General form of registration statement for all companies including face-amount certificate companies

Commitments and Contingencies (Details)

v3.23.1
Commitments and Contingencies (Details)
1 Months Ended 3 Months Ended 12 Months Ended
Feb. 22, 2023
USD ($)
Apr. 27, 2022
USD ($)
Apr. 07, 2022
Feb. 24, 2022
USD ($)
Nov. 02, 2021
USD ($)
Nov. 02, 2021
EUR (€)
Sep. 20, 2021
USD ($)
Sep. 03, 2021
USD ($)
Sep. 01, 2021
USD ($)
Jul. 01, 2020
Mar. 14, 2019
USD ($)
May 13, 2018
USD ($)
Apr. 27, 2002
USD ($)
Apr. 27, 2002
EUR (€)
Nov. 22, 2021
Nov. 17, 2021
Aug. 27, 2021
USD ($)
shares
Apr. 29, 2021
USD ($)
Mar. 30, 2021
shares
Feb. 25, 2021
USD ($)
Feb. 17, 2020
EUR (€)
Sep. 27, 2019
USD ($)
Sep. 27, 2019
EUR (€)
Feb. 26, 2019
USD ($)
Sep. 18, 2018
Aug. 20, 2018
shares
Jul. 25, 2018
USD ($)
Mar. 31, 2023
USD ($)
Mar. 31, 2023
CAD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2022
CAD ($)
Dec. 31, 2022
EUR (€)
Dec. 31, 2021
USD ($)
Dec. 31, 2021
EUR (€)
Dec. 31, 2022
EUR (€)
Dec. 28, 2022
Dec. 31, 2021
EUR (€)
Nov. 02, 2021
EUR (€)
Oct. 29, 2021
USD ($)
Sep. 03, 2021
GBP (£)
Jan. 01, 2020
USD ($)
May 08, 2018
USD ($)
Commitments and Contingencies (Details) [Line Items]                                                                                    
Compensatory damages in excess                 $ 11,286,570                                                                  
Legal expenses                                                           $ 125,255                        
Principal amount       $ 371,178                                                                            
Additional amount       $ 300,000                                                                            
Interest accruing                                                       $ 6,776,686   6,776,686                        
Commitments combined amount                                                       3,311,830 $ 4,395,000 3,311,830 $ 4,395,000                      
Additional sum of amount                                                       2,721,036   2,721,036                        
Settlement paying amount             $ 2,000,000                                                                      
Research and development expenses                                                           $ 0   € 223,394 $ 443,151 € 152,848                
Agreement period                               1 year                           20 years 20 years 20 years 2 years 2 years                
Payment of first milestone               $ 97,900                                                               £ 70,546    
Research and development expenses                                                           $ 271,931                        
Prepaid balances | €                                                                     € 11,756              
Past patent costs         $ 66,223                                                                 € 49,207        
Initial License fee         13,458 € 10,000                                                                        
Annual maintenance fee         4,037 € 3,000                                                                        
Research and development expenses                                                       $ 81,771   240,731     $ 2,947,536                  
Common shares (in Shares) | shares                                                   450,000                                
Rent (in Euro) | €                                         € 0                                          
Percentage of consultant bonus                                     50.00%                                              
Shares issues (in Shares) | shares                                 3,077   5,035                                              
Financing transaction of agreement                                 $ 15,000,000                                                  
Consultant fee (in Euro) | €                           € 23,000                                                        
Accrued fees (in Euro) | €                           4,000                                                        
Payable Fees (in Euro) | €                           € 19,000                                                        
Accrued amount                         $ 15,000,000                                                          
Restricted common stock value                                   $ 50,000                                                
Shares of license agreement         $ 272                                                                          
Initial term of agreement 3 years                                                                                  
Consulting services payable                                                           60,000                        
One-time payment                                                           $ 43,750                        
Additional consideration agreement, description                                       As additional consideration for the CEO agreeing to enter into the agreement, the Company awarded him options to purchase 70,000 shares of the Company’s common stock, which have a term of 10 years, and an exercise price of $88.60 per share (the closing sales price on the date the board of directors approved the grant (February 26, 2021)). The options as subject to the Company’s 2020 Omnibus Incentive Plan and vest at the rate of (a) 1/5th of such options on the grant date; and (b) 4/5th of such options vesting ratably on a monthly basis over the following 36 months on the last day of each calendar month; provided, however, that such options vest immediately upon the CEO’s death or disability, termination without cause or a termination by the CEO for good reason (as defined in the agreement), a change in control of the Company or upon a sale of the Company.                                            
Salary available to paid bonus                                                           45.00% 45.00% 45.00%                    
Accrued Bonus                                                           $ 313,875     205,500                  
Pecentage of salary     3.00%                                                                              
Percentage of accrual salary   20.00% 20.00%                                                                              
Accrued bonus payable   $ 221,000                                                       139,500                        
Common stock to EarlyBird valued                                                           $ 79                        
Percentage of targeted amount                                                           50.00%         50.00%              
Consulting Agreement [Member]                                                                                    
Commitments and Contingencies (Details) [Line Items]                                                                                    
Agreement period                               1 year                                                    
Related party transaction, description                                                       The Company records liabilities for loss contingencies arising from claims, assessments, litigation, fines, penalties and other sources when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. The Company records liabilities for loss contingencies arising from claims, assessments, litigation, fines, penalties and other sources when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. On February 22, 2021, the Company entered into a consultancy agreement (as amended, the “Consulting Agreement”) with a related party, Prof. Jagdeep Nanchahal (the “Consultant”). The Consulting Agreement was effective December 1, 2020.Pursuant to the Consulting Agreement, the Company agreed to pay the Consultant 15,000 British Pounds (GBP) per month (approximately $20,800) during the term of the agreement, increasing to 23,000 GBP per month (approximately $32,000) on the date (a) of publication of the data from the phase 2b clinical trial for Dupuytren’s Contracture (RIDD) and (b) the date that the Company has successfully raised over $15 million in capital. The Company also agreed to pay the Consultant the following bonus amounts:    ● the sum of £100,000 (approximately $138,000) upon submission of the Dupuytren’s Contracture clinical trial data for publication in a peer-reviewed journal (“Bonus 1”);   ● the sum of £434,673 GBP (approximately $605,000) (“Bonus 2”), which is earned and payable upon the Company raising a minimum of $15 million in additional funding, through the sale of debt or equity, after December 1, 2020 (the “Vesting Date”). Bonus 2 is payable within 30 days of the Vesting Date and shall not be accrued, due or payable prior to the Vesting Date. Bonus 2 is payable, at the election of the Consultant, at least 50% (fifty percent) in shares of the Company’s common stock, at the lower of (i) $60.00 per share, or (ii) the trading price on the date of the grant, with the remainder paid in GBP;   ● the sum of £5,000 (approximately $7,000) on enrollment of the first patient to the phase 2 frozen shoulder trial (“Bonus 3”); and   ● the sum of £5,000 (approximately $7,000) for enrollment of the first patient to the phase 2 delirium/POCD trial (“Bonus 4”).   On February 22, 2021, the Company entered into a consultancy agreement (as amended, the “Consulting Agreement”) with a related party, Prof. Jagdeep Nanchahal (the “Consultant”). The Consulting Agreement was effective December 1, 2020.Pursuant to the Consulting Agreement, the Company agreed to pay the Consultant 15,000 British Pounds (GBP) per month (approximately $20,800) during the term of the agreement, increasing to 23,000 GBP per month (approximately $32,000) on the date (a) of publication of the data from the phase 2b clinical trial for Dupuytren’s Contracture (RIDD) and (b) the date that the Company has successfully raised over $15 million in capital. The Company also agreed to pay the Consultant the following bonus amounts:    ● the sum of £100,000 (approximately $138,000) upon submission of the Dupuytren’s Contracture clinical trial data for publication in a peer-reviewed journal (“Bonus 1”);   ● the sum of £434,673 GBP (approximately $605,000) (“Bonus 2”), which is earned and payable upon the Company raising a minimum of $15 million in additional funding, through the sale of debt or equity, after December 1, 2020 (the “Vesting Date”). Bonus 2 is payable within 30 days of the Vesting Date and shall not be accrued, due or payable prior to the Vesting Date. Bonus 2 is payable, at the election of the Consultant, at least 50% (fifty percent) in shares of the Company’s common stock, at the lower of (i) $60.00 per share, or (ii) the trading price on the date of the grant, with the remainder paid in GBP;   ● the sum of £5,000 (approximately $7,000) on enrollment of the first patient to the phase 2 frozen shoulder trial (“Bonus 3”); and   ● the sum of £5,000 (approximately $7,000) for enrollment of the first patient to the phase 2 delirium/POCD trial (“Bonus 4”).   On February 22, 2021, the Company entered into a consultancy agreement (as amended, the “Consulting Agreement”) with a related party, Prof. Jagdeep Nanchahal (the “Consultant”). The Consulting Agreement was effective December 1, 2020.Pursuant to the Consulting Agreement, the Company agreed to pay the Consultant 15,000 British Pounds (GBP) per month (approximately $20,800) during the term of the agreement, increasing to 23,000 GBP per month (approximately $32,000) on the date (a) of publication of the data from the phase 2b clinical trial for Dupuytren’s Contracture (RIDD) and (b) the date that the Company has successfully raised over $15 million in capital. The Company also agreed to pay the Consultant the following bonus amounts:    ● the sum of £100,000 (approximately $138,000) upon submission of the Dupuytren’s Contracture clinical trial data for publication in a peer-reviewed journal (“Bonus 1”);   ● the sum of £434,673 GBP (approximately $605,000) (“Bonus 2”), which is earned and payable upon the Company raising a minimum of $15 million in additional funding, through the sale of debt or equity, after December 1, 2020 (the “Vesting Date”). Bonus 2 is payable within 30 days of the Vesting Date and shall not be accrued, due or payable prior to the Vesting Date. Bonus 2 is payable, at the election of the Consultant, at least 50% (fifty percent) in shares of the Company’s common stock, at the lower of (i) $60.00 per share, or (ii) the trading price on the date of the grant, with the remainder paid in GBP;   ● the sum of £5,000 (approximately $7,000) on enrollment of the first patient to the phase 2 frozen shoulder trial (“Bonus 3”); and   ● the sum of £5,000 (approximately $7,000) for enrollment of the first patient to the phase 2 delirium/POCD trial (“Bonus 4”).                      
IPO [Member]                                                                                    
Commitments and Contingencies (Details) [Line Items]                                                                                    
Issued and outstanding shares                                                           5.00% 5.00% 5.00%                    
Subsequent Event [Member]                                                                                    
Commitments and Contingencies (Details) [Line Items]                                                                                    
Compensation amount $ 10,000                                                                                  
Fifth Oxford Agreement [Member]                                                                                    
Commitments and Contingencies (Details) [Line Items]                                                                                    
Research and development expenses                                                                 210,215                  
Prepaid balances                                                           $ 14,233     80,852       € 58,788          
Chief Executive Officer [Member]                                                                                    
Commitments and Contingencies (Details) [Line Items]                                                                                    
CEOs annual base salary                                       $ 450,000                                            
Percentage of automatic annual salary increase                                       5.00%                                            
Chief Financial Officer [Member]                                                                                    
Commitments and Contingencies (Details) [Line Items]                                                                                    
Additional consideration agreement, description                                       As additional consideration for the CFO agreeing to enter into the agreement, the Company awarded him options to purchase 9,000 shares of the Company’s common stock, which have a term of 10 years, and an exercise price of $88.60 per share (the closing sales price on the date the board of directors approved the grant (February 26, 2021)). The options are subject to the Company’s 2020 Omnibus Incentive Plan and vest at the rate of (a) 1/5th of such options upon the grant date; and (b) 4/5th of such options vesting ratably on a monthly basis over the following 36 months on the last day of each calendar month; provided, however, that such options vest immediately upon the CFO’s death or disability, termination without cause or a termination by the CFO for good reason (as defined in the agreement), a change in control of the Company or upon a sale of the Company.                                            
Annual base salary                                       $ 300,000                                            
Percentage of salary available to paid bonus                                                           30.00%         30.00%              
Accrued bonus payable                                                           $ 90,000                        
Chief Operating Officer/Chief Business Officer [Member]                                                                                    
Commitments and Contingencies (Details) [Line Items]                                                                                    
Pecentage of salary   3.00%                                                                                
Initial salary                                                                             $ 390,000      
Initial salary subject to increase completion                                                                             10,000      
Salary financing                                                                             $ 50,000,000      
Percentage of start day anniversary                                                                             5.00%      
Yissum [Member]                                                                                    
Commitments and Contingencies (Details) [Line Items]                                                                                    
Related party transaction, description                                                           The Company shall pay Yissum the following amounts in connection with the achievement of the following milestones: ●Submission of the first Investigational New Drug application: $75,000 ●Dosing of first patient in phase II trial: $100,000 ●Dosing of first patient in phase Ill trial: $150,000 ●Upon first market authorization/clearance: $150,000 ●Upon second market authorization/clearance: $75,000 ●For every $250,000,000.00 US in accumulated Net Sales of the Product until $1,000,000,000.00 US in sales: $250,000 Upon the commercialization of the license, the Company shall pay Yissum a royalty equal to 3% of the first aggregate $500,000,000 of annual net sales and 5% thereafter. As of December 31, 2022 and 2021, the Company had no balances in either accounts payable and accrued expenses, respectively, relating to the Additional Yissum Agreement. During the years ended December 31, 2022 and 2021, the Company recorded $0 and $246,753, respectively, of research and development expenses. The Company shall pay Yissum the following amounts in connection with the achievement of the following milestones: ●Submission of the first Investigational New Drug application: $75,000 ●Dosing of first patient in phase II trial: $100,000 ●Dosing of first patient in phase Ill trial: $150,000 ●Upon first market authorization/clearance: $150,000 ●Upon second market authorization/clearance: $75,000 ●For every $250,000,000.00 US in accumulated Net Sales of the Product until $1,000,000,000.00 US in sales: $250,000 Upon the commercialization of the license, the Company shall pay Yissum a royalty equal to 3% of the first aggregate $500,000,000 of annual net sales and 5% thereafter. As of December 31, 2022 and 2021, the Company had no balances in either accounts payable and accrued expenses, respectively, relating to the Additional Yissum Agreement. During the years ended December 31, 2022 and 2021, the Company recorded $0 and $246,753, respectively, of research and development expenses. The Company shall pay Yissum the following amounts in connection with the achievement of the following milestones: ●Submission of the first Investigational New Drug application: $75,000 ●Dosing of first patient in phase II trial: $100,000 ●Dosing of first patient in phase Ill trial: $150,000 ●Upon first market authorization/clearance: $150,000 ●Upon second market authorization/clearance: $75,000 ●For every $250,000,000.00 US in accumulated Net Sales of the Product until $1,000,000,000.00 US in sales: $250,000 Upon the commercialization of the license, the Company shall pay Yissum a royalty equal to 3% of the first aggregate $500,000,000 of annual net sales and 5% thereafter. As of December 31, 2022 and 2021, the Company had no balances in either accounts payable and accrued expenses, respectively, relating to the Additional Yissum Agreement. During the years ended December 31, 2022 and 2021, the Company recorded $0 and $246,753, respectively, of research and development expenses.                    
ReFormation [Member]                                                                                    
Commitments and Contingencies (Details) [Line Items]                                                                                    
Related party transaction, description                   On July 1, 2020, the Company entered into an amended agreement with ReFormation Pharmaceuticals, Corp. (“ReFormation”) and 360 Life Sciences Corp. (“360”), whereby 360 has entered into an agreement to acquire 100% ownership of ReFormation, on or before July 31, 2020 (“Closing Date”). The Company shares officers and directors with each of ReFormation and 360. Upon the Closing Date, 360 will make tranche payments in tranches to 180 LP in the aggregate amount of $300,000. The parties agree that the obligations will be paid by 360 to 180 LP by payments of $100,000 for every $1,000,000 raised through the financing activities of 360, up to a total of $300,000, however, not less than 10% of all net financing proceeds received by 360 shall be put towards the obligation to the Company until paid in full. This transaction closed on July 31, 2020.                                                                
Oxford University Agreements [Member]                                                                                    
Commitments and Contingencies (Details) [Line Items]                                                                                    
Agreement period                                                           2 years 2 years 2 years                    
Petcanna Shares [Member]                                                                                    
Commitments and Contingencies (Details) [Line Items]                                                                                    
Related party transaction, description                                                   Pursuant to the terms of the Sub-license Agreement, the Company has granted a sub-license on the Licensed Patents to pursue development and commercialization for the treatment of any and all veterinary conditions. In consideration, Petcanna will (a) issue 450,000 common shares of its share capital (the “Petcanna Shares”) 30 days after the effective date; and (b) pay royalties of 1% of net sales. The Company will be issued 85% and Yissum will be issued 15% of the 450,000 common shares of the Petcanna subsidiary.                                
Yissum [Member] | CBR [Member]                                                                                    
Commitments and Contingencies (Details) [Line Items]                                                                                    
Underwriting commitments, description                       Royalties will be payable to Yissum if sales of any products which use, exploit or incorporate technology covered by the Licensed Patents (“Net Sales”) are US $500,000,000 or greater, calculated at 3% for the first annual $500,000,000 of Net Sales and at 5% of Net Sales thereafter. Pursuant to the Yissum Agreement, if Yissum achieves the following milestones, CBR Pharma will be obligated to make the following payments:i) $75,000 for successful point of care in animals;ii) $75,000 for submission of the first investigational new drug testing;iii) $100,000 for commencement of one phase I/II trial;iv) $150,000 for commencement of one phase III trial;v) $100,000 for each product market authorization/clearance (maximum of $500,000); andvi) $250,000 for every $250,000,000 in accumulated sales of the product until $1,000,000,000 in sales is achieved.                               The Company is seeking payment for a substantial portion of such amounts from its director and officers’ insurance policy, of which no assurance can be provided that the directors and officers insurance policy will cover such amounts. The Company is seeking payment for a substantial portion of such amounts from its director and officers’ insurance policy, of which no assurance can be provided that the directors and officers insurance policy will cover such amounts.                          
Consultants amount                       $ 100,000                                                            
First amendment company paid                                                                                 $ 200,000  
Additional consulting percentage                                                                                 35.00%  
Non-refundable license fees                                                           $ 70,000                        
Aggregate fees                                                           398,250                        
Annual license maintenance fee                                                           25,000                        
Stanford [Member]                                                                                    
Commitments and Contingencies (Details) [Line Items]                                                                                    
Related party transaction, description               On or about September 3, 2021, Dr. Krauss filed an Amended and Supplemental Complaint (the “Amended Complaint”) in this action, which added the further claims that Dr. Krauss is also allegedly entitled to advancement by the Company of her expenses, including attorney’s fees, for the costs of defending against the Third-Party Complaint in the Tyche Capital LLC action referenced below, and the costs of defending against the Company’s own Complaint against Dr. Krauss as described above.                                     Furthermore, the Company will be obligated to make the following milestone payments:i) $100,000 upon initiation of Phase II trial,ii) $500,000 upon the first U.S. Food and Drug Administration approval of a product (the “Licensed Product”) resulting from the Licensed Patents; andiii) $250,000 upon each new Licensed Product thereafter.The Stanford License Agreement is cancellable by the Company with 30 days’ notice. Royalties, calculated at 2.5% of 95% of net product sales, will be payable to Stanford. Also, the Company will reimburse Stanford for patent expenses as per the agreement. The Company paid Stanford $20,000 for the annual license maintenance fee that was recorded to prepaid expenses and is being expensed on a straight-line basis over 12 months, which had a zero balance as of December 31, 2021. During the years ended December 31, 2022 and 2021, the Company recorded patent and license fees of $69,278 and $78,245, respectively, related to the Stanford License Agreement, which is included in general and administrative expenses on the accompanying statements of operations and comprehensive loss.                              
Stanford [Member] | Katexco [Member]                                                                                    
Commitments and Contingencies (Details) [Line Items]                                                                                    
Option payment                                                                                   $ 10,000
license maintenance fee                                                     $ 20,000                              
Anniversaries amount                                                     $ 40,000                              
Shares issues (in Shares) | shares                                     1,886                                              
Percentage of consultant additional bonus                                     19.00%                                              
Oxford [Member] | CBR [Member]                                                                                    
Commitments and Contingencies (Details) [Line Items]                                                                                    
Related party transaction, description               On or about September 23, 2021, the Company filed its Answer to the Amended Complaint in which the Company denied each of Dr. Krauss’ claims and further raised numerous affirmative defenses with respect thereto.                                 On September 18, 2020, CBR Pharma entered into a 3 year research and development agreement (the “3 Year Oxford Agreement”) with Oxford to research and investigate the mechanisms underlying fibrosis in exchange for aggregate consideration of $1,085,738 (£795,468), of which $109,192 (£80,000) is to be paid 30 days after the project start date and the remaining amount is to be paid in four equal installments of $244,136 (£178,867) on the six month anniversary and each of the annual anniversaries of the project start date. The agreement can be terminated by either party upon written notice or if the Company remains in default on any payments due under this agreement for more than 30 days. During the year ended December 31, 2022 and 2021, the Company recognized $322,767 (£265,156) and $364,673 (£264,938), respectively, of research and development expenses in connection with the 3 Year Oxford Agreement.On September 21, 2020, CBR Pharma entered into a 2 year research and development agreement (the “2 Year Oxford Agreement”) with Oxford University for the clinical development of cannabinoid drugs for the treatment of inflammatory diseases in exchange for aggregate consideration of $625,124 (£458,000), of which $138,917 (£101,778) is to be paid 30 days after the project start date and the remaining amount is to be paid every 6 months after the project start date in 4 installments, whereby $138,917 (£101,778) is to be paid in the first 3 installments and $69,456 (£50,888) is to be paid as the final installment. The agreement can be terminated by either party upon written notice or if the Company remains in default on any payments due under this agreement for more than 30 days. During the years ended December 31, 2022 and 2021, the Company recognized $123,891 (£101,778) and $139,977 (£101,778) of research and development expenses, respectively, in connection with the 2 Year Oxford Agreement, which is reflected within accrued expenses on the accompanying consolidated balance sheet.                                  
Evotec [Member] | Katexco [Member]                                                                                    
Commitments and Contingencies (Details) [Line Items]                                                                                    
Research and development expenses                                                           10,581                        
Kennedy [Member] | LP [Member]                                                                                    
Commitments and Contingencies (Details) [Line Items]                                                                                    
Related party transaction, description                             (i) 1% of the net sales for the first annual GBP £1 million (USD $1,283,400) of net sales, and (ii) 2% of the net sales after the net sales are at or in excess of GBP £1 million, as well as 25% of all sublicense revenue, provided that the amount of such percentage of sublicense revenue based on amounts which constitute royalties shall not be less than 1% on the first cumulative GBP £1 million of net sales of the products sold by such sublicenses or their affiliates, and 2% on that portion of the cumulative net sales of the products sold by such sublicenses or their affiliates in excess of GBP £1 million.The term of the royalties paid by the Company to Kennedy will expire on the later of (i) the last valid claim of a patent included in the Kennedy Licensed Patents which covers or claims the exploitation of a product in the applicable country; (ii) the expiration of regulatory exclusivity for the product in the country; or (iii) 10 years from the first commercial sale of the product in the country. The Kennedy License Agreement may be terminated without cause by providing a 90-day notice.                                                      
Upfront fee paid for intangible assets                                           $ 74,000 € 60,000                                      
Pharmaceutical [Member] | LP [Member]                                                                                    
Commitments and Contingencies (Details) [Line Items]                                                                                    
Negotiation provide                                               $ 1,200,000                                    
Research agreement                     $ 1,200,000                                                              
Phamaceutical agreement                     900,000                                                              
One year agreement                     $ 300,000                                                              
Bad debt expense                                                                 $ 300,000                  
EarlyBird Finder’s Fee [Member] | KBL [Member]                                                                                    
Commitments and Contingencies (Details) [Line Items]                                                                                    
Percentage of cash payable                                                                       35000.00%            
Cash payments                                                           $ 13,750                        
Common stock term                                                           10 years 10 years 10 years