments are annual reporting periods beginning after December 15, 2017, including interim reporting periods therein, and that would also permit public entities to elect to adopt the amendments as of the original effective date as applicable to reporting periods beginning after December 15, 2016. The new guidance allows for the amendment to be applied either retrospectively to each prior reporting period presented or retrospectively as a cumulative-effect adjustment as of the date of adoption. The adoption of ASU 2016-12 did not have an impact on the Company’s condensed consolidated financial statements.

 

In August, 2016, the FASB issued Accounting Standards Update No. 2016-15, Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force) (“ASU 2016-15”). The amendments in ASU 2016-15 address eight specific cash flow issues and apply to all entities that are required to present a statement of cash flows under ASC Topic 230, Statement of Cash Flows. The amendments in ASU 2016-15 are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption during an interim period. The adoption of ASU 2016-15 did not have an impact on the Company’s condensed consolidated financial statements.

 

In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business. This new standard clarifies the definition of a business and provides a screen to determine when an integrated set of assets and activities is not a business. The screen requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. This new standard will be effective for the Company on January 1, 2018; however, early adoption is permitted with prospective application to any business development transaction. There are various other updates recently issued, most of which represented technical corrections to the accounting literature or application to specific industries and are not expected to a have a material impact on the Company’s financial position, results of operations or cash flows.

  

In May 2017, the FASB issued ASU No. 2017-09, Compensation-Stock Compensation: Scope of Modification Accounting, which provides clarification on when modification accounting should be used for changes to the terms or conditions of a share-based payment award. This ASU does not change the accounting for modifications but clarifies that modification accounting guidance should only be applied if there is a change to the value, vesting conditions or award classification and would not be required if the changes are considered non-substantive. The amendments of this ASU are effective for the Company in the first quarter of 2018, with early adoption permitted. The adoption of ASU 2017-09 did not have an impact on the Company’s condensed consolidated financial statements.

 

In June 2018, the FASB issued ASU No. 2018-7, Compensation – Stock Compensation (Topic 718) )— Improvements to Nonemployee Share-Based Payment Accounting. This guidance supersedes ASC 505-50 and expands the scope of ASC 718 to include all share-based payment arrangements related to the acquisition of goods and services from both nonemployees and employees. The amendments should be applied on a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption. The guidance permits early adoption and was adopted by the Company in the first quarter of fiscal year 2019. The adoption of this ASU did not have any impact on the Company’s condensed consolidated financial statements.

 

There are various other updates recently issued, however, they are not expected to a have a material impact on the Company’s consolidated financial position, results of operations or cash flows.

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
9 Months Ended
Sep. 30, 2018
Summary Of Significant Accounting Policies Tables  
Property and equipment

Manufacturing equipment   5-7 Years
Computer and other equipment   3-7 Years
Leasehold Improvements   Lesser of useful life or the term of the lease

Basic and diluted loss per share
    September 30, 2018  
       
Number of common stock shares issued and outstanding     25,795,871  
Number of common stock shares from conversion of convertible notes     1,330,905  
Number of common stock shares from exercise of warrants     3,804,751  
Number of common stock shares from exercise of stock options     655,634  
Total fully-diluted common stock shares     31,587,161  
XML 33 R22.htm IDEA: XBRL DOCUMENT v3.10.0.1
INVENTORY (Tables)
9 Months Ended
Sep. 30, 2018
Inventory Tables  
Inventory Of Carrying Value

   

September 30,

2018

   

December 31,

2017

 
Raw materials   $ 69,748     $ 67,664  
Packaging components     17,986       17,546  
Work-in-process     49,049       829  
      136,783       86,039  
Reserve for obsolescence     (44,110 )     (41,043 )
Total inventory   $ 92,673     $ 44,996  

XML 34 R23.htm IDEA: XBRL DOCUMENT v3.10.0.1
PREPAID EXPENSES AND OTHER ASSETS (Tables)
9 Months Ended
Sep. 30, 2018
Prepaid Expenses And Other Assets Tables  
Prepaid expenses and other assets

   

September 30,

2018

   

December 31,

2017

 
             
Prepaid consulting services– stock-based compensation   $ 1,018,467     $ 258,918  
Prepaid consulting services     90,667       116,167  
Prepaid clinical study     -       110,538  
Prepaid insurance     10,942       60,180  
Other receivables     8,683       5,858  
Prepaid inventory     15,945       12,182  
Prepaid expenses     48,200       23,045  
Prepaid expenses and other assets     1,192,904       586,888  
Current portion of prepaid expenses and other assets     (860,114 )     (586,888 )
Prepaid expenses and other assets less current portion   $ 332,790     $ -  

XML 35 R24.htm IDEA: XBRL DOCUMENT v3.10.0.1
PROPERTY AND EQUIPMENT AND INTANGIBLE ASSETS (Tables)
9 Months Ended
Sep. 30, 2018
Property And Equipment And Intangible Assets Tables  
Property and equipment and intangible assets

   

September 30,

2018

   

December 31,

2017

 
             
Manufacturing equipment   $ 835,860     $ 797,513  
Computer and other equipment     180,273       169,499  
Leasehold improvements     44,638       42,666  
Less accumulated depreciation     (747,693 )     (672,317 )
Property and Equipment, net   $ 313,078     $ 337,361  

Intangible assets, net

   

September 30,

2018

   

December 31,

2017

 
             
Intellectual Property   $ 814,582     $ 814,582  
Patents     393,056       224,527  
Less accumulated amortization     (173,715 )     (138,637 )
Intangible assets, net   $ 1,033,923     $ 900,472  

Amortization expense

2018   $ 12,226  
2019     47,305  
2020     47,305  
2021     47,305  
2022     47,305  
Thereafter     584,850  
Total Amortization   $ 786,296  

XML 36 R25.htm IDEA: XBRL DOCUMENT v3.10.0.1
LOAN PAYABLE (Tables)
9 Months Ended
Sep. 30, 2018
Loan Payable Tables  
Loan Payable

   

September 30,

2018

   

December 31,

2017

 
Notes to a company due August 29, 2018 and September 21, 2018, including interest at 7.55% and 7.05%, respectively per annum; unsecured; interest due monthly   $ -     $ 50,425  
Current portion of loan payable     -       (50,425 )
Loan payable, less current portion   $ -     $ -  

XML 37 R26.htm IDEA: XBRL DOCUMENT v3.10.0.1
NOTES PAYABLE (Tables)
9 Months Ended
Sep. 30, 2018
Notes Payable Tables  
Notes Payable

   

September 30,

2018

   

December 31,

2017

 
             
Note to a company amended on August 27, 2017 and due on or before one month from the amended date and the maturity date shall be extended for one month periods as long as the Company is not in default, interest shall accrue at 10% per annum, secured by the Company’s intellectual property   $ 650,000     $ 650,000  
Note to a company of $100,000 due January 31, 2018 including interest of $3,000 per month, unsecured, principal and interest due at maturity, principal and interest repaid on January 23, 2018     -       100,000  
Note to an individual, non-interest bearing, unsecured and has no fixed terms of repayment     50,000       50,000  
Note to an individual due October 22, 2018, interest payable at 6% per annum, unsecured, principal and accrued interest due at maturity. The Company issued 50,000 shares of its common stock on October 18, 2018 at a price per share of $2.88 as an equity kicker.     150,000       -  
Note to a company due December 15, 2018, interest payable at 5% per annum, unsecured, principal and accrued interest due at maturity. If this note is still outstanding as of the date of any bona fide sale of the Company’s preferred stock or common stock in excess of $4,000,000 in gross proceeds, in one transaction or a serious of related transactions, which offering definitively sets a price per share of common stock and results in a listing of the Company’s common stock on a national securities exchange     100,000       -  
      950,000       800,000  
                 
Unamortized discount     (64,000 )     -  
Current portion of loan payable     (886,000 )     (800,000 )
Loan payable, less current portion   $ -     $ -  

XML 38 R27.htm IDEA: XBRL DOCUMENT v3.10.0.1
CONVERTIBLE PROMISSORY NOTES (Tables)
9 Months Ended
Sep. 30, 2018
Convertible Promissory Notes Tables  
Convertible promissory notes

Convertible promissory notes consist of the following at September 30, 2018 and December 31, 2017:

 

   

September 30,

2018

   

December 31,

2017

 
             
Convertible promissory notes totaling $1,400,000 due between December 31, 2018 and January 31, 2019, interest payable at 8% per annum; unsecured; principal and accrued interest convertible into common stock at the lower of $7.00 per share or the price per share of the latest closing of a debt or equity offering by the Company greater than $3,000,000; accrued interest due between August 31, 2018 and September 30, 2018   $ 1,400,000     $ 1,900,000  
Convertible promissory notes totaling $2,025,000 due November 30, 2018, interest payable at 9% per annum; unsecured; principal and accrued interest convertible into common stock at either the price per share equal to the average closing price of the Company’s Common Stock on the OTC Markets for the five consecutive trading days prior to the delivery of a Notice of Conversion (“Optional Conversion”) or price per share equal to 75% of the price of the Company’s next bona fide sale of its preferred stock or Common Stock in excess of $4,000,000 in gross proceeds, in one transaction or a series of related transactions, which offering definitively sets a price per share of the Company’s Common Stock or preferred stock and enables the Company to list its common stock on a national securities exchange; accrued interest to be paid quarterly beginning September 30, 2018, which has not yet been paid     2,025,000       -  
Convertible promissory note totaling $500,000 due April 30, 2019, interest payable at 9% per annum; unsecured; principal and accrued interest convertible into common stock at a price per share (the “ Voluntary Conversion PPS “) equal to 75% of the average of the closing prices of the Company’s Common Stock on the OTC Market (or any other market on which the common stock of the Company is then listed for trading) over the thirty (30) consecutive trading days prior to the delivery of the notice of conversion by the Investor to the Company, or, if at the time of such conversion the shares of the Company’s Common Stock are not listed for trading, then the entire then outstanding Investment Amount shall be converted into that number of shares of the most senior class of shares of the Company existing at the time of such conversion, at a price per share equal to 75% of the fair market value of such Common Stock as shall be determined by the Board of Directors based on, among others, a valuation prepared by an independent third party and which shall have been submitted to the Company not more than 90 days prior to the date of such determination by the Board of Directors. In the event of the consummation by the Company, on or before the Maturity Date, of a transaction or series of related transactions in which the Company issues equity securities of the Company in consideration of at least US$4,000,000 (a “ Financing “), the then outstanding Investment Amount not previously converted hereunder shall be automatically converted, immediately prior to (but conditioned upon) the consummation of such Financing, into such number of shares (or a sub-class thereof) issued by the Company in the Financing, equal to the outstanding Investment Amount divided by a price per share equal to 75% of the lowest price per share paid to the Company in the Financing. In the event the Financing is not consummated by the Maturity Date, then the outstanding Investment Amount as of the Maturity Date not previously converted hereunder shall be automatically converted, on the Maturity Date, into such number of shares (or a sub-class thereof) issued by the Company in the Financing, equal to the outstanding Investment Amount divided by the Voluntary Conversion PPS     500,000       -  
Convertible promissory note totaling $500,000 due December 31, 2018, interest payable at 9% per annum; secured by all assets of the company; principal and accrued interest convertible into common stock at either the price per share equal to the average closing price of the Company’s Common Stock on the OTC Markets for the five consecutive trading days prior to the delivery of a Notice of Conversion (“Optional Conversion”) or price per share equal to 75% of the price of the Company’s next bona fide sale of its preferred stock or Common Stock in excess of $4,000,000 in gross proceeds, in one transaction or a series of related transactions, which offering definitively sets a price per share of the Company’s Common Stock or preferred stock and enables the Company to list its common stock on a national securities exchange; accrued interest to be paid quarterly beginning September 30, 2018      500,000        -  
Convertible promissory notes totaling $575,000 due June 27, 2019, interest payable at 9% per annum; unsecured; principal and accrued interest convertible into common stock at either the price per share equal to the average closing price of the Company’s Common Stock on the OTC Markets for the five consecutive trading days prior to the delivery of a Notice of Conversion (“Optional Conversion”) or price per share equal to 75% of the price of the Company’s next bona fide sale of its preferred stock or Common Stock in excess of $4,000,000 in gross proceeds, in one transaction or a series of related transactions, which offering definitively sets a price per share of the Company’s Common Stock or preferred stock and enables the Company to list its common stock on a national securities exchange; accrued interest to be paid quarterly beginning December 31, 2018     575,000       -  
      5,000,000       1,900,000  
                 
Unamortized discount     (621,434 )     (348,512 )
Current portion of convertible promissory notes     4,378,566       1,551,488  
Convertible promissory notes, less current portion   $ -     $ -  
XML 39 R28.htm IDEA: XBRL DOCUMENT v3.10.0.1
DERIVATIVE LIABILITY (Tables)
9 Months Ended
Sep. 30, 2018
Derivative Liability Tables  
Derivative liability

The following table summarizes fair value measurements by level at September 30, 2018 for assets and liabilities measured at fair value on a recurring basis:

 

    Level I     Level II     Level III     Total  
Derivative liability   $ -     $ -     $ (806,379 )   $ (806,379 )
                                 

 

The following table summarizes fair value measurements by level at December 31, 2017 for assets and liabilities measured at fair value on a recurring basis:

 

    Level I     Level II     Level III     Total  
Derivative liability   $ -     $ -     $ (90,738 )   $ (90,738 )
                                 

Derivative liability assumptions used

   

September 30,

2018

 
Significant assumptions (weighted-average):      
Risk-free interest rate at grant date     2.94 %
Expected stock price volatility     146.68 %
Expected dividend payout     -  
Expected option life (in years)     1  
Expected forfeiture rate     0 %

Reconciliation of derivative liabilities
   

September 30,

2018

 
Value at December 31, 2017   $ 90,738  
Increase in value     418,042  
Initial value at debt issuance     297,599  
Value at September 30, 2018   $ 806,379  
XML 40 R29.htm IDEA: XBRL DOCUMENT v3.10.0.1
STOCK BASED AWARDS (Tables)
9 Months Ended
Sep. 30, 2018
Stock Based Awards  
Stock option activity

The Company’s stock option activity was as follows:

 

    Options     Weighted Average Exercise Price     Weighted Average Contractual Remaining Life  
Outstanding, December 31, 2017     -       -       -  
Granted     2,184,450       0.73       9.52  
Exercised     -       -       -  
Forfeited/Expired     -       -       -  
Outstanding, September 30, 2018     2,184,450       0.73       9.52  
Exercisable at September 30, 2018     655,634       0.74       9.52  

 

 

Range of

Exercise Price

  Number of Options     Weighted Average Remaining Contractual Life (years)     Weighted Average Exercise Price     Number of Warrants Exercisable     Weighted Average Exercise Price  
$ 0.61-$0.74     2,184,450       9.52       0.73       655,634       0.74  
        2,184,450       9.52       0.73       655,634       0.74  

Weighted-average fair value of options granted

   

September 30,

2018

   

December 31,

2017

 
Significant assumptions (weighted-average):            
Risk-free interest rate at grant date     2.94 %     0 %
Expected stock price volatility     146.68 %     0 %
Expected dividend payout     -       -  
Expected option life (in years)     10       -  
Expected forfeiture rate     0 %     0 %

Non-vested restricted award shares

   

Restricted

Stock Shares

    Weighted Average Grant Date Fair Value  
Non-vested, December 31, 2017     -       -  
Granted     371,250       0.74  
Vested     (230,625 )     0.74  
Forfeited/Expired     -       -  
Non-vested, September 30, 2018     140,625       0.74  

XML 41 R30.htm IDEA: XBRL DOCUMENT v3.10.0.1
WARRANT AGREEMENTS (Tables)
9 Months Ended
Sep. 30, 2018
Warrant Agreements Tables  
Company warrant activity

    Warrants     Weighted Average Exercise Price     Weighted Average Contractual Remaining Life  
Outstanding, December 31, 2017     4,752,107       2.90       4.98  
Granted     588,644       1.00       2.76  
Exercised     -       -       -  
Forfeited/Expired     -       -       -  
Outstanding, September 30, 2018     5,340,751       1.95       2.25  
Exercisable at September 30, 2018     3,804,751       1.93       2.28  

Weighted Average fair value of warrants granted

 

Range of Exercise Price

  Number of Warrants     Weighted Average Remaining Contractual Life (years)     Weighted Average Exercise Price     Number of Warrants Exercisable     Weighted Average Exercise Price  
$ 1.00 – $7.00     5,340,751       2.25     $ 1.95       3,804,751     $ 1.93  
        5,340,751       2.25     $ 1.95       3,804,751     $ 1.93  

Weighted-average significant assumptions of warrant

   

September 30,

2018

   

December 31,

2017

 
Significant assumptions (weighted-average):            
Risk-free interest rate at grant date     2.94 %     2.20 %
Expected stock price volatility     146.68 %     75.43 %
Expected dividend payout     -       -  
Expected option life (in years)     3       3  
Expected forfeiture rate     0 %     0 %

XML 42 R31.htm IDEA: XBRL DOCUMENT v3.10.0.1
ORGANIZATION AND DESCRIPTION OF BUSINESS (Details Narrative)
9 Months Ended
Sep. 30, 2018
Organization And Description Of Business  
State of Incorporation Nevada
Date of Incorporation May 15, 2014
XML 43 R32.htm IDEA: XBRL DOCUMENT v3.10.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)
9 Months Ended
Sep. 30, 2018
Manufacturing Equipment [Member] | Minimum [Member]  
Estimated useful lives 5 years
Manufacturing Equipment [Member] | Maximum [Member]  
Estimated useful lives 7 years
Computer and other equipment [Member] | Minimum [Member]  
Estimated useful lives 3 years
Computer and other equipment [Member] | Maximum [Member]  
Estimated useful lives 7 years
Leasehold Improvements [Member]  
Estimated useful lives description Lesser of useful life or the term of the lease
XML 44 R33.htm IDEA: XBRL DOCUMENT v3.10.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1)
Sep. 30, 2018
shares
Summary Of Significant Accounting Policies  
Number of common stock shares issued and outstanding 25,795,871
Number of common stock shares from conversion of convertible notes 1,330,905
Number of common stock shares from exercise of warrants 3,804,751
Number of common stock shares from exercise of stock options 655,634
Total fully-diluted common stock shares 31,587,161
XML 45 R34.htm IDEA: XBRL DOCUMENT v3.10.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Dec. 31, 2017
Jan. 08, 2016
FDIC insured limit $ 250,000   $ 250,000   $ 250,000  
Valuation allowance percentage 100.00%   100.00%      
Accumulated deficit $ (27,972,054)   $ (27,972,054)   (18,868,599)  
Working capital deficit (6,344,207)   (6,344,207)      
Research and development expense 291,624 $ 239,663 1,094,993 $ 664,931    
Advertising costs 45,775 $ 8,567 $ 144,598 $ 13,062    
Description of joint venture contributions     <p style="margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">All benefits, advantages, and liabilities derived from, or incurred in respect of the Joint Venture shall be borne by the parties in proportion of their respective participating interests of 50/50 equal interest.</font></p>      
Deferred revenue 404,517   $ 404,517   $ 361,462  
Minimum [Member]            
Working capital required 4,000,000   4,000,000      
Plan to raise capital through issuance of common stock 7,000,000   7,000,000      
Maximum [Member]            
Plan to raise capital through issuance of common stock $ 9,000,000   $ 9,000,000      
Cure Innovations Inc [Member]            
Ownership interest           50.00%
Oak Therapeutics, Inc. [Member]            
Ownership interest 63.00%   63.00%      
Joint Venture Agreement [Member] | Pace Wellness, Inc. [Member]            
Investments in associates and joint ventures $ 5,000   $ 5,000      
XML 46 R35.htm IDEA: XBRL DOCUMENT v3.10.0.1
INVENTORY (Details) - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Inventory Details    
Raw Materials $ 69,748 $ 67,664
Packaging Components 17,986 17,546
Work-In-Process 49,049 829
Inventory, Gross 136,783 86,039
Reserve for Obsolescence (44,110) (41,043)
Total inventory $ 92,673 $ 44,996
XML 47 R36.htm IDEA: XBRL DOCUMENT v3.10.0.1
PREPAID EXPENSES AND OTHER ASSETS (Details) - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Prepaid Expenses And Other Assets Details    
Prepaid consulting services stock-based compensation $ 1,018,467 $ 258,918
Prepaid consulting services 90,667 116,167
Prepaid clinical study 110,538
Prepaid insurance 10,942 60,180
Other Receivables 8,683 5,858
Prepaid inventory 15,945 12,182
Prepaid expenses 48,200 23,045
Prepaid expenses and other assets 1,192,904 586,888
Current portion of prepaid expenses and other assets (860,114) (586,888)
Prepaid expenses and other assets less current portion $ 332,790
XML 48 R37.htm IDEA: XBRL DOCUMENT v3.10.0.1
PROPERTY AND EQUIPMENT AND INTANGIBLE ASSETS (Details) - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Less accumulated depreciation $ (747,693) $ (672,317)
Property and Equipment, net 313,078 337,361
Computer and other equipment [Member]    
Property and Equipment 180,273 169,499
Leasehold Improvements [Member]    
Property and Equipment 44,638 42,666
Manufacturing equipment [Member]    
Property and Equipment $ 835,860 $ 797,513
XML 49 R38.htm IDEA: XBRL DOCUMENT v3.10.0.1
PROPERTY AND EQUIPMENT AND INTANGIBLE ASSETS (Details 1) - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Less accumulated amortization $ (173,715) $ (138,637)
Intangible assets, net 1,033,923 900,472
Intellectual Property [Member]    
Intellectual Property 814,582 814,582
Patents [Member]    
Intellectual Property $ 393,056 $ 224,527
XML 50 R39.htm IDEA: XBRL DOCUMENT v3.10.0.1
PROPERTY AND EQUIPMENT AND INTANGIBLE ASSETS (Details 2)
Sep. 30, 2018
USD ($)
Property And Equipment And Intangible Assets Details 2  
2018 $ 12,226
2019 47,305
2020 47,305
2021 47,305
2022 47,305
Thereafter 584,850
Total Amortization $ 786,296
XML 51 R40.htm IDEA: XBRL DOCUMENT v3.10.0.1
PROPERTY AND EQUIPMENT AND INTANGIBLE ASSETS (Details Narrative) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Property And Equipment And Intangible Assets        
Depreciation expense $ 25,724 $ 21,882 $ 75,376 $ 98,325
Depreciation capitalized lease   2,160   6,480
Amortization expense $ 12,226 $ 10,899 35,078 30,619
Purchase of patents     $ 97,000  
Issuance of common stock, shares 120,000   120,000  
Legal patent costs capitalized     $ 168,529 $ 43,621
XML 52 R41.htm IDEA: XBRL DOCUMENT v3.10.0.1
LOAN PAYABLE (Details) - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Warrants granted    
Loan payable $ 50,425
Current portion of loan payable (50,425)
Loan payable, less current portion
XML 53 R42.htm IDEA: XBRL DOCUMENT v3.10.0.1
LOAN PAYABLE (Details Narrative) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Interest expense $ 1,433,153 $ 511,503 $ 2,133,412 $ 600,709
Loans Payable [Member]        
Interest expense $ 187 $ 281 $ 1,482 $ 1,946
XML 54 R43.htm IDEA: XBRL DOCUMENT v3.10.0.1
NOTES PAYABLE (Details) - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Notes payable $ 950,000 $ 800,000
Unamortized discount (64,000)
Current portion of loan payable (886,000) (800,000)
Loan payable, less current portion
Individual [Member]    
Notes payable 50,000 50,000
Individual One [Member]    
Notes payable 150,000
Company [Member]    
Notes payable 650,000 650,000
Company One [Member]    
Notes payable 100,000
Company Two [Member]    
Notes payable $ 100,000
XML 55 R44.htm IDEA: XBRL DOCUMENT v3.10.0.1
NOTES PAYABLE (Details Narrative) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Interest expense $ 1,433,153 $ 511,503 $ 2,133,412 $ 600,709
NotePayable [Member]        
Interest expense $ 17,225 $ 8,842 $ 49,458 $ 8,842
XML 56 R45.htm IDEA: XBRL DOCUMENT v3.10.0.1
CONVERTIBLE PROMISSORY NOTES (Details) - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Total Convertible promissory notes $ 5,000,000 $ 1,900,000
Unamortized discount (621,434) (348,512)
Current portion of convertible promissory notes 4,378,566 1,551,488
Convertible promissory notes, less current portion
Convertible Promissory Notes [Member]    
Total Convertible promissory notes 1,400,000 1,900,000
Convertible Promissory Notes One [Member]    
Total Convertible promissory notes 2,025,000
Convertible Promissory Notes Two [Member]    
Total Convertible promissory notes 500,000
Convertible Promissory Notes Three [Member]    
Total Convertible promissory notes 500,000
Convertible Promissory Notes Four [Member]    
Total Convertible promissory notes $ 575,000
XML 57 R46.htm IDEA: XBRL DOCUMENT v3.10.0.1
CONVERTIBLE PROMISSORY NOTES (Details Narrative) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Convertible Promissory Notes Details Narrative        
Amortization of discount $ 427,327 $ 477,285 $ 1,286,420 $ 554,968
Interest expense $ 90,856 $ 23,617 $ 233,009 $ 26,922
XML 58 R47.htm IDEA: XBRL DOCUMENT v3.10.0.1
DERIVATIVE LIABILITY (Details) - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Derivative liability $ (806,379) $ (90,738)
Fair Value, Inputs, Level 1 [Member]    
Derivative liability
Fair Value, Inputs, Level 2 [Member]    
Derivative liability
Fair Value, Inputs, Level 3 [Member]    
Derivative liability $ (806,379) $ (90,738)
XML 59 R48.htm IDEA: XBRL DOCUMENT v3.10.0.1
DERIVATIVE LIABILITY (Details 1)
9 Months Ended
Sep. 30, 2018
Significant assumptions (weighted-average):  
Risk-free interest rate at grant date 2.94%
Expected stock price volatility 146.68%
Expected dividend payout
Expected option life (in years) 1 year
Expected forfeiture rate 0.00%
XML 60 R49.htm IDEA: XBRL DOCUMENT v3.10.0.1
DERIVATIVE LIABILITY (Details 2)
9 Months Ended
Sep. 30, 2018
USD ($)
Derivative Liability Tables  
Value at December 31, 2017 $ 90,738
Decrease in value 418,042
Initial value at debt issuance 297,599
Value at September 30, 2018 $ 806,379
XML 61 R50.htm IDEA: XBRL DOCUMENT v3.10.0.1
STOCK BASED AWARDS (Details)
9 Months Ended
Sep. 30, 2018
$ / shares
shares
Number of Shares  
Outstanding, September 30, 2018 | shares 5,340,751
Exercisable, September 30, 2018 | shares 3,804,751
Weighted Average Exercise Price  
Outstanding, September 30, 2018 | $ / shares $ 1.95
Exercisable, September 30, 2018 | $ / shares $ 1.93
Weighted Average Remaining Contractual Term  
Outstanding, September 30, 2018 2 years 2 months 30 days
Equity Option [Member]  
Number of Shares  
Outstanding, December 31, 2017 | shares
Granted | shares 2,184,450
Forfeited/Expired | shares
Exercised | shares
Outstanding, September 30, 2018 | shares 2,184,450
Exercisable, September 30, 2018 | shares 655,634
Weighted Average Exercise Price  
Outstanding, December 31, 2017 | $ / shares
Granted | $ / shares 0.73
Forfeited/Expired | $ / shares
Exercised | $ / shares
Outstanding, September 30, 2018 | $ / shares 0.73
Exercisable, September 30, 2018 | $ / shares $ 0.74
Weighted Average Remaining Contractual Term  
Granted 9 years 6 months 7 days
Outstanding, September 30, 2018 9 years 6 months 7 days
Exercisable, September 30, 2018 9 years 6 months 7 days
XML 62 R51.htm IDEA: XBRL DOCUMENT v3.10.0.1
STOCK BASED AWARDS (Details 1) - $ / shares
9 Months Ended
Sep. 30, 2018
Dec. 31, 2017
Number of Warrants 5,340,751  
Weighted Average Remaining Contractual Life (years) 2 years 2 months 30 days  
Weighted Average Exercise Price $ 1.95  
Number of Warrants Exercisable 3,804,751  
Weighted Average Exercise Price $ 1.93  
Equity Option [Member]    
Number of Warrants 2,184,450
Weighted Average Remaining Contractual Life (years) 9 years 6 months 7 days  
Weighted Average Exercise Price $ 0.73
Number of Warrants Exercisable 655,634  
Weighted Average Exercise Price $ 0.74  
0.61 - $0.74 | Equity Option [Member]    
Range of Exercise Price Lower Limit 0.61  
Range of Exercise Price Upper Limited $ 0.74  
Number of Warrants 2,184,450  
Weighted Average Remaining Contractual Life (years) 9 years 6 months 7 days  
Weighted Average Exercise Price $ 0.73  
Number of Warrants Exercisable 655,634  
Weighted Average Exercise Price $ 0.74  
XML 63 R52.htm IDEA: XBRL DOCUMENT v3.10.0.1
STOCK BASED AWARDS (Details 2)
9 Months Ended 12 Months Ended
Sep. 30, 2018
Dec. 31, 2017
Significant assumptions (weighted-average):    
Risk-free interest rate at grant date 2.94%  
Expected stock price volatility 146.68%  
Expected dividend payout  
Expected option life (in years) 1 year  
Expected forfeiture rate 0.00%  
Equity Option [Member]    
Significant assumptions (weighted-average):    
Risk-free interest rate at grant date 2.94% 0.00%
Expected stock price volatility 146.68% 0.00%
Expected dividend payout
Expected option life (in years) 10 years  
Expected forfeiture rate 0.00% 0.00%
XML 64 R53.htm IDEA: XBRL DOCUMENT v3.10.0.1
STOCK BASED AWARDS (Details 3) - Restricted Stock [Member]
9 Months Ended
Sep. 30, 2018
$ / shares
shares
Restricted Stock  
Non-vested, December 31, 2017 | shares
Granted | shares 371,250
Vested | shares (230,625)
Forfeited/Expired | shares
Non-vested, September 30, 2018 | shares 140,625
Weighted Average Grant Date Fair Value  
Non-vested, December 31, 2017 | $ / shares
Granted | $ / shares 0.74
vested | $ / shares 0.74
Forfeited/Expired | $ / shares
Non-vested, September 30, 2018 | $ / shares $ 0.74
XML 65 R54.htm IDEA: XBRL DOCUMENT v3.10.0.1
STOCK BASED AWARDS (Details Narrative) - USD ($)
1 Months Ended 3 Months Ended 9 Months Ended 12 Months Ended
Apr. 06, 2018
Dec. 29, 2017
Sep. 30, 2018
Sep. 30, 2018
Dec. 31, 2017
Fair value of options granted       $ 1,299,862 $ 0
Weighted Average Remaining Contractual Life (years)       2 years 2 months 30 days  
Equity Incentive Plan [Member]          
Common stock available for grant   5,000,000      
Equity incentive plan, description   <p style="margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Plan will continue in effect until its termination by the Committee; provided, however, that all Awards must be granted, if at all, within ten (10) years from the Effective Date</font></p>      
Unvested Stock Option [Member]          
Unrecognized fair value of compensation cost     $ 909,726 $ 909,726  
Weighted Average Remaining Contractual Life (years)       9 years 6 months 7 days  
Equity Option [Member]          
Aggregate intrinsic value     0 $ 0  
Compensation expense     $ 76,407 $ 390,136  
Weighted Average Remaining Contractual Life (years)       9 years 6 months 7 days  
Restricted Common Stock [Member]          
Restricted shares of common stock 371,250        
Shares/options issued, price per share $ 0.74        
Awarded vesting period 4 years        
Nonstatutory Stock Options [Member]          
Stock options awarded shares 1,251,700        
Shares/options issued, price per share $ 0.74        
Awarded vesting period 4 years        
Term of exercise period 10 years        
Incentive Stock Options [Member]          
Stock options awarded shares 932,750        
Shares/options issued, price per share $ 0.74        
Awarded vesting period 4 years        
Term of exercise period 10 years        
Restricted Stock [Member]          
Restricted shares of common stock     23,125 170,663  
Compensation expense     $ 147,538 $ 147,538  
XML 66 R55.htm IDEA: XBRL DOCUMENT v3.10.0.1
WARRANT AGREEMENTS (Details)
9 Months Ended
Sep. 30, 2018
$ / shares
shares
Warrants  
Outstanding, September 30, 2018 | shares 5,340,751
Exercisable, September 30, 2018 | shares 3,804,751
Weighted Average Exercise Price  
Outstanding, September 30, 2018 | $ / shares $ 1.95
Exercisable, September 30, 2018 | $ / shares $ 1.93
Outstanding, December 31, 2017 2 years 2 months 30 days
Warrant [Member]  
Warrants  
Outstanding, December 31, 2017 | shares 4,752,107
Granted | shares 588,644
Exercised | shares
Forfeited/Expired | shares
Outstanding, September 30, 2018 | shares 5,340,751
Exercisable, September 30, 2018 | shares 3,804,751
Weighted Average Exercise Price  
Outstanding, December 31, 2017 | $ / shares $ 2.90
Granted | $ / shares 1.00
Exercised | $ / shares
Forfeited/Expired | $ / shares
Outstanding, September 30, 2018 | $ / shares 1.95
Exercisable, September 30, 2018 | $ / shares $ 1.93
Outstanding, December 31, 2017 4 years 11 months 23 days
Granted 3 years 2 months 30 days
Outstanding, September 30, 2018 2 years 8 months 26 days
Exercisable at September 30, 2018 2 years 9 months 3 days
XML 67 R56.htm IDEA: XBRL DOCUMENT v3.10.0.1
WARRANT AGREEMENTS (Details 1)
9 Months Ended
Sep. 30, 2018
$ / shares
shares
Number of Warrants | shares 5,340,751
Weighted Average Remaining Contractual Life (years) 2 years 2 months 30 days
Weighted Average Exercise Price $ 1.95
Number of Warrants Exercisable | shares 3,804,751
Weighted Average Exercise Price $ 1.93
$1.00 - $7.00 [Member]  
Range of Exercise Price Lower Limit 1.00
Range of Exercise Price Upper Limited $ 7.00
Number of Warrants | shares 5,340,751
Weighted Average Remaining Contractual Life (years) 2 years 2 months 30 days
Weighted Average Exercise Price $ 1.95
Number of Warrants Exercisable | shares 3,804,751
Weighted Average Exercise Price $ 1.93
XML 68 R57.htm IDEA: XBRL DOCUMENT v3.10.0.1
WARRANT AGREEMENTS (Details 2)
9 Months Ended 12 Months Ended
Sep. 30, 2018
Dec. 31, 2017
Significant assumptions (weighted-average):    
Risk-free interest rate at grant date 2.94%  
Expected stock price volatility 146.68%  
Expected dividend payout  
Expected option life (in years) 1 year  
Expected forfeiture rate 0.00%  
Warrant [Member]    
Significant assumptions (weighted-average):    
Risk-free interest rate at grant date 2.94% 2.20%
Expected stock price volatility 146.68% 75.43%
Expected dividend payout
Expected option life (in years) 3 years 3 years
Expected forfeiture rate 0.00% 0.00%
XML 69 R58.htm IDEA: XBRL DOCUMENT v3.10.0.1
WARRANT AGREEMENTS (Details Narrative) - USD ($)
1 Months Ended 3 Months Ended 9 Months Ended
Jul. 07, 2018
Apr. 15, 2018
Jan. 24, 2018
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Debt discount       $ 427,327 $ 477,285 $ 1,286,420 $ 554,968
May 1, 2018 [Member]              
Warrants issued           110,000  
Warrant exercise price       $ 1.00   $ 1.00  
Fair market value           $ 27,479  
Warrant vested period           1 year  
Warrant Agreement [Member]              
Warrants issued 148,644            
Warrant exercise price $ 1.00            
Fair market value $ 48,249            
Warrant agreement, description the warrant agreement dated May 15, 2018, the Company shall issue fifty percent (50%) of the Company’s common stock shares issued upon conversion of the convertible promissory note.            
Warrant Agreement [Member] | Convertible Promissory Notes [Member]              
Warrants issued           148,644  
Issuance of convertible promissory notes       $ 297,288   $ 297,288  
Amendment [Member]              
Warrants issued   275,000 55,000        
Issuance of convertible promissory notes   $ 1,100,000 $ 1,100,000        
Warrant exercise price   $ 1.00 $ 1.00        
Fair market value   $ 87,828 $ 50,094        
Maturity date   Mar. 31, 2018 Mar. 31, 2018        
Amendment [Member] | Convertible Promissory Notes [Member]              
Debt discount           55,000  
Amendment [Member] | Convertible Promissory Note 1 [Member]              
Debt discount           $ 275,000  
Second Amendment [Member]              
Maturity date   May 31, 2018          
Warrant term   1 year          
XML 70 R59.htm IDEA: XBRL DOCUMENT v3.10.0.1
STOCKHOLDERS' EQUITY (Details Narrative) - USD ($)
1 Months Ended 3 Months Ended 9 Months Ended
Jul. 07, 2018
Jan. 11, 2018
Aug. 17, 2018
May 16, 2018
Feb. 20, 2018
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Sep. 05, 2018
Sep. 04, 2018
Aug. 03, 2018
Jul. 17, 2018
Jan. 24, 2018
Dec. 31, 2017
Common stock, par value per share           $ 0.001   $ 0.001             $ 0.001
Common stock, shares authorized           75,000,000   75,000,000             75,000,000
Common stock, shares issued           25,795,871   25,795,871             23,901,252
Common Stock, Shares Outstanding           25,795,871   25,795,871             23,901,252
Prepaid expenses and other assets           $ 860,114   $ 860,114             $ 586,888
Debt discount           $ 427,327 $ 477,285 $ 1,286,420 $ 554,968            
Restricted Stock [Member]                              
Common stock, shares unissued           90,000   90,000              
Common stock shares, vested               230,625              
Media Advertising Agreement [Member]                              
Prepaid expenses and other assets           $ 30,071   $ 30,071              
Stock payable           $ 63,900   $ 63,900              
Price per share           $ 0.71   $ 0.71              
Common stock shares owed under agreement           90,000   90,000              
Media Advertising Agreement [Member] | Restricted Stock [Member] | Individual [Member]                              
Common stock granted shares         90,000                    
Common stock shares, vested         90,000                    
Patent Purchase Agreement [Member]                              
Common stock, shares unissued           120,000   120,000              
Stock payable           $ 97,000   $ 97,000              
Common stock shares owed under agreement           120,000   120,000              
Intellectual property and patents amount           $ 94,618   $ 94,618              
Patent Purchase Agreement [Member] | Maximum [Member]                              
Business acquisition consideration transferred or transferable shares issued or issuable               200,000              
Description for issuance of shares as consideration under agreement               <p style="margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">(a) 50,000 Shares will be issued on the Effective Date; (b) 10,000 Shares will be issued for each Abandoned Application the prosecution of which is revived by the United States Patent and Trademark Office (“USPTO”); and (c) 50,000 Shares will be issued upon issuance by the USPTO of each patent that includes at least one specific claim in a patent application that recites subject matter to be defined by Assignee in its sole discretion (“Target Claim”).</font></p>              
Stock Purchase Agreement [Member]                              
Common stock, shares unissued           69,444   69,444              
Stock payable           $ 50,000   $ 50,000              
Stock Purchase Agreement [Member] | Restricted Stock [Member]                              
Common stock, shares unissued           69,444   69,444              
Stock payable           $ 50,000   $ 50,000              
Stock Purchase Agreement [Member] | Restricted Stock [Member] | Individual [Member]                              
Common stock granted shares       69,444                      
Common stock shares, vested       69,444                      
Price per share       $ 0.72                      
Advisory Consulting Agreementt [Member]                              
Prepaid expenses and other assets           7,780   7,780              
Advisory Consulting Agreementt [Member] | Restricted Stock [Member] | Individual [Member]                              
Common stock, shares unissued   70,000                          
Stock payable   $ 129,000                          
Common stock granted shares   70,000                          
Common stock shares, vested   70,000                          
Price per share   $ 1.85                          
Consulting Agreement [Member]                              
Prepaid expenses and other assets           $ 77,486   $ 77,486              
Consulting Agreement [Member] | Restricted Stock [Member] | Individual [Member]                              
Common stock, shares unissued         250,000                    
Stock payable         $ 275,000                    
Common stock granted shares         250,000                    
Common stock shares, vested         250,000                    
Price per share         $ 1.10                    
Stock Payable                              
Common stock, shares unissued           50,000   50,000              
Promissory Note           $ 144,000   $ 144,000              
Stock payable unissued amount           $ 308,328   $ 308,328              
Stock Payable | Media Advertising Agreement [Member]                              
Common stock, shares issued                       30,000      
Common stock issuances, value                       $ 56,400      
Price per share                       $ 1.88      
Stock Payable | Unsecured Promissory Note [Member]                              
Common stock, shares issued                   50,000          
Price per share                   $ 2.88          
Promissory Note                   $ 150,000          
Convertible Promissory Notes [Member]                              
Converted share of common stock, amount $ 263,398                            
Converted share of common stock, shares 297,288                            
Conversion price $ 0.886                            
0.97 [Member] | Patent Purchase Agreement [Member]                              
Price per share           $ 0.97   $ 0.97              
Common stock shares owed under agreement           50,000   50,000              
0.69 [Member] | Patent Purchase Agreement [Member]                              
Price per share           $ 0.69   $ 0.69              
Common stock shares owed under agreement           50,000   50,000              
0.70 [Member] | Patent Purchase Agreement [Member]                              
Price per share           $ 0.70   $ 0.70              
Common stock shares owed under agreement           20,000   20,000              
Common Share Issuances [Member]                              
Common stock, shares issued     115,000 70,150                 69,444 50,000  
Prepaid expenses and other assets           $ 23,108   $ 23,108              
Common stock issuances, value     $ 189,750 $ 45,614                 $ 50,000 $ 74,000  
Price per share     $ 1.65 $ 0.65                 $ 0.72 $ 1.48  
Debt discount     $ 115,000                        
Common Share Issuances [Member] | Media And Advertising Services [Member]                              
Common stock, shares issued                     90,000        
Common stock issuances, value                     $ 291,600        
Price per share                     $ 3.24        
Common Share Issuances [Member] | Strategic Marketing And Development Advisory Services [Member]                              
Common stock, shares issued                         250,000    
Common stock issuances, value                         $ 275,000    
Price per share                         $ 1.10    
Common Share Issuances [Member] | Consulting Services [Member]                              
Common stock, shares issued       1,000,000                 70,000    
Prepaid expenses and other assets           $ 831,429   $ 831,429              
Common stock issuances, value       $ 970,000                 $ 129,500    
Price per share       $ 0.97                 $ 1.85    
Common Share Issuances [Member] | 1.00 [Member]                              
Common stock, shares issued                     90,000        
Price per share                     $ 1.00        
Common Share Issuances [Member] | 0.71 [Member]                              
Common stock, shares issued                     90,000        
Common stock issuances, value                     $ 153,900        
Price per share                     $ 0.71        
XML 71 R60.htm IDEA: XBRL DOCUMENT v3.10.0.1
COMMITMENTS AND CONTINGENCIES (Details Narrative)
3 Months Ended 9 Months Ended
Sep. 30, 2018
USD ($)
ft²
Sep. 30, 2017
USD ($)
Sep. 30, 2018
USD ($)
ft²
Sep. 30, 2017
USD ($)
Operating lease rent expense | $ $ 63,992 $ 73,415 $ 205,962 $ 219,230
Offices And Manufacturing Facility [Member]        
Offices and manufacturing facility area 25,000   25,000  
Office And Warehouse Space [Member]        
Offices and manufacturing facility area 2,227   2,227  
XML 72 R61.htm IDEA: XBRL DOCUMENT v3.10.0.1
SUBSEQUENT EVENTS (Details Narrative) - USD ($)
1 Months Ended
Oct. 15, 2018
Sep. 05, 2018
Oct. 31, 2018
Oct. 30, 2018
Oct. 12, 2018
Oct. 09, 2018
Sep. 30, 2018
Aug. 17, 2018
Jul. 17, 2018
May 16, 2018
Jan. 24, 2018
Dec. 31, 2017
Common stock price             $ 0.001         $ 0.001
Common stock shares issued             25,795,871         23,901,252
License fees             $ 560,000         $ 560,000
Stock payable             869,125         $ 324,995
Common Share Issuances [Member]                        
Common stock shares issued               115,000 69,444 70,150 50,000  
Subsequent Event [Member] | Patent purchase agreement [Member]                        
Common stock price           $ 2.81            
Common stock shares issued           50,000            
Subsequent Event [Member] | License and Distribution Agreement [Member]                        
Minimum rights granted under agreement         $ 1,500,000              
License fees         $ 560,000              
Subsequent Event [Member] | Securities Purchase Agreement [Member]                        
Common stock price $ 0.001                      
Sale of convertible notes $ 2,000,000                      
Conditional gross proceeds from bona fide sale of capital stock to enable conversion feature $ 4,000,000                      
Subsequent Event [Member] | Securities Purchase Agreement [Member] | Common Share Issuances [Member]                        
Terms of conversion feature <p style="margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Conversion price equal to $2.50 at the earlier</font></p>                      
Subsequent Event [Member] | Securities Purchase Agreement [Member] | On or before December 31, 2018 [Member]                        
Notes issued in tranches closing amount $ 1,250,000                      
Subsequent Event [Member] | Securities Purchase Agreement [Member] | On or before December 1, 2018 [Member]                        
Notes issued in tranches closing amount 250,000                      
Subsequent Event [Member] | Securities Purchase Agreement [Member] | On or before November 15, 2018 [Member]                        
Notes issued in tranches closing amount 250,000                      
Subsequent Event [Member] | Securities Purchase Agreement [Member] | October 15, 2018 [Member]                        
Notes issued in tranches closing amount $ 250,000                      
Subsequent Event [Member] | Promissory Notes [Member]                        
Common stock price     $ 1.95                  
Common stock shares issued     30,000                  
Sale of convertible notes     $ 150,000                  
Maturity date     Dec. 31, 2018                  
Subsequent Event [Member] | Convertible Promissory Notes [Member]                        
Common stock price     $ 1.95                  
Common stock shares issued     115,000                  
Sale of convertible notes     $ 850,000                  
Maturity date     Dec. 31, 2018                  
Subsequent Event [Member] | Unsecured Promissory Note [Member]                        
Common stock price       $ 2.88                
Common stock shares issued       50,000                
Stock payable             $ 144,000          
Common stock unissued shares   50,000                    
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