0001477932-16-013343.txt : 20161110 0001477932-16-013343.hdr.sgml : 20161110 20161110120027 ACCESSION NUMBER: 0001477932-16-013343 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 45 CONFORMED PERIOD OF REPORT: 20160930 FILED AS OF DATE: 20161110 DATE AS OF CHANGE: 20161110 FILER: COMPANY DATA: COMPANY CONFORMED NAME: RenovaCare, Inc. CENTRAL INDEX KEY: 0001016708 STANDARD INDUSTRIAL CLASSIFICATION: SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841] IRS NUMBER: 980170247 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-30156 FILM NUMBER: 161986846 BUSINESS ADDRESS: STREET 1: 430 PARK AVE. STREET 2: SUITE 702 CITY: NEW YORK STATE: NY ZIP: 10022 BUSINESS PHONE: (800) 755-5815 MAIL ADDRESS: STREET 1: 430 PARK AVE. STREET 2: SUITE 702 CITY: NEW YORK STATE: NY ZIP: 10022 FORMER COMPANY: FORMER CONFORMED NAME: Janus Resources, Inc. DATE OF NAME CHANGE: 20110110 FORMER COMPANY: FORMER CONFORMED NAME: ENTHEOS TECHNOLOGIES INC DATE OF NAME CHANGE: 20001002 FORMER COMPANY: FORMER CONFORMED NAME: WHATSONLINE COM INC DATE OF NAME CHANGE: 19990722 10-Q 1 rcar_10q.htm FORM 10-Q rcar_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, 2016

 

¨ 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 000-30156

 

RENOVACARE, INC.

(Exact name of registrant as specified in its charter)

 

Nevada

98-0384030

(State or other jurisdiction of incorporation)

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

 

430 Park Avenue

Suite 702

New York, NY 10022

(Address of principal executive offices)

 

888-398-0202

(Registrant's telephone number, including area code)

 

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, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

¨

Accelerated filer

¨

Non-accelerated filer

¨

Smaller reporting company

x

 

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

 

As of November 8, 2016, the registrant had 69,955,847 shares of its common stock, par value $0.00001 per share, issued and outstanding.

 

 

 
 
 

 RENOVACARE, INC.

FORM 10-Q

For The Quarter Ended September 30, 2016

 

TABLE OF CONTENTS

 

Page #

PART I - FINANCIAL INFORMATION

Item 1.

Financial Statements

3

Consolidated Balance Sheets

3

Consolidated Statements of Operations

4

Consolidated Statements of Stockholders’ Equity

5

Consolidated Statements of Cash Flows

6

Notes to Consolidated Financial Statements

7

Item 2.

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

16

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

22

Item 4.

Controls and Procedures

22

PART II - OTHER INFORMATION

Item 1.

Legal Proceedings

23

Item 1A.

Risk Factors

23

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

23

Item 6.

Exhibits

24

Signatures

25

 

 
2
 

  

PART I

Item 1. Financial Statements

 

RENOVACARE, INC

CONSOLIDATED BALANCE SHEETS

SEPTEMBER 30, 2016 AND DECEMBER 31, 2015

 

 

 

September 30,

 

 

December 31,

 

 

 

2016

 

 

2015

 

 

(unaudited)

 

 

 

 

ASSETS

 

Current assets

 

 

 

 

 

 

Cash and cash equivalents

 

$687,747

 

 

$397,589

 

Prepaid expenses

 

 

12,030

 

 

 

10,293

 

Total current assets

 

 

699,777

 

 

 

407,882

 

Intangible assets

 

 

152,854

 

 

 

152,854

 

Total assets

 

$852,631

 

 

$560,736

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

Accounts payable

 

$28,156

 

 

$71,563

 

Accrued expenses - related parties

 

 

39,592

 

 

 

30,095

 

Contract and contribution payable

 

 

50,000

 

 

 

134,125

 

Total current liabilities

 

 

117,748

 

 

 

235,783

 

 

 

 

 

 

 

 

 

 

Convertible promissory note payable to related party, net of discount of $669,247

 

 

30,753

 

 

 

-

 

Interest payable to related party

 

 

2,819

 

 

 

-

 

Contract and contribution payable, less current portion

 

 

100,000

 

 

 

100,000

 

Total liabilities

 

 

251,320

 

 

 

335,783

 

 

 

 

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders' equity

 

 

 

 

 

 

 

 

Preferred stock: $0.0001 par value; 10,000,000 shares authorized, no shares issued and outstanding

 

 

-

 

 

 

-

 

Common stock: $0.00001 par value; 500,000,000 shares authorized, 69,955,847 and 67,781,934 shares issued and outstanding at September 30, 2016 and December 31, 2015, respectively

 

 

700

 

 

 

678

 

Additional paid-in capital

 

 

11,185,186

 

 

 

9,197,970

 

Retained deficit

 

 

(10,584,575)

 

 

(8,973,695)

Total stockholders' equity

 

 

601,311

 

 

 

224,953

 

Total liabilities and stockholders' equity

 

$852,631

 

 

$560,736

 

 

(The accompanying notes are an integral part of these consolidated financial statements)

 

 
3
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RENOVACARE, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2016 AND 2015

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2016

 

 

2015

 

 

2016

 

 

2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$-

 

 

$-

 

 

$-

 

 

$-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

45,381

 

 

 

80,667

 

 

 

231,013

 

 

 

192,292

 

General and administrative

 

 

223,832

 

 

 

216,363

 

 

 

1,347,063

 

 

 

585,866

 

Total operating expense

 

 

269,213

 

 

 

297,030

 

 

 

1,578,076

 

 

 

778,158

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss from operations

 

 

(269,213)

 

 

(297,030)

 

 

(1,578,076)

 

 

(778,158)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

149

 

 

 

-

 

 

 

768

 

 

 

-

 

Interest expense

 

 

(2,819)

 

 

-

 

 

 

(2,819)

 

 

-

 

Accretion of debt discount

 

 

(30,753)

 

 

-

 

 

 

(30,753)

 

 

-

 

Total other income (expense)

 

 

(33,423)

 

 

-

 

 

 

(32,804)

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$(302,636)

 

$(297,030)

 

$(1,610,880)

 

$(778,158)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and Diluted Loss per Common Share

 

$(0.00)

 

$(0.00)

 

$(0.02)

 

$(0.01)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of common shares outstanding - basic and diluted

 

 

69,955,847

 

 

 

67,704,921

 

 

 

69,695,772

 

 

 

67,048,351

 

 

(The accompanying notes are an integral part of these consolidated financial statements)

 

 
4
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RENOVACARE, INC.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2016 (UNAUDITED) AND YEAR ENDED DECEMBER 31, 2015

 

 

 

Common Stock

 

 

Additional

Paid-in

 

 

Retained

 

 

Total

Stockholders'

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

Equity

 

Balance, December 31, 2014

 

 

66,575,122

 

 

$666

 

 

$8,128,860

 

 

$(7,655,188)

 

$474,338

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common stock plus warrants

 

 

1,010,000

 

 

 

10

 

 

 

1,009,990

 

 

 

-

 

 

 

1,010,000

 

Issuance of common stock from the exercise of warrants

 

 

196,812

 

 

 

2

 

 

 

(2)

 

 

-

 

 

 

-

 

Stock based compensation due to common stock purchase options

 

 

-

 

 

 

-

 

 

 

59,122

 

 

 

-

 

 

 

59,122

 

Net loss for the year ended December 31, 2015

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(1,318,507)

 

 

(1,318,507)

Balance, December 31, 2015

 

 

67,781,934

 

 

 

678

 

 

 

9,197,970

 

 

 

(8,973,695)

 

 

224,953

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common stock from the exercise of warrants

 

 

2,173,913

 

 

 

22

 

 

 

999,978

 

 

 

-

 

 

 

1,000,000

 

Discount on convertible promissory note due to detachable warrants

 

 

-

 

 

 

-

 

 

 

340,735

 

 

 

-

 

 

 

340,735

 

Discount on convertible promissory note due to beneficial conversion feature

 

 

-

 

 

 

-

 

 

 

359,265

 

 

 

-

 

 

 

359,265

 

Stock based compensation due to common stock purchase options

 

 

-

 

 

 

-

 

 

 

287,238

 

 

 

-

 

 

 

287,238

 

Net loss for the nine months ended September 30, 2016

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(1,610,880)

 

 

(1,610,880)

Balance, September 30, 2016 (Unaudited)

 

 

69,955,847

 

 

$700

 

 

$11,185,186

 

 

$(10,584,575)

 

$601,311

 

 

(The accompanying notes are an integral part of these consolidated financial statements)

 
 
5
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RENOVACARE, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2016 AND 2015

 

 

 

Nine Months Ended

September 30,

 

 

 

2016

 

 

2015

 

Cash flows from operating activities

 

 

 

 

 

 

Net loss

 

$(1,610,880)

 

$(778,158)

Adjustments to reconcile net loss to net cash used in operating activities

 

 

 

 

 

 

 

 

Impairment loss

 

 

-

 

 

 

10,000

 

Stock based compensation expense

 

 

287,238

 

 

 

39,542

 

Accretion of debt discount

 

 

30,753

 

 

 

-

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Decrease (increase) in prepaid expenses and other current assets

 

 

(1,737)

 

 

(26,869)

Increase (decrease) in accounts payable

 

 

(43,407)

 

 

77,859

 

Increase (decrease) in related party payable

 

 

9,497

 

 

 

6,545

 

Increase (decrease) in related party interest expense

 

 

2,819

 

 

 

-

 

Increase (decrease) in contract and contributions payable

 

 

(84,125)

 

 

(116,125)

Net cash used in operating activities

 

 

(1,409,842)

 

 

(787,206)

 

 

 

 

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

 

 

 

 

Proceeds from exercise of warrants and issuance of common stock

 

 

1,000,000

 

 

 

1,010,000

 

Proceeds from the issuance of convertible promissory note

 

 

700,000

 

 

 

-

 

Net cash provided by financing activities

 

 

1,700,000

 

 

 

1,010,000

 

 

 

 

 

 

 

 

 

 

Increase in cash and cash equivalents

 

 

290,158

 

 

 

222,794

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents at beginning of period

 

 

397,589

 

 

 

683,098

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents at end of period

 

$687,747

 

 

$905,892

 

 

 

 

 

 

 

 

 

 

Supplemental disclosure of cash flow information:

 

 

 

 

 

 

 

 

Interest paid in cash

 

$-

 

 

$-

 

Income taxes paid in cash

 

$-

 

 

$-

 

 

 

 

 

 

 

 

 

 

Supplemental disclosure of non-cash transactions:

 

 

 

 

 

 

 

 

Debt discount recorded for value of warrants issued

 

$340,735

 

 

$-

 

Debt discount recorded for beneficial conversion feature

 

$359,265

 

 

$-

 

 

(The accompanying notes are an integral part of these consolidated financial statements)

 

 
6
Table of Contents

 

RENOVACARE, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

Note 1. Organization, Nature and Continuance of Operations

 

RenovaCare, Inc., together with its wholly owned subsidiary (the "Company"), focuses on the acquisition, research, development and, if warranted, commercialization of autologous (using a patient's own cells) cellular therapies that can be used for medical and aesthetic applications.

 

On July 12, 2013, the Company, through its wholly owned subsidiary, RenovaCare Sciences Corp. ("RenovaCare Sciences"), completed the acquisition of its flagship technologies (collectively, the "CellMist™ System") along with the associated United States patent applications and two foreign patents, the first of which expires on August 22, 2027 and the second of which expires on April 26, 2031. The Cell Mist™ System is comprised of (a) a treatment methodology for cell isolation for the regeneration of human skin cells (the "CellMist™ Solution") and (b) a solution sprayer device (the "SkinGun™") for delivering the cells to the treatment area. The solution sprayer device also is a medical-grade liquid spraying device for general use in wound care and irrigation. Based on these technologies the Company has recently filed two additional patent applications, one with the United States Patent and Trademark Office titled "Modular Device for Cell Spraying" and one with the European Patent Office titled "Disposable Apparatus and Device with Unsterile Reusable Apparatus for Sterile Application of a Liquid."

 

The Company has recently incurred net operating losses and operating cash flow deficits. As of September 30, 2016, the Company's accumulated deficit is $10,584,575. The Company does not currently generate revenues and will continue to incur losses from operations and operating cash flow deficits in the future. Management believes that the Company's cash and cash equivalent balances and other external sources of capital will be sufficient to meet the Company's cash requirements through January 2017. The future of the Company after January 2017 will depend on its ability to successfully raise capital from external sources to fund operations. If the Company is unable to obtain adequate funds, or if such funds are not available to it on acceptable terms, the Company's ability to continue its business as planned will be significantly impaired and it may cause the Company to curtail operations. 

 

Note 2. Significant Accounting Policies

 

Basis of Presentation and Principles of Accounting

 

The interim consolidated financial statements included herein have been prepared by the Company, without audit, in accordance with the rules and regulations of the Securities and Exchange Commission ("SEC") pursuant to Part 210 of Regulation S-X. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") have been condensed or omitted pursuant to such SEC rules and regulations, although the Company believes that the disclosures included are adequate to make the information presented not misleading.

 

In management's opinion, the unaudited consolidated financial statements contained herein reflect all adjustments, consisting solely of normal recurring items, which are necessary for the fair presentation of the Company's financial position, results of operations, and cash flows on a basis consistent with that of the Company's prior audited consolidated financial statements. The Company has evaluated information about subsequent events that became available to us through the date the financial statements were issued. This information relates to events, transactions or changes in circumstances that would require us to adjust the amounts reported in the financial statements or to disclose information about those events, transactions or changes in circumstances. The results of operations for interim periods may not be indicative of results to be expected for the full fiscal year. Therefore, these financial statements should be read in conjunction with the Company's audited financial statements, including the notes thereto for the year ended December 31, 2015, which may be found under the Company's profile on EDGAR.

 

 
7
Table of Contents

  

Principles of Consolidation

 

These consolidated financial statements have been prepared in accordance with US GAAP and include the accounts of the Company and its wholly owned subsidiary, RenovaCare Sciences. All significant intercompany transactions and balances have been eliminated. RenovaCare Sciences was incorporated under the laws of the State of Nevada on June 12, 2013.

 

Applicable Accounting Guidance

 

Any reference in these notes to applicable accounting guidance is meant to refer to the authoritative non-governmental US GAAP as found in the Financial Accounting Standards Board's Accounting Standards Codification.

 

In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-19, Stock Compensation, which is intended to simplify several aspects of the accounting for share-based payment award transactions. The guidance will be effective for the fiscal year beginning after December 15, 2016, including interim periods within that year. The Company is in the process of evaluating the impacts of the adoption of this ASU.

 

In February 2016, the FASB issued ASU 2016-02, Leases, which supersedes ASC Topic 840, Leases, and creates a new topic, ASC Topic 842, Leases. ASU 2016-02 requires lessees to recognize a lease liability and a lease asset for all leases, including operating leases, with a term greater than 12 months on its balance sheet. ASU 2016-02 also expands the required quantitative and qualitative disclosures surrounding leases. ASU 2016-02 is effective for the Company beginning January 1, 2019. Early adoption is permitted. The Company has determined that the adoption of ASU 2016-02 will currently have no impact on its consolidated financial statements.

 

In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, to clarify the principles used to recognize revenue for all entities. In March 2016, the FASB issued ASU 2016-08 to further clarify the implementation guidance on principal versus agent considerations. The guidance is effective for annual and interim periods beginning after December 15, 2017, and early adoption is permitted. The Company has determined that the adoption of ASU 2014-09 will currently have no impact on its consolidated financial statements.

 

The Company reviews new accounting standards as issued. Although some of these accounting standards issued or effective after the end of the Company’s previous fiscal year may be applicable, the Company has not identified any standards that the Company believes merit further discussion other than as discussed above. The Company believes that none of the new standards will have a significant impact on the financial statements.

 

Accounting Estimates

 

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the reported amounts of revenues and expenses during the reporting period. Actual results, as determined by future events, may differ from these estimates.

 

Cash and Cash Equivalents

 

The Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents may at times exceed federally insured limits.

 

 
8
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Fair Value Measurement

 

The Company measures fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The Company utilizes a three-tier hierarchy which prioritizes the inputs used in the valuation methodologies in measuring fair value:

 

Level 1. Valuations based on quoted prices in active markets for identical assets or liabilities that an entity has the ability to access. The Company has no assets or liabilities valued with Level 1 inputs.

 

Level 2. Valuations based on quoted prices for similar assets or liabilities, quoted prices for identical assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable data for substantially the full term of the assets or liabilities. The Company has no assets or liabilities valued with Level 2 inputs.

 

Level 3. Valuations based on inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company has no assets or liabilities valued with Level 3 inputs.

 

Fair Value of Financial Instruments

 

The carrying value of cash and cash equivalents, accounts payable, contract and contribution, note payable and interest payable approximate their fair value because of the short-term nature of these instruments and their liquidity. It is not practical to determine the fair value of the Company’s note payable due to the complex terms. Management is of the opinion that the Company is not exposed to significant interest or credit risks arising from these financial instruments.

 

Research and Development Costs

 

The Company intends to outsource its research and development efforts and expense related costs as incurred, including the cost of manufacturing product for testing, licensing fees and costs associated with planning and conducting clinical trials. The value ascribed to patents and other intellectual property acquired will be capitalized as it relates to particular research and development projects that may have alternative future uses.

 

Intangible Assets

 

The Company’s intangible asset consists primarily of the CellMistTM System technology that the Company acquired during 2013 and is recorded at cost. At the time of acquisition, the technology had not reached technological feasibility. The amount capitalized is accounted for as an indefinite-lived intangible asset, subject to impairment testing until completion or abandonment. Upon successful completion, a determination will be made as to the then useful life of the intangible asset, generally determined by the period in which substantially all of the cash flows are expected to be generated, and begin amortization. The Company tests the intangible asset for impairment at least annually or more frequently if impairment indicators exist after performing a qualitative analysis. Management has multiple criteria that it considers when performing the qualitative analysis. The results of this review are then weighed and prioritized. If the totality of the relevant events and circumstances indicate that the intangible asset is not impaired, additional impairment tests are not necessary.

 

The Company assessed the following qualitative factors that could affect any change in the fair value of the intangible asset: analysis of the technology's current phase, additional testing necessary to bring the technology to market, development of competing products, changes in projections caused by delays, changes in regulations, changes in the market for the technology and changes in cost projections to bring the technology to market. Based on a qualitative assessment, management concluded that a positive assertion can be made from the qualitative assessment that it is more likely than not that the intangible asset related to the CellMistTM System is not impaired. The Company did, however, determine that an intangible asset related to wound care technology, acquired during 2013, was impaired during the period ended March 31, 2015 and recorded an impairment loss (a component of research and development expenses) amounting to $10,000 which was equal to the amount capitalized.

 

 
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Stock Options

 

The Company measures all stock-based compensation awards using a fair value method on the date of grant and recognizes such expense in its consolidated financial statements over the requisite service period. The Company uses the Black-Scholes pricing model to determine the fair value of stock-based compensation awards on the date of grant. The Black-Scholes pricing model requires management to make assumptions regarding option lives, expected volatility, and risk free interest rates.

 

Income Taxes

 

The Company recognizes income taxes on an accrual basis based on tax positions taken, or expected to be taken, in tax returns. A tax position is defined as a position in a previously filed tax return or a position expected to be taken in future tax filing that is reflected in measuring current or deferred income tax assets and liabilities. Tax positions are recognized only when it is more likely than not (i.e., likelihood of greater than 50%), based on technical merits, that the position would be sustained upon examination by taxing authorities. Tax positions that meet the more likely than not threshold are measured using a probability-weighted approach as the largest amount of tax benefit that is greater than 50% likely of being realized upon settlement. Income taxes are accounted for using an asset and liability approach that requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the Company's financial statements or tax returns. A valuation allowance is established to reduce deferred tax assets if all, or some portion, of such assets will more than likely not be realized. Should they occur, the Company's policy is to classify interest and penalties related to tax positions as interest expense. Since the Company's inception, no such interest or penalties have been incurred. The Company did not record an income tax provision during the periods presented due to net taxable losses.

 

Earnings (Loss) Per Share

 

The Company presents both basic and diluted earnings per share ("EPS") amounts. Basic EPS is calculated by dividing net income (loss) by the weighted average number of common shares outstanding during the period presented. Diluted EPS amounts are based upon the weighted average number of common and common equivalent shares outstanding during the period presented. The Company has not included the effects of warrants, stock options and convertible debt on net loss per share because to do so would be antidilutive.

 

Following is the computation of basic and diluted net loss per share for the three and nine months ended September 30, 2016 and 2015:

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2016

 

 

2015

 

 

2016

 

 

2015

 

Basic and Diluted EPS Computation

 

 

 

 

 

 

 

 

 

 

 

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Loss available to common stockholders'

 

$(302,636)

 

$(297,030)

 

$(1,610,880)

 

$(778,158)

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of common shares outstanding

 

 

69,955,847

 

 

 

67,704,921

 

 

 

69,695,772

 

 

 

67,048,351

 

Basic and diluted EPS

 

$(0.00)

 

$(0.00)

 

$(0.02)

 

$(0.01)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The shares listed below were not included in the computation of diluted losses

per share because to do so would have been antidilutive for the periods presented:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock options

 

 

445,000

 

 

 

207,500

 

 

 

445,000

 

 

 

207,500

 

Warrants

 

 

7,380,503

 

 

 

8,970,000

 

 

 

7,380,503

 

 

 

8,970,000

 

Convertible debt

 

 

623,067

 

 

 

-

 

 

 

623,067

 

 

 

-

 

Total shares not included in the computation of diluted losses per share

 

 

8,448,570

 

 

 

9,177,500

 

 

 

8,448,570

 

 

 

9,177,500

 

 

Related Party Transactions

 

A related party is generally defined as (i) any person who holds 10% or more of the Company's securities and their immediate families; (ii) the Company's management; (iii) someone who directly or indirectly controls, is controlled by or is under common control with the Company; or (iv) anyone who can significantly influence the financial and operating decisions of the Company. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties. See “Note 7. Related Party Transactions,” for further discussion.

 

 
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Note 3. Debt

 

On September 9, 2016, the Company entered into a loan agreement (the “Loan Agreement”) with Kalen Capital Corporation (“KCC”); KCC is wholly owned by Mr. Harmel S. Rayat, the Company's majority shareholder. Pursuant to the terms of the Loan Agreement, KCC agreed to loan the Company up to $900,000 at an annual interest rate of 7% per year, compounded quarterly. KCC provided the Company with an initial loan in the amount of $700,000, which was evidenced by a convertible promissory note (the “Note”); the remaining $200,000 may be loaned prior to December 31, 2017, upon the mutual agreement of the Company and KCC. The Note, including any interest due thereon, may be prepaid at any time without penalty. The Note matures on December 31, 2017, and, beginning on the first anniversary of the Note, can be converted, at KCC’s sole discretion, into shares of the Company’s common stock at conversion rate equal to the lesser of: (i) $1.54, or the closing price of the Company’s common stock on the day prior to the issuance of the Note or (ii) a 20% discount to the average closing price of the Company’s common stock for the five days prior to the date on which KCC elects to convert the Note.

 

Per the Loan Agreement, the Company issued KCC a Series E Stock Purchase Warrant (the “Series E Warrant”) to purchase up to 584,416 shares of the Company’s common stock at a purchase price of the lesser of: (i) $1.54, the closing price of the Company’s common stock on the day prior to issuance of the Series E Warrant; or (ii) a 20% discount to the average closing price of the Company’s common stock for the five days prior to the date on which KCC elects to exercise the Series E Warrant. The Series E Warrant is exercisable for a period of five years from the date of issuance and may be exercised on a cashless basis.

 

The Loan Agreement provides KCC with registration rights for all of the shares issuable upon conversion of the Note, including conversion of the note issued for the remaining $200,000, if applicable, and exercise of the Series E Warrant, beginning on the first anniversary of the Loan Agreement.

 

The Company calculated the debt discount related to the Note and Series E Warrant by first allocating the respective fair value of the Note and Series E Warrant based upon their relative fair values to the total Note proceeds. The fair value of the Series E Warrant issued with the Note was calculated using the Black-Scholes option pricing model and the following assumptions: exercise price - $1.25 per share; market price of common stock - $1.54 per share; estimated volatility – 92.3%; risk free interest rate - 1.23%; expected dividend rate - 0% and expected life - 5.0 years. The resulting fair value of $340,735 was allocated to the Series E Warrant. The intrinsic value of the beneficial conversion feature amounted to $359,265. The resulting $700,000 discount to the Note is being accreted over the 1.25 year term of the Note.

 

During the three and nine months ended September 30, 2016, the Company recognized $2,819 of interest expense and $30,753 of accretion related to the debt discount. The remaining debt discount of $669,247 will be amortized over the next five quarters through December 31, 2017.

 

Note 4. Common Stock Options

 

2013 Long-Term Incentive Plan

 

On June 20, 2013, the Board of Directors (the "Board") adopted, subject to receiving shareholder approval, the 2013 Long-Term Incentive Plan (the "Incentive Plan"). The Incentive Plan provides for the issuance of stock options of up to 20,000,000 shares (subject to adjustment) of the Company's common stock to officers, directors, key employees and consultants of the Company. Options granted to employees under the Incentive Plan, including directors and officers who are employees, may be incentive stock options or non-qualified stock options; options granted to others under the Incentive Plan are limited to non-qualified stock options. On November 15, 2013, shareholders owning a majority of the Company's issued and outstanding shares approved the Incentive Plan.

 

The Incentive Plan is administered by the Board or a committee designated by the Board. Subject to the provisions of the Incentive Plan, the Board has the authority to determine the officers, employees and consultants to whom options will be granted, the number of shares covered by each option, vesting rights and the terms and conditions of each option that is granted to them; however, no person may be granted in any of the Company's fiscal year, options to purchase more than 2,000,000 shares under the Incentive Plan, and the aggregate fair market value (determined at the time the option is granted) of the shares with respect to which incentive stock options are exercisable for the first time by an optionee during any calendar year cannot exceed $100,000. Options granted pursuant to the Incentive Plan are exercisable no later than ten years after the date of grant.

 

 
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The exercise price per share of common stock for options granted under the Incentive Plan will be the fair market value of the Company's common stock on the date of grant, using the closing price of the Company's common stock on the last trading day prior to the date of grant, except for incentive stock options granted to a holder of ten percent or more of the Company's common stock, for whom the exercise price per share will not be less than 110% of the fair market value. No option can be granted under the Incentive Plan after June 20, 2023.

 

As of September 30, 2016, there were 19,555,000 shares available for grant.

 

Stock Option Activity

 

The following table summarizes stock option activity for the period ended September 30, 2016:

 

 

 

Number of

Options

 

 

Weighted

Average

Exercise

Price ($)

 

 

Weighted

Average Remaining Contractual

Term

 

Aggregate

Intrinsic

Value ($)

 

Outstanding at December 31, 2015

 

 

257,500

 

 

 

1.07

 

 

 

 

 

 

Grants

 

 

187,500

 

 

 

1.92

 

 

 

 

 

 

Outstanding at September 30, 2016

 

 

445,000

 

 

 

1.43

 

 

8.62 years

 

 

81,125

 

Exercisable at September 30, 2016

 

 

357,500

 

 

 

1.41

 

 

8.63 years

 

 

73,625

 

Available for grant at September 30, 2016

 

 

19,555,000

 

 

 

 

 

 

 

 

 

 

 

 

The fair value of each stock option is estimated at the date of grant using the Black-Scholes option pricing model. There were 187,500 stock options granted during the nine months ended September 30, 2016 with a weighted-average grant date fair value of $1.41. There were 15,000 stock options granted during the nine months ended September 30, 2015 with a weighted-average grant date fair value of $1.08. Assumptions regarding volatility, expected term, dividend yield and risk-free interest rate are required for the Black-Scholes model. The volatility assumption is based on the Company's historical experience. The risk-free interest rate is based on a U.S. treasury note with maturity similar to the option award's expected life. The expected life represents the average period of time that options granted are expected to be outstanding. The assumptions for volatility, expected life, dividend yield and risk-free interest rate for options granted are presented in the table below:

 

 

 

2016

 

 

2015

 

Risk-free interest rate

 

1.23%-1.41

%

 

1.49%-1.70

%

Expected life in years

 

 

5.5

 

 

 

5.0

 

Weighted Avg. Expected Volatility

 

 

92%

 

88.4–105.3

%

Expected dividend yield

 

 

0

 

 

 

0

 

 

The fair value of our stock options is expensed ratably over their respective vesting periods. The following table sets forth the share-based compensation cost resulting from stock option grants, including those previously granted and vesting over time, that were recorded in the Company’s Consolidated Statements of Operations for the three and nine months ended September 30, 2016 and 2015:

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2016

 

 

2015

 

 

2016

 

 

2015

 

Stock based compensation expense

 

$12,951

 

 

$18,879

 

 

$287,238

 

 

$39,542

 

 

Stock-based compensation expense is recognized as general and administrative expenses. As of September 30, 2016, the Company had $58,916 of unrecognized compensation cost related to unvested stock options which is expected to be recognized over a period of 4.25 years.

 

 
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The following table summarizes information about stock options outstanding and exercisable at September 30, 2016:

 

 

 

 

Stock Options Outstanding

 

 

Stock Options Exercisable

 

Range of

Exercise Prices

 

 

Number of Shares Subject to Outstanding Options

 

 

Weighted Average Contractual Life (years)

 

 

Weighted Average Exercise Price

 

 

Number of Shares Subject To Options Exercise

 

 

Weighted Average Remaining Contractual Life (Years)

 

 

Weighted Average Exercise Price

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

0.75

 

 

 

40,000

 

 

 

7.17

 

 

$0.75

 

 

 

40,000

 

 

 

7.17

 

 

$0.75

 

 

0.80

 

 

 

90,000

 

 

 

7.87

 

 

 

0.80

 

 

 

90,000

 

 

 

7.87

 

 

 

0.80

 

 

1.05

 

 

 

55,000

 

 

 

7.50

 

 

 

1.05

 

 

 

25,000

 

 

 

7.50

 

 

 

1.05

 

 

1.25

 

 

 

7,500

 

 

 

8.71

 

 

 

1.25

 

 

 

7,500

 

 

 

8.71

 

 

 

1.25

 

 

1.34

 

 

 

7,500

 

 

 

8.75

 

 

 

1.34

 

 

 

7,500

 

 

 

8.75

 

 

 

1.34

 

 

1.65

 

 

 

50,000

 

 

 

9.09

 

 

 

1.65

 

 

 

-

 

 

 

9.09

 

 

 

1.65

 

 

1.70

 

 

 

7,500

 

 

 

9.04

 

 

 

1.70

 

 

 

7,500

 

 

 

9.04

 

 

 

1.70

 

 

1.91

 

 

 

180,000

 

 

 

9.46

 

 

 

1.91

 

 

 

180,000

 

 

 

9.46

 

 

 

1.91

 

 

2.28

 

 

 

7,500

 

 

 

9.81

 

 

 

2.28

 

 

 

-

 

 

 

9.81

 

 

 

2.28

 

Total

 

 

 

445,000

 

 

 

8.62

 

 

$1.43

 

 

 

357,500

 

 

 

8.63

 

 

$1.41

 

 

Note 5. Common Stock

 

On February 2, 2016, KCC exercised a portion of its Series B Warrant for 2,173,913 shares of the Company’s common stock at an exercise price of $0.46 per share resulting in proceeds of $1,000,000.

 

The following table summarizes information about warrants outstanding at September 30, 2016:

 

 

 

Shares of

Common Stock

 

 

Exercise Price

 

 

Expiration

Date

 

Series A

 

 

960,000

 

 

$0.35

 

 

July 12, 2019

 

Series B

 

 

1,326,087

 

 

$0.46

 

 

November 29, 2018

 

Series C

 

 

3,500,000

 

 

$0.49

 

 

November 29, 2018

 

Series D

 

 

1,010,000

 

 

$1.10

 

 

June 5, 2020

 

Series E

 

 

584,416

 

 

$1.13

 

 

September 8, 2021

 

Outstanding as of September 30, 2016

 

 

7,380,503

 

 

 

 

 

 

 

 

 

 
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Note 6. Contract and Contribution Payable

 

On May 1, 2015, the Company entered into an option agreement (the “Option Agreement”) with Dr. Gerlach, pursuant to which the Company obtained a one-year exclusive option to evaluate a wound cap technology. Pursuant to the terms of the Option Agreement, the Company paid Dr. Gerlach a non-refundable fee of $24,000 in four quarterly installments of $6,000, with the first installment paid in May 2015 and the final payment made during the three months ended March 31, 2016.

 

On September 25, 2014, the Company entered into a Charitable Grant Agreement with the University of Pittsburgh (the "University"), pursuant to which the Company committed to provide a charitable donation to the University in the aggregate amount of $75,000 (the "Grant"). The Company paid the Grant in eight quarterly installments of $9,375, with the first payment made in October 2014 and the final payment made in July 2016. Dr. Gerlach, from whom the Company purchased the CellMist™ System, is a professor at the University.

 

On July 12, 2013, the Company, together with its wholly owned subsidiary, RenovaCare Sciences, entered into an asset purchase agreement with Dr. Jörg Gerlach, MD, PhD, pursuant to which RenovaCare Sciences purchased all of Dr. Gerlach's rights, title and interest in the CellMist™ System. As amended, the asset purchase agreement provided for cash payments of $300,000 as partial consideration for the purchase which are payable as follows: (a) $100,000 on December 31, 2014; (b) $50,000 on December 31, 2015; (c) $50,000 on December 31, 2016; and (d) $100,000 on December 31, 2017. At September 30, 2016, $50,000 of the amount payable to Dr. Gerlach was recorded as current liabilities and $100,000 was recorded as long-term liabilities in the accompanying consolidated balance sheet.

 

Below is a summary of contract and contribution payable at September 30, 2016 and December 31, 2015:

 

 

 

2016

 

 

2015

 

Contribution payable to the University of Pittsburgh, in quarterly installments of $9,375, through July 2016

 

$-

 

 

$28,125

 

Contract payable to Dr. Jorg Gerlach in connection with the APA. $50,000 is due on December 31, 2016 and $100,000 is due on December 31, 2017

 

 

150,000

 

 

 

200,000

 

Contract for option agreement purchase

 

 

-

 

 

 

6,000

 

Total

 

 

150,000

 

 

 

234,125

 

Less: current portion

 

 

(50,000)

 

 

(134,125)

Long-term portion

 

$100,000

 

 

$100,000

 

 

See also “Note 7. Related Party Transactions.”

 

Note 7. Related Party Transactions

 

As compensation for their service on the Board, Dr. Kirkland and Mr. Sierchio will receive an annual retainer of $6,000, payable in equal yearly installments in arrears and prorated for any partial years of service.

 

For the three and nine months ended September 30, 2016, directors' and consulting fees with respect to officers and directors of the Company were $3,000 (2015: $3,000) and $9,000 (2015: $9,000). Legal fees incurred with respect to one of the Company's directors in the three and nine months ended September 30, 2016 were $30,080 (2015: $20,583) and $121,595 ($83,138), respectively. Amounts included in accrued expenses – related parties were $30,080 at September 30, 2016 and $30,095 as of December 31, 2015.

 

 
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In connection with the Company’s anticipated FDA and other regulatory filings, the Company engaged StemCell Systems to provide it with prototypes and related documents. Pursuant to this engagement the Company incurred expenses of $24,000 and $80,667 for the three months ended September 30, 2016 and 2015, respectively, and $134,567 and $140,627 for the nine months ended September 30, 2016 and 2015, respectively. Dr. Gerlach, from whom the Company purchased the CellMist™ System, is a principal of StemCell Systems.

 

On September 9, 2016, the Company entered into a loan agreement with KCC. Pursuant to the terms of the Loan Agreement, KCC agreed to loan the Company up to $900,000 at an annual interest rate of 7% per year, compounded quarterly. KCC provided the Company with an initial loan in the amount of $700,000, which was evidenced by the Note; the remaining $200,000 may be loaned prior to December 31, 2017, upon the mutual agreement of the Company and KCC. The Note, including any interest due thereon, may be prepaid at any time without penalty. The Note matures on December 31, 2017, and, beginning on the first anniversary of the Note, can be converted, at KCC’s sole discretion, into shares of the Company’s common stock at conversion rate equal to the lesser of: (i) $1.54, or the closing price of the Company’s common stock on the day prior to the issuance of the Note or (ii) a 20% discount to the average closing price of the Company’s common stock for the five days prior to the date on which KCC elects to convert the Note.

 

Per the Loan Agreement, the Company issued KCC a Series E Stock Purchase Warrant to purchase up to 584,416 shares of the Company’s common stock at a purchase price of the lesser of: (i) $1.54, the closing price of the Company’s common stock on the day prior to issuance of the Series E Warrant; or (ii) a 20% discount to the average closing price of the Company’s common stock for the five days prior to the date on which KCC elects to exercise the Series E Warrant. The Series E Warrant is exercisable for a period of five years from the date of issuance and may be exercised on a cashless basis.

 

On February 2, 2016, KCC exercised a portion of its Series B Warrant for 2,173,913 shares of our common stock at an exercise price of $0.46 per share resulting in proceeds of $1,000,000.

 

On May 1, 2015, the Company entered into the Option Agreement with Dr. Gerlach, pursuant to which the Company obtained a one-year exclusive option to evaluate certain technology for a fee of $24,000, payable in four quarterly installments of $6,000, with the first installment due on May 1, 2015. The final payment under the Option agreement was paid during the three months ended March 31, 2016.

 

On September 25, 2014, the Company entered into a Charitable Grant Agreement with the University of Pittsburgh, pursuant to which it committed to provide a charitable donation to the University in the aggregate amount of $75,000. The Company paid the Grant in eight quarterly installments of $9,375, with the first payment made in October 2014 and the final payment made July 20, 2016. Dr. Gerlach, from whom the Company purchased the CellMist™ System, is a professor at the University of Pittsburgh.

 

Note 8. Subsequent Events

 

Management has reviewed material events subsequent of the quarterly period ended September 30, 2016 and prior to the filing of financial statements in accordance with FASB ASC 855 “Subsequent Events” and has determined there are no events to report.

 

 
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Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

 

Forward-Looking Statements

 

You should read the following discussion and analysis of our financial condition and results of operations together with our financial statements and related notes appearing elsewhere in this Quarterly Report filed on Form 10-Q. This discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of many factors.

 

This discussion and analysis should be read in conjunction with the accompanying unaudited interim consolidated financial statements and related notes. The discussion and analysis of the financial condition and results of operations are based upon the unaudited interim consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of any contingent liabilities at the financial statement date and reported amounts of revenue and expenses during the reporting period. On an on-going basis we review our estimates and assumptions. The estimates were based on historical experience and other assumptions that we believe to be reasonable under the circumstances. Actual results are likely to differ from those estimates under different assumptions or conditions, but we do not believe such differences will materially affect our financial position or results of operations. Critical accounting policies, the policies us believes are most important to the presentation of its financial statements and require the most difficult, subjective and complex judgments, are outlined below in "Critical Accounting Policies," and have not changed significantly.

 

Cautionary Note Regarding Forward-Looking Statements

 

This Quarterly Report on Form 10-Q contains certain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, as well as information relating to RenovaCare, Inc. and its subsidiaries that is based on management's exercise of business judgment and assumptions made by and information currently available to management. Although forward-looking statements in this Quarterly Report on Form 10-Q reflect the good faith judgment of our management, such statements can only be based on facts and factors currently known by us. Consequently, forward-looking statements are inherently subject to risks and uncertainties and actual results and outcomes may differ materially from the results and outcomes discussed in or anticipated by the forward-looking statements. When used in this document and other documents, releases and reports released by us, the words "anticipate," "believe," "estimate," "expect," "intend," "the facts suggest" and words of similar import, are intended to identify any forward-looking statements. You should not place undue reliance on these forward-looking statements. These statements reflect our current view of future events and are subject to certain risks and uncertainties as noted below. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, our actual results could differ materially from those anticipated in these forward-looking statements. Actual events, transactions and results may materially differ from the anticipated events, transactions or results described in such statements. Although we believe that our expectations are based on reasonable assumptions, we can give no assurance that our expectations will materialize. Many factors could cause actual results to differ materially from our forward looking statements and unknown, unidentified or unpredictable factors could materially and adversely impact our future results. We undertake no obligation and do not intend to update, revise or otherwise publicly release any revisions to our forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of any unanticipated events. Several of these factors include, without limitation:

 

·

our ability to meet requisite regulations or receive regulatory approvals in the United States, and our ability to retain any regulatory approvals that we may obtain; and the absence of adverse regulatory developments in the United States and abroad;

·

new entrance of competitive products or further penetration of existing products in our markets;

·

the effect on us from adverse publicity related to our products or the company itself; and

·

any adverse claims relating to our intellectual property.

 

The safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended, apply to forward-looking statements made by us. The reader is cautioned that no statements contained in this Form 10-Q should be construed as a guarantee or assurance of future performance or results. Actual events or results may differ materially from those discussed in forward-looking statements as a result of various factors, including, without limitation, the risks described in this report and matters described in this report generally. In light of these risks and uncertainties, there can be no assurance that the forward-looking statements contained in this filing will in fact occur.

 

 
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Overview

 

RenovaCare, Inc. (together with its wholly owned subsidiary, "RenovaCare" the "Company" "we" "us" or "our") was incorporated under the laws of the State of Nevada and has an authorized capital of 500,000,000 shares of $0.00001 par value common stock, of which 69,955,847 shares are outstanding as of the date of this report, and 10,000,000 shares of $0.0001 par value preferred stock, of which none are outstanding.

 

On January 7, 2014, we filed a Certificate of Amendment to Articles of Incorporation changing our name from "Janus Resources, Inc." to "RenovaCare, Inc." so as to more fully reflect our operations. The Financial Industry Regulatory Authority declared the name change effective as of January 9, 2014. In conjunction with the name change, we changed our stock symbol on the OTCQB from "JANI" to "RCAR".

 

Our principal executive offices are located at 430 Park Avenue, Suite 702, New York, NY 10022. Our telephone number is (888) 398-0202.

 

As we are a smaller reporting company, we are not required to make certain disclosures otherwise required to be made in a Form 10-Q.

 

Description of Business

 

We are focusing on the acquisition, research, development and, if warranted, commercialization of autologous (using a patient's own cells) cellular therapies that can be used for medical and aesthetic applications. On July 12, 2013, we, through our wholly owned subsidiary, RenovaCare Sciences Corp., completed the acquisition of our flagship technologies (collectively, the "CellMist™ System") along with the associated United States patent applications and two (2) foreign patents, the first of which expires on August 22, 2027 and the second of which expires on April 26, 2031. The Cell Mist™ System is comprised of (i) a treatment methodology for cell isolation for the regeneration of human skin cells (the "CellMist™ Solution") and (ii) a solution sprayer device (the "SkinGun™") for delivering the cells to the treatment area. The solution sprayer device also is a medical-grade liquid spraying device for general use in wound care and irrigation. We effected the acquisition of the CellMistTM System through an asset purchase agreement with Dr. Gerlach (the "APA"). Pursuant to the terms of the APA, as amended on September 9, 2014, we paid Dr. Gerlach an initial sum of $100,000 and are obligated to pay him an additional $300,000 in four installments: (a) $100,000 on December 31, 2014; (b) $50,000 on December 31, 2015; (c) $50,000 on December 31, 2016; and (d) $100,000 on December 31, 2017. Additionally, we issued to Dr. Gerlach a Series A Warrant allowing him to purchase up to 1,200,000 shares of our common stock at a purchase price of $0.35 per share through July 12, 2019; the warrant vests in five equal annual installments.

 

The average adult human has a skin surface area of between 16 - 21 square feet, which protects all other organs against the external environment. When a person's skin is assailed by trauma or exposed to extreme heat, the skin's various layers may be destroyed and, depending on the severity of the injury, might cause life-threatening conditions. Currently, severe trauma to the skin, such as second or third degree burns, requires surgical mesh-grafting of skin, whereby healthy skin is removed from one area of the patient's body (a "donor site") and implanted on the damaged area. While mesh grafting is often the method of choice, we believe there are significant deficiencies with this method. The surgical procedure to remove healthy skin from the donor site can be painful and leaves the patient with a new wound that must also be attended to. In many instances the aesthetic results are not satisfying, as the color of the skin from the donor site may not match the skin color of the damaged skin. Additionally, since the ratio between the size of the wound area and the size of the donor site is quite low, i.e. the size of the skin removed must be substantially equal in size to the size of the damaged skin, the mesh-grafting approach is in many cases limited. Donor and injury sites can take weeks to heal, requiring expensive hospital stays, ongoing wound dressing management, and ever-changing anti-infection strategies. We are currently evaluating the efficacy and potential of our SkinGunTM, in combination with our CellMist™ Solution, in the treatment of tissue that has been subject to severe trauma such as second and third degree burns. In small scale clinical trials, the SkinGunTM and cell isolation methodology have shown the ability to regenerate a more natural and thicker skin. The CellMistTM System utilizes the patient's own skin stem cells and is able to address much larger treatment areas and at the same time reduce the size of the donor site. Furthermore, we believe the CellMistTM System enables the effective treatment of other skin disorders with minimal scarring compared to skin grafting.

 

 
17
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In a clinical study of 19 patients with deep dermal wound burns to the face and neck conducted in Berlin, Germany prior to our purchase of the CellMist™ System, researchers stated that, "careful surgical debridement and consecutive application of CEA [cultured epithelial auto graft] suspensions using a spray technique results in excellent cosmetic outcomes compared with any other method." The same researchers concluded that, "We refuse to perform a prospective randomized study with groups in which traditional skin grafting and/or wound healing are still applied for the therapy for deep dermal burns due to the excellent results in our study. The method of CEA spray application has become our standard of care for these indications. The faster wound closure, the promotion of spontaneous wound healing by keratinocyte application, as well as the preservation of donor sites are further advantages of the method." (Hartmann MD, Bernd, et al, "Sprayed Cultured Epithelial Autografts for Deep Dermal Burns of the Face and Neck" Annals of Plastic Surgery, 58.1(2007): 70-73. Print. emphasis added). The CEA spray application used by the researchers in the publication refers to earlier iterations of what is now CellMistTM System . Dr. Gerlach, from whom we purchased the CellMistTM System, assisted in the study.

 

The development of our CellMist™ System is in the early stage and we anticipate that we will be required to expend significant time and resources to further develop our technology and determine whether a commercially viable product can be developed. Research and development of new technologies involves a high degree of risk and there is no assurance that our development activities will result in a commercially viable product. The long-term profitability of our operations will be, in part, directly related to the cost and success of our development programs, which may be affected by a number of factors.

 

Strategy

 

Our ultimate goal is to leverage the potential of our SkinGunTM, together with our CellMist™ Solution, as cutting edge treatments in skin therapy. Before we can do so, however, there are a number of steps we must first take, including:

 

·

initiating a series of clinical trials to determine the CellMist™ System's efficacy for treating wounds and burns;

·

formalizing collaborations with universities and scientific partners;

·

creating a network of clinical and research partners; and

·

achieving Food and Drug Administration (the "FDA") and other regulatory approval.

 

Additionally, we will likely be required to raise significant capital in order to fund our ongoing research and development operations, and there is no guarantee that we will be able to raise such capital on acceptable terms, if at all.

  

 
18
Table of Contents

 

Results of Operations

 

Three and Nine Months Ended September 30, 2016 Compared with the Three and Nine Months Ended September 30, 2015

 

Operating Expenses

 

A summary of our operating expense for the three and nine months ended September 30, 2016 and 2015 follows:

 

 

 

Three Months Ended September 30,

 

 

Increase /

 

 

Percentage

 

 

 

2016

 

 

2015

 

 

(Decrease)

 

 

Change

 

Operating expense

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

$45,381

 

 

$80,667

 

 

$(35,286)

 

 

-44

%

General and administrative

 

 

210,881

 

 

 

197,484

 

 

 

13,397

 

 

 

7%

Stock compensation

 

 

12,951

 

 

 

18,879

 

 

 

(5,928)

 

 

-31

%

Total operating expense

 

$269,213

 

 

$297,030

 

 

$(27,817)

 

 

-9

%

 

 

 

Nine Months Ended September 30,

 

 

Increase /

 

 

Percentage

 

 

 

2016

 

 

2015

 

 

(Decrease)

 

 

Change

 

Operating expense

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

$231,013

 

 

$192,292

 

 

$38,721

 

 

 

20%

General and administrative

 

 

1,059,825

 

 

 

546,324

 

 

 

513,501

 

 

 

94%

Stock compensation

 

 

287,238

 

 

 

39,542

 

 

 

247,696

 

 

 

626%

Total operating expense

 

$1,578,076

 

 

$778,158

 

 

$799,918

 

 

 

103%

 

Research and Development

 

Research and development (“R&D”) costs represent costs incurred to develop our CellMistTM System and are incurred pursuant to agreements with third party providers. R&D costs are expensed when incurred. R&D costs decreased during the three months ended September 30, 2016 compared to 2015, as a result of the timing of certain of our R&D expenses, which we expect will increase in the fourth quarter. R&D costs increased during the nine months ended September 30, 2016 compared to 2015 as a result of increased expenditures made in anticipation of our FDA and other regulatory filings.

 

General and Administrative

 

General and administrative costs include all expenditures incurred other than research and development related costs, including costs related to personnel, professional fees, travel and entertainment, public company costs, insurance and other office related costs. Costs increased during the three and nine months ended September 30, 2016 compared to 2015 due primarily to an investor outreach and branding program, increase in legal fees related to the drafting of a master clinical trial agreement and higher personnel costs.

 

 
19
Table of Contents

 

Other Income (Expense)

 

Other income and expense primarily relates to a convertible promissory note dated September 9, 2016 with a face amount of $700,000. Interest expense relates to the stated interest of the convertible promissory note. Accretion of debt discount represents the accretion of the discount applied to the note as a result of the issuance of detachable warrants and the beneficial conversion feature contained in the note.

 

Liquidity and Capital Resources

 

We currently finance our activities through the sale of our equity securities and issuance of debt. There is no assurance that funding will be accessible to us at the times and in the amounts required to fund our ongoing operations. There are many conditions beyond our control, which have a direct bearing on the level of investor interest in the purchase of our securities.

 

We do not have any agreements or understandings with any person as to additional financing.

 

At September 30, 2016, we had cash of $687,747 (December 2015: $397,589) and working capital of $582,029 (December 2015: $172,099). Total liabilities as of September 30, 2016 were $251,320 (December 2015: $335,783).

 

Our consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America and applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. As discussed in Note 1 to the consolidated financial statements, we have incurred recurring operating losses since inception of $10.6 million. We require additional funds to meet our obligations and maintain our operations. We have sufficient working capital to (i) pay our administrative and general operating expenses through January 31, 2017, and (ii) to conduct our preliminary research and development programs. We do not currently have cash flow from operations as we have no commercialized products; without cash flow from operations, we will need to obtain additional funds (presumably through equity offerings and/or debt borrowing) in order to implement our current research and development programs for the CellMistTM System. If we are unable to obtain adequate funds, or if such funds are not available to us on acceptable terms, our ability to continue our business as planned will be significantly impaired and it may cause us to curtail operations.

 

Net cash used in operating activities was $1,409,842 during the nine months ended September 30, 2016, compared to net cash used in operating activities of $787,206 during the nine months ended September 30, 2015.

 

Net cash provided by financing activities was $1,700,000 during the nine months ended September 30, 2016, compared to $1,010,000 during the nine months ended September 30, 2015.

 

On September 9, 2016, we entered into a loan agreement with KCC whereby KCC agreed to loan us up to $900,000 with an initial loan in the amount of $700,000. On February 2, 2016, KCC exercised a portion of its Series B Warrant for 2,173,913 shares of our common stock at an exercise price of $0.46 per share resulting in proceeds of $1,000,000.

 

On June 5, 2015, we entered into subscription agreements with five investors for the purchase and sale of an aggregate of 1,010,000 units of our equity securities at a price of $1.00 per unit for total gross proceeds of $1,010,000. Each unit consisted of one share of common stock and one Series D Warrant allowing the holder to purchase one share of our common stock at a price of $1.10 per share for a period of five years; we used the proceeds from the sale of the units for research and development and general corporate purposes.

 

Dividends

 

We have neither declared nor paid any dividends on our common stock. We intend to retain our earnings to finance growth and expand our operations and do not anticipate paying any dividends on our common stock in the foreseeable future.

 

 
20
Table of Contents

 

Fair Value of Financial Instruments and Risks

 

Fair value estimates of financial instruments are made at a specific point in time, based on relevant information about financial markets and specific financial instruments. As these estimates are subjective in nature, involving uncertainties and matters of significant judgment, they cannot be determined with precision. Changes in assumptions can significantly affect estimated fair value.

 

The carrying value of cash and cash equivalents, contract and contribution payable, accounts payable, note payable and accrued expenses approximate their fair value because of the short-term nature of these instruments.

 

Management is of the opinion that we are not exposed to significant interest or credit risks arising from these financial instruments.

 

Market Risk Disclosures

 

We have not entered into derivative contracts either to hedge existing risks or for speculative purposes during or subsequent to the periods presented.

 

Off-balance Sheet Arrangements and Contractual Obligations

 

We do not have any off-balance sheet arrangements or contractual obligations at September 30, 2016, and the subsequent period to through the date of this report, that are likely to have or are reasonably likely to have a material 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 have not been disclosed in our consolidated financial statements.

 

Critical Accounting Policies

 

See "Note 2. Significant Accounting Policies" in the Notes to the Consolidated Financial Statements in this Form 10-Q.

 

Related Party Transactions

 

Our proposed business raises potential conflicts of interests between certain of our officers and directors and us. Certain of our directors are employees or consultants to other companies in the healthcare industry and, to the extent that such other companies may participate in ventures in which we may participate, our directors may have a conflict of interest in negotiating and concluding terms regarding the extent of such participation. In the event that such a conflict of interest arises at a meeting of our directors, a director who has such a conflict will abstain from voting for or against the approval of such participation or such terms. Other than as indicated, we have no other procedures or mechanisms to deal with conflicts of interest. We are not aware of the existence of any conflict of interest as described herein.

 

Other than as disclosed below, during the three and nine months ended September 30, 2016 and 2015, and the subsequent period, none of our current directors, officers or principal shareholders, nor any family member of the foregoing, nor, to the best of our information and belief, any of our former directors, senior officers or principal shareholders, nor any family member of such former directors, officers or principal shareholders, has or had any material interest, direct or indirect, in any transaction, or in any proposed transaction which has materially affected or will materially affect us.

 

As compensation for their service on the Board, Dr. Kirkland and Mr. Sierchio receive an annual retainer of $6,000, payable in equal yearly installments in arrears and prorated for any partial years of service. For the three and nine months ended September 30, 2016, directors' and consulting fees with respect to our officers and directors were $3,000 (2015: $3,000) and $9,000 (2015: $9,000). Legal fees incurred with respect to one of our directors in the three and nine months ended September 30, 2016 were $30,080 (2015: $20,583) and $121,595 (2015: $83,138), respectively. Amounts included in accrued expenses – related parties were $30,080 at September 30, 2016 and $30,095 as of December 31, 2015.

 

 
21
Table of Contents

 

In connection with our anticipated FDA and other regulatory filings, we engaged StemCell Systems to provide us with prototypes and related documents for our CellMistTM System. Pursuant to this engagement we incurred expenses of $24,000 and $80,667 for the three months ended September 30, 2016 and 2015, respectively, and $134,567 and $140,627 for the nine months ended September 30, 2016 and 2015, respectively. Dr. Gerlach, from whom we purchased the CellMist™ System, is a principal of StemCell Systems.

 

On September 9, 2016, we entered into a loan agreement (the “Loan Agreement”) with Kalen Capital Corporation (“KCC”), a private corporation that is wholly owned by Mr. Harmel S. Rayat, our majority shareholder. Pursuant to the terms of the Loan Agreement, KCC agreed to loan us up to $900,000 at an annual interest rate of 7% per year, compounded quarterly. KCC provided us with an initial loan in the amount of $700,000, which was evidenced by the Note; the remaining $200,000 may be loaned prior to December 31, 2017, upon the mutual agreement of the Company and KCC. The Note, including any interest due thereon, may be prepaid at any time without penalty. The Note matures on December 31, 2017, and, beginning on the first anniversary of the Note, can be converted, at KCC’s sole discretion, into shares of our common stock at conversion rate equal to the lesser of: (i) $1.54, or the closing price of our common stock on the day prior to the issuance of the Note or (ii) a 20%discount to the average closing price of our common stock for the five ays prior to the date on which KCC elects to convert the Note.

 

Per the Loan Agreement, we issued KCC a Series E Stock Purchase Warrant to purchase up to 584,416 shares of our common stock at a purchase price of the lesser of: (i) $1.54, the closing price of our common stock on the day prior to issuance of the Series E Warrant; or (ii) a 20% discount to the average closing price of our common stock for the five days prior to the date on which KCC elects to exercise the Series E Warrant. The Series E Warrant is exercisable for a period of five years from the date of issuance and may be exercised on a cashless basis.

 

On February 2, 2016, KCC exercised a portion of its Series B Warrant for 2,173,913 shares of our common stock at an exercise price of $0.46 per share resulting in proceeds of $1,000,000.

 

On May 1, 2015, we entered into an option agreement with Dr. Gerlach, pursuant to which we obtained a one-year exclusive option to evaluate certain technology for a fee of $24,000, payable in four quarterly installments of $6,000, with the first installment due on May 1, 2015. The final payment under the option agreement was paid during the three months ended March 31, 2016.

 

On September 25, 2014, we entered into a Charitable Grant Agreement with the University of Pittsburgh (the “University”), pursuant to which we committed to provide a charitable donation to the University in the aggregate amount of $75,000 (the “Grant”). We paid the Grant in eight quarterly installments of $9,375, with the first payment made in October 2014 and the final payment made July 20, 2016. Dr. Gerlach, from whom we purchased the CellMist™ System, is a professor at the University.

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

Not applicable.

 

Item 4. Controls and Procedures

 

Disclosure Controls and Procedures

 

At the end of the period covered by this Quarterly Report on Form 10-Q for the three month period ended September 30, 2016, an evaluation was carried out under the supervision of and with the participation of our management, including the Chief Executive Officer ("CEO") of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) under the Exchange Act). Based on that evaluation the CEO has concluded that as of the end of the period covered by this report, our disclosure controls and procedures are effective in ensuring that: (i) information required to be disclosed by us in reports that it files or submits to the SEC under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in applicable rules and forms and (ii) material information required to be disclosed in our reports filed under the Exchange Act is accumulated and communicated to our management, including our CEO, as appropriate, to allow for accurate and timely decisions regarding required disclosure.

 

Changes in Internal Control over Financial Reporting

 

During the period covered by this report, there were no changes to internal control over financial reporting that materially affected or are reasonably likely to materially affect our internal control over financial reporting.

 

 
22
Table of Contents

 

PART II – OTHER INFORMATION

 

Item 1. Legal Proceedings

 

None

 

Item 1A. Risk Factors

 

Smaller reporting companies are not required to provide the information required by this item.

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

 

See the Company’s Current Report on Form 8-K filed with the SEC on September 16, 2016.

 

 

23

Table of Contents

  

Item 6. Exhibits

 

Exhibit No.

Description of Exhibit

 

 

 

3.1

Articles of incorporation (Incorporated by reference to Exhibit 3.1 of the Form 10-SB 12g filed on May 11, 1999).

3.2

Articles of Incorporation, as amended (Incorporated by reference to the Form 8-K filed on January 10, 2011).

3.3

Articles of Incorporation, as amended (Incorporated by reference to the Form 8-K filed on January 10, 2014).

3.4

Bylaws (Incorporated by reference to Exhibit 3.2 of the Form 10-SB 12g filed on May 11, 1999).

4.1

Convertible Promissory Note dated September 9, 2016 (Incorporated by reference to Form 8-K filed on September 16, 2016)

4.2

Series E Stock Purchase Warrant dated September 9, 2016 (Incorporated by reference to Form 8-K filed on September 16, 2016)

10.1

Loan Agreement between Kalen Capital Corporation and RenovaCare, Inc. dated September 9, 2016 (Incorporated by reference to Form 8-K filed on September 16, 2016)

31.1

Certification of Principal Executive Officer and Principal Financial Officer Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, As Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*

32.1

Certification of Principal Executive Officer and Principal 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**

_______________ 

*

Filed herewith.

**

Furnished herewith. XBRL (eXtensible Business Reporting Language) information is furnished and not filed or a part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.

 

 
24
Table of Contents

 

SIGNATURES

 

Pursuant to the requirements of Sections 13 or 15 (d) of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. 

 

 

RenovaCare, Inc.

(Registrant)

Date: November 10, 2016

By:

/s/ Thomas Bold

 

Name:

Thomas Bold

 

 

Title:

Chief Executive Officer and Interim Chief Financial Officer

(Principal Executive Officer and Principal Financial Officer)

 

 

 

25

 

 

EX-31.1 2 rcar_ex311.htm CERTIFICATION rcar_ex311.htm

EXHIBIT 31.1

 

CERTIFICATION PURSUANT TO RULE 13A-14(A) OR RULE 15D-14(A)

UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED

 

I, Thomas Bold, certify that:

 

1.

I have reviewed this quarterly report on Form 10-Q of RenovaCare, Inc.;

 

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

 

 

 

(b)

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

 

 

 

(c)

Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

 

 

(d)

Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

 

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 10, 2016

By:

/s/ Thomas Bold

 

Name:

Thomas Bold

 

 

Title:

Chief Executive Officer and Interim Chief Financial Officer

(Principal Executive Officer and Principal Financial Officer)

 

 


 

EX-32.1 3 rcar_ex321.htm CERTIFICATION rcar_ex321.htm

EXHIBIT 32.1

 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Section 1350 of Chapter 63 of Title 18 of the United States Code), the undersigned officer of RenovaCare, Inc. (the "Company") do hereby certify with respect to the Quarterly Report of the Company on Form 10-Q for the period ended September 30, 2016 (the "Report") that:

 

(i)

the Report filed by the Company fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

  

 

(ii)

The information contained in that Report fairly presents, in all material respects, the financial condition and results of operations of the Company on the dates and for the periods presented therein.

 

 

RENOVACARE, INC.

Date: November 10, 2016

By:

/s/ Thomas Bold

 

Name:

Thomas Bold

Title:

Chief Executive Officer and Interim Chief Financial Officer

(Principal Executive Officer and Principal Financial Officer)

 

This certification accompanies this Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended. A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

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Document and Entity Information - shares
9 Months Ended
Sep. 30, 2016
Nov. 08, 2016
Document And Entity Information    
Entity Registrant Name Renovacare, Inc.  
Entity Central Index Key 0001016708  
Document Type 10-Q  
Document Period End Date Sep. 30, 2016  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Is Entity a Well-known Seasoned Issuer? No  
Is Entity a Voluntary Filer? No  
Is Entity's Reporting Status Current? Yes  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   69,955,847
Document Fiscal Period Focus Q3  
Document Fiscal Year Focus 2016  
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CONSOLIDATED BALANCE SHEETS - USD ($)
Sep. 30, 2016
Dec. 31, 2015
Current assets    
Cash and cash equivalents $ 687,747 $ 397,589
Prepaid expenses 12,030 10,293
Total current assets 699,777 407,882
Intangible Assets 152,854 152,854
Total assets 852,631 560,736
Current liabilities    
Accounts payable 28,156 71,563
Accrued expenses - related parties 39,592 30,095
Contract and contribution payable 50,000 134,125
Total current liabilities 117,748 235,783
Convertible promissory note payable to related party, net of discount of $669,247 30,753
Interest payable to related party 2,819
Contract and contribution payable, less current portion 100,000 100,000
Total liabilities 251,320 335,783
Commitments and contingencies
Stockholders' equity    
Preferred stock: $0.0001 par value; 10,000,000 shares authorized, no shares issued and outstanding
Common stock: $0.00001 par value; 500,000,000 shares authorized, 69,955,847 and 67,781,934 shares issued and outstanding at September 30, 2016 and December 31, 2015, respectively 700 678
Additional paid-in capital 11,185,186 9,197,970
Retained deficit (10,584,575) (8,973,695)
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Total liabilities and stockholders' equity $ 852,631 $ 560,736
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CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Sep. 30, 2016
Dec. 31, 2015
STOCKHOLDERS' EQUITY    
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Preferred stock, shares Issued 0 0
Preferred stock, shares outstanding 0 0
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Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Consolidated Statements Of Operations        
Revenue
Operating expense        
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General and administrative 223,832 216,363 1,347,063 585,866
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Other income (expense)        
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Interest expense (2,819) (2,819)
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Basic and Diluted Loss per Common Share $ (0.00) $ (0.00) $ (0.02) $ (0.01)
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Common Stock
Additional Paid-In Capital
Retained Deficit
Total
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Beginning Balance, Amount at Dec. 31, 2014 $ 666 $ 8,128,860 $ (7,655,188) $ 474,338
Issuance of common stock plus warrants,Shares 1,010,000      
Issuance of common stock plus warrants, Amount $ 10 1,009,990 1,010,000
Issuance of common stock from the exercise of warrants,Shares 196,812      
Issuance of common stock from the exercise of warrants, Amount $ 2 (2)
Stock based compensation due to common stock purchase options 59,122 59,122
Net loss (1,318,507) (1,318,507)
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Ending Balance, Amount at Dec. 31, 2015 $ 678 9,197,970 (8,973,695) 224,953
Issuance of common stock from the exercise of warrants,Shares 2,173,913      
Issuance of common stock from the exercise of warrants, Amount $ 22 999,978 1,000,000
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Discount on convertible promissory note due to detachable warrants 340,735 340,735
Discount on convertible promissory note due to beneficial conversion feature 359,265 359,265
Net loss (1,610,880) (1,610,880)
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Ending Balance, Amount at Sep. 30, 2016 $ 700 $ 11,185,186 $ (10,584,575) $ 601,311
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CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Cash flows from operating activities    
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Adjustments to reconcile net loss to net cash used in operating activities    
Impairment loss 10,000
Stock based compensation expense 287,238 39,542
Accretion of debt discount 30,753
Changes in operating assets and liabilities:    
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Increase (decrease) in accounts payable (43,407) 77,859
Increase (decrease) in related party payable 9,497 6,545
Increase (decrease) in related party interest expense 2,819
Increase (decrease) in contract and contributions payable (84,125) (116,125)
Net cash used in operating activities (1,409,842) (787,206)
Cash flows from financing activities    
Proceeds from exercise of warrants and issuance of common stock 1,000,000 1,010,000
Proceeds from the issuance of convertible promissory note 700,000
Net cash provided by financing activities 1,700,000 1,010,000
Increase in cash and cash equivalents 290,158 222,794
Cash and cash equivalents at beginning of period 397,589 683,098
Cash and cash equivalents at end of period 687,747 905,892
Supplemental disclosure of cash flow information:    
Interest paid in cash
Income taxes paid in cash
Supplemental disclosure of non-cash transactions:    
Debt discount recorded for value of warrants issued 340,735
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Organization, Nature and Continuance of Operations
9 Months Ended
Sep. 30, 2016
Notes to Financial Statements  
Note 1. Organization, Nature and Continuance of Operations

RenovaCare, Inc., together with its wholly owned subsidiary (the "Company"), focuses on the acquisition, research, development and, if warranted, commercialization of autologous (using a patient's own cells) cellular therapies that can be used for medical and aesthetic applications.

 

On July 12, 2013, the Company, through its wholly owned subsidiary, RenovaCare Sciences Corp. ("RenovaCare Sciences"), completed the acquisition of its flagship technologies (collectively, the "CellMist™ System") along with the associated United States patent applications and two foreign patents, the first of which expires on August 22, 2027 and the second of which expires on April 26, 2031. The Cell Mist™ System is comprised of (a) a treatment methodology for cell isolation for the regeneration of human skin cells (the "CellMist™ Solution") and (b) a solution sprayer device (the "SkinGun™") for delivering the cells to the treatment area. The solution sprayer device also is a medical-grade liquid spraying device for general use in wound care and irrigation. Based on these technologies the Company has recently filed two additional patent applications, one with the United States Patent and Trademark Office titled "Modular Device for Cell Spraying" and one with the European Patent Office titled "Disposable Apparatus and Device with Unsterile Reusable Apparatus for Sterile Application of a Liquid."

 

The Company has recently incurred net operating losses and operating cash flow deficits. As of September 30, 2016, the Company's accumulated deficit is $10,584,575. The Company does not currently generate revenues and will continue to incur losses from operations and operating cash flow deficits in the future. Management believes that the Company's cash and cash equivalent balances and other external sources of capital will be sufficient to meet the Company's cash requirements through January 2017. The future of the Company after January 2017 will depend on its ability to successfully raise capital from external sources to fund operations. If the Company is unable to obtain adequate funds, or if such funds are not available to it on acceptable terms, the Company's ability to continue its business as planned will be significantly impaired and it may cause the Company to curtail operations.

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Significant Accounting Policies
9 Months Ended
Sep. 30, 2016
Notes to Financial Statements  
Note 2. Significant Accounting Policies

Basis of Presentation and Principles of Accounting

 

The interim consolidated financial statements included herein have been prepared by the Company, without audit, in accordance with the rules and regulations of the Securities and Exchange Commission ("SEC") pursuant to Part 210 of Regulation S-X. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") have been condensed or omitted pursuant to such SEC rules and regulations, although the Company believes that the disclosures included are adequate to make the information presented not misleading.

 

In management's opinion, the unaudited consolidated financial statements contained herein reflect all adjustments, consisting solely of normal recurring items, which are necessary for the fair presentation of the Company's financial position, results of operations, and cash flows on a basis consistent with that of the Company's prior audited consolidated financial statements. The Company has evaluated information about subsequent events that became available to us through the date the financial statements were issued. This information relates to events, transactions or changes in circumstances that would require us to adjust the amounts reported in the financial statements or to disclose information about those events, transactions or changes in circumstances. The results of operations for interim periods may not be indicative of results to be expected for the full fiscal year. Therefore, these financial statements should be read in conjunction with the Company's audited financial statements, including the notes thereto for the year ended December 31, 2015, which may be found under the Company's profile on EDGAR.

 

Principles of Consolidation

 

These consolidated financial statements have been prepared in accordance with US GAAP and include the accounts of the Company and its wholly owned subsidiary, RenovaCare Sciences. All significant intercompany transactions and balances have been eliminated. RenovaCare Sciences was incorporated under the laws of the State of Nevada on June 12, 2013.

 

Applicable Accounting Guidance

 

Any reference in these notes to applicable accounting guidance is meant to refer to the authoritative non-governmental US GAAP as found in the Financial Accounting Standards Board's Accounting Standards Codification.

 

In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-19, Stock Compensation, which is intended to simplify several aspects of the accounting for share-based payment award transactions. The guidance will be effective for the fiscal year beginning after December 15, 2016, including interim periods within that year. The Company is in the process of evaluating the impacts of the adoption of this ASU.

 

In February 2016, the FASB issued ASU 2016-02, Leases, which supersedes ASC Topic 840, Leases, and creates a new topic, ASC Topic 842, Leases. ASU 2016-02 requires lessees to recognize a lease liability and a lease asset for all leases, including operating leases, with a term greater than 12 months on its balance sheet. ASU 2016-02 also expands the required quantitative and qualitative disclosures surrounding leases. ASU 2016-02 is effective for the Company beginning January 1, 2019. Early adoption is permitted. The Company has determined that the adoption of ASU 2016-02 will currently have no impact on its consolidated financial statements.

 

In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, to clarify the principles used to recognize revenue for all entities. In March 2016, the FASB issued ASU 2016-08 to further clarify the implementation guidance on principal versus agent considerations. The guidance is effective for annual and interim periods beginning after December 15, 2017, and early adoption is permitted. The Company has determined that the adoption of ASU 2014-09 will currently have no impact on its consolidated financial statements.

 

The Company reviews new accounting standards as issued. Although some of these accounting standards issued or effective after the end of the Company’s previous fiscal year may be applicable, the Company has not identified any standards that the Company believes merit further discussion other than as discussed above. The Company believes that none of the new standards will have a significant impact on the financial statements.

 

Accounting Estimates

 

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the reported amounts of revenues and expenses during the reporting period. Actual results, as determined by future events, may differ from these estimates.

 

Cash and Cash Equivalents

 

The Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents may at times exceed federally insured limits.

 

Fair Value Measurement

 

The Company measures fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The Company utilizes a three-tier hierarchy which prioritizes the inputs used in the valuation methodologies in measuring fair value:

 

Level 1. Valuations based on quoted prices in active markets for identical assets or liabilities that an entity has the ability to access. The Company has no assets or liabilities valued with Level 1 inputs.

 

Level 2. Valuations based on quoted prices for similar assets or liabilities, quoted prices for identical assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable data for substantially the full term of the assets or liabilities. The Company has no assets or liabilities valued with Level 2 inputs.

 

Level 3. Valuations based on inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company has no assets or liabilities valued with Level 3 inputs.

 

Fair Value of Financial Instruments

 

The carrying value of cash and cash equivalents, accounts payable, contract and contribution, note payable and interest payable approximate their fair value because of the short-term nature of these instruments and their liquidity. It is not practical to determine the fair value of the Company’s note payable due to the complex terms. Management is of the opinion that the Company is not exposed to significant interest or credit risks arising from these financial instruments.

 

Research and Development Costs

 

The Company intends to outsource its research and development efforts and expense related costs as incurred, including the cost of manufacturing product for testing, licensing fees and costs associated with planning and conducting clinical trials. The value ascribed to patents and other intellectual property acquired will be capitalized as it relates to particular research and development projects that may have alternative future uses.

 

Intangible Assets

 

The Company’s intangible asset consists primarily of the CellMistTM System technology that the Company acquired during 2013 and is recorded at cost. At the time of acquisition, the technology had not reached technological feasibility. The amount capitalized is accounted for as an indefinite-lived intangible asset, subject to impairment testing until completion or abandonment. Upon successful completion, a determination will be made as to the then useful life of the intangible asset, generally determined by the period in which substantially all of the cash flows are expected to be generated, and begin amortization. The Company tests the intangible asset for impairment at least annually or more frequently if impairment indicators exist after performing a qualitative analysis. Management has multiple criteria that it considers when performing the qualitative analysis. The results of this review are then weighed and prioritized. If the totality of the relevant events and circumstances indicate that the intangible asset is not impaired, additional impairment tests are not necessary.

 

The Company assessed the following qualitative factors that could affect any change in the fair value of the intangible asset: analysis of the technology's current phase, additional testing necessary to bring the technology to market, development of competing products, changes in projections caused by delays, changes in regulations, changes in the market for the technology and changes in cost projections to bring the technology to market. Based on a qualitative assessment, management concluded that a positive assertion can be made from the qualitative assessment that it is more likely than not that the intangible asset related to the CellMistTM System is not impaired. The Company did, however, determine that an intangible asset related to wound care technology, acquired during 2013, was impaired during the period ended March 31, 2015 and recorded an impairment loss (a component of research and development expenses) amounting to $10,000 which was equal to the amount capitalized.

 

Stock Options

 

The Company measures all stock-based compensation awards using a fair value method on the date of grant and recognizes such expense in its consolidated financial statements over the requisite service period. The Company uses the Black-Scholes pricing model to determine the fair value of stock-based compensation awards on the date of grant. The Black-Scholes pricing model requires management to make assumptions regarding option lives, expected volatility, and risk free interest rates.

 

Income Taxes

 

The Company recognizes income taxes on an accrual basis based on tax positions taken, or expected to be taken, in tax returns. A tax position is defined as a position in a previously filed tax return or a position expected to be taken in future tax filing that is reflected in measuring current or deferred income tax assets and liabilities. Tax positions are recognized only when it is more likely than not (i.e., likelihood of greater than 50%), based on technical merits, that the position would be sustained upon examination by taxing authorities. Tax positions that meet the more likely than not threshold are measured using a probability-weighted approach as the largest amount of tax benefit that is greater than 50% likely of being realized upon settlement. Income taxes are accounted for using an asset and liability approach that requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the Company's financial statements or tax returns. A valuation allowance is established to reduce deferred tax assets if all, or some portion, of such assets will more than likely not be realized. Should they occur, the Company's policy is to classify interest and penalties related to tax positions as interest expense. Since the Company's inception, no such interest or penalties have been incurred. The Company did not record an income tax provision during the periods presented due to net taxable losses.

 

Earnings (Loss) Per Share

 

The Company presents both basic and diluted earnings per share ("EPS") amounts. Basic EPS is calculated by dividing net income (loss) by the weighted average number of common shares outstanding during the period presented. Diluted EPS amounts are based upon the weighted average number of common and common equivalent shares outstanding during the period presented. The Company has not included the effects of warrants, stock options and convertible debt on net loss per share because to do so would be antidilutive.

 

Following is the computation of basic and diluted net loss per share for the three and nine months ended September 30, 2016 and 2015:

 

    Three Months Ended     Nine Months Ended  
    September 30,     September 30,  
    2016     2015     2016     2015  
Basic and Diluted EPS Computation                        
Numerator:                        
Loss available to common stockholders'   $ (302,636 )   $ (297,030 )   $ (1,610,880 )   $ (778,158 )
Denominator:                                
Weighted average number of common shares outstanding     69,955,847       67,704,921       69,695,772       67,048,351  
Basic and diluted EPS   $ (0.00 )   $ (0.00 )   $ (0.02 )   $ (0.01 )
                                 

The shares listed below were not included in the computation of diluted losses per share because to do so would have been antidilutive for the periods presented:

                               
Stock options     445,000       207,500       445,000       207,500  
Warrants     7,380,503       8,970,000       7,380,503       8,970,000  
Convertible debt     623,067       -       623,067       -  
Total shares not included in the computation of diluted losses per share     8,448,570       9,177,500       8,448,570       9,177,500  

 

Related Party Transactions

 

A related party is generally defined as (i) any person who holds 10% or more of the Company's securities and their immediate families; (ii) the Company's management; (iii) someone who directly or indirectly controls, is controlled by or is under common control with the Company; or (iv) anyone who can significantly influence the financial and operating decisions of the Company. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties. See “Note 7. Related Party Transactions,” for further discussion.

XML 18 R9.htm IDEA: XBRL DOCUMENT v3.5.0.2
Debt
9 Months Ended
Sep. 30, 2016
Notes to Financial Statements  
Note 3. Debt

On September 9, 2016, the Company entered into a loan agreement (the “Loan Agreement”) with Kalen Capital Corporation (“KCC”); KCC is wholly owned by Mr. Harmel S. Rayat, the Company's majority shareholder. Pursuant to the terms of the Loan Agreement, KCC agreed to loan the Company up to $900,000 at an annual interest rate of 7% per year, compounded quarterly. KCC provided the Company with an initial loan in the amount of $700,000, which was evidenced by a convertible promissory note (the “Note”); the remaining $200,000 may be loaned prior to December 31, 2017, upon the mutual agreement of the Company and KCC. The Note, including any interest due thereon, may be prepaid at any time without penalty. The Note matures on December 31, 2017, and, beginning on the first anniversary of the Note, can be converted, at KCC’s sole discretion, into shares of the Company’s common stock at conversion rate equal to the lesser of: (i) $1.54, or the closing price of the Company’s common stock on the day prior to the issuance of the Note or (ii) a 20% discount to the average closing price of the Company’s common stock for the five days prior to the date on which KCC elects to convert the Note.

 

Per the Loan Agreement, the Company issued KCC a Series E Stock Purchase Warrant (the “Series E Warrant”) to purchase up to 584,416 shares of the Company’s common stock at a purchase price of the lesser of: (i) $1.54, the closing price of the Company’s common stock on the day prior to issuance of the Series E Warrant; or (ii) a 20% discount to the average closing price of the Company’s common stock for the five days prior to the date on which KCC elects to exercise the Series E Warrant. The Series E Warrant is exercisable for a period of five years from the date of issuance and may be exercised on a cashless basis.

 

The Loan Agreement provides KCC with registration rights for all of the shares issuable upon conversion of the Note, including conversion of the note issued for the remaining $200,000, if applicable, and exercise of the Series E Warrant, beginning on the first anniversary of the Loan Agreement.

 

The Company calculated the debt discount related to the Note and Series E Warrant by first allocating the respective fair value of the Note and Series E Warrant based upon their relative fair values to the total Note proceeds. The fair value of the Series E Warrant issued with the Note was calculated using the Black-Scholes option pricing model and the following assumptions: exercise price - $1.25 per share; market price of common stock - $1.54 per share; estimated volatility – 92.3%; risk free interest rate - 1.23%; expected dividend rate - 0% and expected life - 5.0 years. The resulting fair value of $340,735 was allocated to the Series E Warrant. The intrinsic value of the beneficial conversion feature amounted to $359,265. The resulting $700,000 discount to the Note is being accreted over the 1.25 year term of the Note.

 

During the three and nine months ended September 30, 2016, the Company recognized $2,819 of interest expense and $30,753 of accretion related to the debt discount. The remaining debt discount of $669,247 will be amortized over the next five quarters through December 31, 2017.

XML 19 R10.htm IDEA: XBRL DOCUMENT v3.5.0.2
Common Stock Options
9 Months Ended
Sep. 30, 2016
Notes to Financial Statements  
Note 4. Common Stock Options

2013 Long-Term Incentive Plan

 

On June 20, 2013, the Board of Directors (the "Board") adopted, subject to receiving shareholder approval, the 2013 Long-Term Incentive Plan (the "Incentive Plan"). The Incentive Plan provides for the issuance of stock options of up to 20,000,000 shares (subject to adjustment) of the Company's common stock to officers, directors, key employees and consultants of the Company. Options granted to employees under the Incentive Plan, including directors and officers who are employees, may be incentive stock options or non-qualified stock options; options granted to others under the Incentive Plan are limited to non-qualified stock options. On November 15, 2013, shareholders owning a majority of the Company's issued and outstanding shares approved the Incentive Plan.

 

The Incentive Plan is administered by the Board or a committee designated by the Board. Subject to the provisions of the Incentive Plan, the Board has the authority to determine the officers, employees and consultants to whom options will be granted, the number of shares covered by each option, vesting rights and the terms and conditions of each option that is granted to them; however, no person may be granted in any of the Company's fiscal year, options to purchase more than 2,000,000 shares under the Incentive Plan, and the aggregate fair market value (determined at the time the option is granted) of the shares with respect to which incentive stock options are exercisable for the first time by an optionee during any calendar year cannot exceed $100,000. Options granted pursuant to the Incentive Plan are exercisable no later than ten years after the date of grant.

 

The exercise price per share of common stock for options granted under the Incentive Plan will be the fair market value of the Company's common stock on the date of grant, using the closing price of the Company's common stock on the last trading day prior to the date of grant, except for incentive stock options granted to a holder of ten percent or more of the Company's common stock, for whom the exercise price per share will not be less than 110% of the fair market value. No option can be granted under the Incentive Plan after June 20, 2023.

 

As of September 30, 2016, there were 19,555,000 shares available for grant.

 

Stock Option Activity

 

The following table summarizes stock option activity for the period ended September 30, 2016:

 

   

Number of

Options

   

Weighted

Average

Exercise

Price ($)

   

Weighted

Average Remaining Contractual

Term

 

Aggregate

Intrinsic

Value ($)

 
Outstanding at December 31, 2015     257,500       1.07            
Grants     187,500       1.92            
Outstanding at September 30, 2016     445,000       1.43     8.62 years     81,125  
Exercisable at September 30, 2016     357,500       1.41     8.63 years     73,625  
Available for grant at September 30, 2016     19,555,000                      

 

The fair value of each stock option is estimated at the date of grant using the Black-Scholes option pricing model. There were 187,500 stock options granted during the nine months ended September 30, 2016 with a weighted-average grant date fair value of $1.41. There were 15,000 stock options granted during the nine months ended September 30, 2015 with a weighted-average grant date fair value of $1.08. Assumptions regarding volatility, expected term, dividend yield and risk-free interest rate are required for the Black-Scholes model. The volatility assumption is based on the Company's historical experience. The risk-free interest rate is based on a U.S. treasury note with maturity similar to the option award's expected life. The expected life represents the average period of time that options granted are expected to be outstanding. The assumptions for volatility, expected life, dividend yield and risk-free interest rate for options granted are presented in the table below:

 

    2016     2015  
Risk-free interest rate   1.23%-1.41 %   1.49%-1.70 %
Expected life in years     5.5       5.0  
Weighted Avg. Expected Volatility     92 %   88.4–105.3 %
Expected dividend yield     0       0  

 

The fair value of our stock options is expensed ratably over their respective vesting periods. The following table sets forth the share-based compensation cost resulting from stock option grants, including those previously granted and vesting over time, that were recorded in the Company’s Consolidated Statements of Operations for the three and nine months ended September 30, 2016 and 2015:

 

    Three Months Ended     Nine Months Ended  
    September 30,     September 30,  
    2016     2015     2016     2015  
Stock based compensation expense   $ 12,951     $ 18,879     $ 287,238     $ 39,542  
                                 

 

Stock-based compensation expense is recognized as general and administrative expenses. As of September 30, 2016, the Company had $58,916 of unrecognized compensation cost related to unvested stock options which is expected to be recognized over a period of 4.25 years.

 

The following table summarizes information about stock options outstanding and exercisable at September 30, 2016:

 

      Stock Options Outstanding     Stock Options Exercisable  

Range of

Exercise Prices

    Number of Shares Subject to Outstanding Options     Weighted Average Contractual Life (years)     Weighted Average Exercise Price     Number of Shares Subject To Options Exercise     Weighted Average Remaining Contractual Life (Years)     Weighted Average Exercise Price  
                                       
$ 0.75       40,000       7.17     $ 0.75       40,000       7.17     $ 0.75  
  0.80       90,000       7.87       0.80       90,000       7.87       0.80  
  1.05       55,000       7.50       1.05       25,000       7.50       1.05  
  1.25       7,500       8.71       1.25       7,500       8.71       1.25  
  1.34       7,500       8.75       1.34       7,500       8.75       1.34  
  1.65       50,000       9.09       1.65       -       9.09       1.65  
  1.70       7,500       9.04       1.70       7,500       9.04       1.70  
  1.91       180,000       9.46       1.91       180,000       9.46       1.91  
  2.28       7,500       9.81       2.28       -       9.81       2.28  
Total       445,000       8.62     $ 1.43       357,500       8.63     $ 1.41  
XML 20 R11.htm IDEA: XBRL DOCUMENT v3.5.0.2
Common Stock
9 Months Ended
Sep. 30, 2016
Notes to Financial Statements  
Note 5. Common Stock

On February 2, 2016, KCC exercised a portion of its Series B Warrant for 2,173,913 shares of the Company’s common stock at an exercise price of $0.46 per share resulting in proceeds of $1,000,000.

 

The following table summarizes information about warrants outstanding at September 30, 2016:

 

   

Shares of

Common Stock

    Exercise Price    

Expiration

Date

 
Series A     960,000     $ 0.35     July 12, 2019  
Series B     1,326,087     $ 0.46     November 29, 2018  
Series C     3,500,000     $ 0.49     November 29, 2018  
Series D     1,010,000     $ 1.10     June 5, 2020  
Series E     584,416     $ 1.13     September 8, 2021  
Outstanding as of September 30, 2016     7,380,503                
XML 21 R12.htm IDEA: XBRL DOCUMENT v3.5.0.2
Contract and Contribution Payable
9 Months Ended
Sep. 30, 2016
Notes to Financial Statements  
Note 6. Contract and Contribution Payable

On May 1, 2015, the Company entered into an option agreement (the “Option Agreement”) with Dr. Gerlach, pursuant to which the Company obtained a one-year exclusive option to evaluate a wound cap technology. Pursuant to the terms of the Option Agreement, the Company paid Dr. Gerlach a non-refundable fee of $24,000 in four quarterly installments of $6,000, with the first installment paid in May 2015 and the final payment made during the three months ended March 31, 2016.

 

On September 25, 2014, the Company entered into a Charitable Grant Agreement with the University of Pittsburgh (the "University"), pursuant to which the Company committed to provide a charitable donation to the University in the aggregate amount of $75,000 (the "Grant"). The Company paid the Grant in eight quarterly installments of $9,375, with the first payment made in October 2014 and the final payment made in July 2016. Dr. Gerlach, from whom the Company purchased the CellMist™ System, is a professor at the University.

 

On July 12, 2013, the Company, together with its wholly owned subsidiary, RenovaCare Sciences, entered into an asset purchase agreement with Dr. Jörg Gerlach, MD, PhD, pursuant to which RenovaCare Sciences purchased all of Dr. Gerlach's rights, title and interest in the CellMist™ System. As amended, the asset purchase agreement provided for cash payments of $300,000 as partial consideration for the purchase which are payable as follows: (a) $100,000 on December 31, 2014; (b) $50,000 on December 31, 2015; (c) $50,000 on December 31, 2016; and (d) $100,000 on December 31, 2017. At September 30, 2016, $50,000 of the amount payable to Dr. Gerlach was recorded as current liabilities and $100,000 was recorded as long-term liabilities in the accompanying consolidated balance sheet.

 

Below is a summary of contract and contribution payable at September 30, 2016 and December 31, 2015:

 

    2016     2015  
Contribution payable to the University of Pittsburgh, in quarterly installments of $9,375, through July 2016   $ -     $ 28,125  
Contract payable to Dr. Jorg Gerlach in connection with the APA. $50,000 is due on December 31, 2016 and $100,000 is due on December 31, 2017     150,000       200,000  
Contract for option agreement purchase     -       6,000  
Total     150,000       234,125  
Less: current portion     (50,000 )     (134,125 )
Long-term portion   $ 100,000     $ 100,000  
XML 22 R13.htm IDEA: XBRL DOCUMENT v3.5.0.2
Related Party Transactions
9 Months Ended
Sep. 30, 2016
Notes to Financial Statements  
Note 7. Related Party Transactions

As compensation for their service on the Board, Dr. Kirkland and Mr. Sierchio will receive an annual retainer of $6,000, payable in equal yearly installments in arrears and prorated for any partial years of service.

 

For the three and nine months ended September 30, 2016, directors' and consulting fees with respect to officers and directors of the Company were $3,000 (2015: $3,000) and $9,000 (2015: $9,000). Legal fees incurred with respect to one of the Company's directors in the three and nine months ended September 30, 2016 were $30,080 (2015: $20,583) and $121,595 ($83,138), respectively. Amounts included in accrued expenses – related parties were $30,080 at September 30, 2016 and $30,095 as of December 31, 2015.

 

In connection with the Company’s anticipated FDA and other regulatory filings, the Company engaged StemCell Systems to provide it with prototypes and related documents. Pursuant to this engagement the Company incurred expenses of $24,000 and $80,667 for the three months ended September 30, 2016 and 2015, respectively, and $134,567 and $140,627 for the nine months ended September 30, 2016 and 2015, respectively. Dr. Gerlach, from whom the Company purchased the CellMist™ System, is a principal of StemCell Systems.

 

On September 9, 2016, the Company entered into a loan agreement with KCC. Pursuant to the terms of the Loan Agreement, KCC agreed to loan the Company up to $900,000 at an annual interest rate of 7% per year, compounded quarterly. KCC provided the Company with an initial loan in the amount of $700,000, which was evidenced by the Note; the remaining $200,000 may be loaned prior to December 31, 2017, upon the mutual agreement of the Company and KCC. The Note, including any interest due thereon, may be prepaid at any time without penalty. The Note matures on December 31, 2017, and, beginning on the first anniversary of the Note, can be converted, at KCC’s sole discretion, into shares of the Company’s common stock at conversion rate equal to the lesser of: (i) $1.54, or the closing price of the Company’s common stock on the day prior to the issuance of the Note or (ii) a 20% discount to the average closing price of the Company’s common stock for the five days prior to the date on which KCC elects to convert the Note.

 

Per the Loan Agreement, the Company issued KCC a Series E Stock Purchase Warrant to purchase up to 584,416 shares of the Company’s common stock at a purchase price of the lesser of: (i) $1.54, the closing price of the Company’s common stock on the day prior to issuance of the Series E Warrant; or (ii) a 20% discount to the average closing price of the Company’s common stock for the five days prior to the date on which KCC elects to exercise the Series E Warrant. The Series E Warrant is exercisable for a period of five years from the date of issuance and may be exercised on a cashless basis.

 

On February 2, 2016, KCC exercised a portion of its Series B Warrant for 2,173,913 shares of our common stock at an exercise price of $0.46 per share resulting in proceeds of $1,000,000.

 

On May 1, 2015, the Company entered into the Option Agreement with Dr. Gerlach, pursuant to which the Company obtained a one-year exclusive option to evaluate certain technology for a fee of $24,000, payable in four quarterly installments of $6,000, with the first installment due on May 1, 2015. The final payment under the Option agreement was paid during the three months ended March 31, 2016.

 

On September 25, 2014, the Company entered into a Charitable Grant Agreement with the University of Pittsburgh, pursuant to which it committed to provide a charitable donation to the University in the aggregate amount of $75,000. The Company paid the Grant in eight quarterly installments of $9,375, with the first payment made in October 2014 and the final payment made July 20, 2016. Dr. Gerlach, from whom the Company purchased the CellMist™ System, is a professor at the University of Pittsburgh.

XML 23 R14.htm IDEA: XBRL DOCUMENT v3.5.0.2
Subsequent Events
9 Months Ended
Sep. 30, 2016
Notes to Financial Statements  
Note 8. Subsequent Events

Management has reviewed material events subsequent of the quarterly period ended September 30, 2016 and prior to the filing of financial statements in accordance with FASB ASC 855 “Subsequent Events” and has determined there are no events to report.

XML 24 R15.htm IDEA: XBRL DOCUMENT v3.5.0.2
Significant Accounting Policies (Policies)
9 Months Ended
Sep. 30, 2016
Significant Accounting Policies Policies  
Basis of Presentation and Principles of Accounting

The interim consolidated financial statements included herein have been prepared by the Company, without audit, in accordance with the rules and regulations of the Securities and Exchange Commission ("SEC") pursuant to Part 210 of Regulation S-X. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") have been condensed or omitted pursuant to such SEC rules and regulations, although the Company believes that the disclosures included are adequate to make the information presented not misleading.

 

In management's opinion, the unaudited consolidated financial statements contained herein reflect all adjustments, consisting solely of normal recurring items, which are necessary for the fair presentation of the Company's financial position, results of operations, and cash flows on a basis consistent with that of the Company's prior audited consolidated financial statements. The Company has evaluated information about subsequent events that became available to us through the date the financial statements were issued. This information relates to events, transactions or changes in circumstances that would require us to adjust the amounts reported in the financial statements or to disclose information about those events, transactions or changes in circumstances. The results of operations for interim periods may not be indicative of results to be expected for the full fiscal year. Therefore, these financial statements should be read in conjunction with the Company's audited financial statements, including the notes thereto for the year ended December 31, 2015, which may be found under the Company's profile on EDGAR.

Principles of Consolidation

These consolidated financial statements have been prepared in accordance with US GAAP and include the accounts of the Company and its wholly owned subsidiary, RenovaCare Sciences. All significant intercompany transactions and balances have been eliminated. RenovaCare Sciences was incorporated under the laws of the State of Nevada on June 12, 2013.

Applicable Accounting Guidance

Any reference in these notes to applicable accounting guidance is meant to refer to the authoritative non-governmental US GAAP as found in the Financial Accounting Standards Board's Accounting Standards Codification.

 

In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-19, Stock Compensation, which is intended to simplify several aspects of the accounting for share-based payment award transactions. The guidance will be effective for the fiscal year beginning after December 15, 2016, including interim periods within that year. The Company is in the process of evaluating the impacts of the adoption of this ASU.

 

In February 2016, the FASB issued ASU 2016-02, Leases, which supersedes ASC Topic 840, Leases, and creates a new topic, ASC Topic 842, Leases. ASU 2016-02 requires lessees to recognize a lease liability and a lease asset for all leases, including operating leases, with a term greater than 12 months on its balance sheet. ASU 2016-02 also expands the required quantitative and qualitative disclosures surrounding leases. ASU 2016-02 is effective for the Company beginning January 1, 2019. Early adoption is permitted. The Company has determined that the adoption of ASU 2016-02 will currently have no impact on its consolidated financial statements.

 

In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, to clarify the principles used to recognize revenue for all entities. In March 2016, the FASB issued ASU 2016-08 to further clarify the implementation guidance on principal versus agent considerations. The guidance is effective for annual and interim periods beginning after December 15, 2017, and early adoption is permitted. The Company has determined that the adoption of ASU 2014-09 will currently have no impact on its consolidated financial statements.

 

The Company reviews new accounting standards as issued. Although some of these accounting standards issued or effective after the end of the Company’s previous fiscal year may be applicable, the Company has not identified any standards that the Company believes merit further discussion other than as discussed above. The Company believes that none of the new standards will have a significant impact on the financial statements.

Accounting Estimates

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the reported amounts of revenues and expenses during the reporting period. Actual results, as determined by future events, may differ from these estimates.

Cash and Cash Equivalents

The Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents may at times exceed federally insured limits.

Fair Value Measurement

The Company measures fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The Company utilizes a three-tier hierarchy which prioritizes the inputs used in the valuation methodologies in measuring fair value:

 

Level 1. Valuations based on quoted prices in active markets for identical assets or liabilities that an entity has the ability to access. The Company has no assets or liabilities valued with Level 1 inputs.

 

Level 2. Valuations based on quoted prices for similar assets or liabilities, quoted prices for identical assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable data for substantially the full term of the assets or liabilities. The Company has no assets or liabilities valued with Level 2 inputs.

 

Level 3. Valuations based on inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company has no assets or liabilities valued with Level 3 inputs.

Fair Value of Financial Instruments

The carrying value of cash and cash equivalents, accounts payable, contract and contribution, note payable and interest payable approximate their fair value because of the short-term nature of these instruments and their liquidity. It is not practical to determine the fair value of the Company’s note payable due to the complex terms. Management is of the opinion that the Company is not exposed to significant interest or credit risks arising from these financial instruments.

Research and Development Costs

The Company intends to outsource its research and development efforts and expense related costs as incurred, including the cost of manufacturing product for testing, licensing fees and costs associated with planning and conducting clinical trials. The value ascribed to patents and other intellectual property acquired will be capitalized as it relates to particular research and development projects that may have alternative future uses.

Intangible Assets

The Company’s intangible asset consists primarily of the CellMis™ System technology that the Company acquired during 2013 and is recorded at cost. At the time of acquisition, the technology had not reached technological feasibility. The amount capitalized is accounted for as an indefinite-lived intangible asset, subject to impairment testing until completion or abandonment. Upon successful completion, a determination will be made as to the then useful life of the intangible asset, generally determined by the period in which substantially all of the cash flows are expected to be generated, and begin amortization. The Company tests the intangible asset for impairment at least annually or more frequently if impairment indicators exist after performing a qualitative analysis. Management has multiple criteria that it considers when performing the qualitative analysis. The results of this review are then weighed and prioritized. If the totality of the relevant events and circumstances indicate that the intangible asset is not impaired, additional impairment tests are not necessary.

 

The Company assessed the following qualitative factors that could affect any change in the fair value of the intangible asset: analysis of the technology's current phase, additional testing necessary to bring the technology to market, development of competing products, changes in projections caused by delays, changes in regulations, changes in the market for the technology and changes in cost projections to bring the technology to market. Based on a qualitative assessment, management concluded that a positive assertion can be made from the qualitative assessment that it is more likely than not that the intangible asset related to the CellMistTM System is not impaired. The Company did, however, determine that an intangible asset related to wound care technology, acquired during 2013, was impaired during the period ended March 31, 2015 and recorded an impairment loss (a component of research and development expenses) amounting to $10,000 which was equal to the amount capitalized.

Stock Options

The Company measures all stock-based compensation awards using a fair value method on the date of grant and recognizes such expense in its consolidated financial statements over the requisite service period. The Company uses the Black-Scholes pricing model to determine the fair value of stock-based compensation awards on the date of grant. The Black-Scholes pricing model requires management to make assumptions regarding option lives, expected volatility, and risk free interest rates.

Income Taxes

The Company recognizes income taxes on an accrual basis based on tax positions taken, or expected to be taken, in tax returns. A tax position is defined as a position in a previously filed tax return or a position expected to be taken in future tax filing that is reflected in measuring current or deferred income tax assets and liabilities. Tax positions are recognized only when it is more likely than not (i.e., likelihood of greater than 50%), based on technical merits, that the position would be sustained upon examination by taxing authorities. Tax positions that meet the more likely than not threshold are measured using a probability-weighted approach as the largest amount of tax benefit that is greater than 50% likely of being realized upon settlement. Income taxes are accounted for using an asset and liability approach that requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the Company's financial statements or tax returns. A valuation allowance is established to reduce deferred tax assets if all, or some portion, of such assets will more than likely not be realized. Should they occur, the Company's policy is to classify interest and penalties related to tax positions as interest expense. Since the Company's inception, no such interest or penalties have been incurred. The Company did not record an income tax provision during the periods presented due to net taxable losses.

Earnings (Loss) Per Share

The Company presents both basic and diluted earnings per share ("EPS") amounts. Basic EPS is calculated by dividing net income (loss) by the weighted average number of common shares outstanding during the period presented. Diluted EPS amounts are based upon the weighted average number of common and common equivalent shares outstanding during the period presented. The Company has not included the effects of warrants, stock options and convertible debt on net loss per share because to do so would be antidilutive.

 

Following is the computation of basic and diluted net loss per share for the three and nine months ended September 30, 2016 and 2015:

 

    Three Months Ended     Nine Months Ended  
    September 30,     September 30,  
    2016     2015     2016     2015  
Basic and Diluted EPS Computation                        
Numerator:                        
Loss available to common stockholders'   $ (302,636 )   $ (297,030 )   $ (1,610,880 )   $ (778,158 )
Denominator:                                
Weighted average number of common shares outstanding     69,955,847       67,704,921       69,695,772       67,048,351  
Basic and diluted EPS   $ (0.00 )   $ (0.00 )   $ (0.02 )   $ (0.01 )
                                 

The shares listed below were not included in the computation of diluted losses per share because to do so would have been antidilutive for the periods presented:

                               
Stock options     445,000       207,500       445,000       207,500  
Warrants     7,380,503       8,970,000       7,380,503       8,970,000  
Convertible debt     623,067       -       623,067       -  
Total shares not included in the computation of diluted losses per share     8,448,570       9,177,500       8,448,570       9,177,500  
Related Party Transactions

A related party is generally defined as (i) any person who holds 10% or more of the Company's securities and their immediate families; (ii) the Company's management; (iii) someone who directly or indirectly controls, is controlled by or is under common control with the Company; or (iv) anyone who can significantly influence the financial and operating decisions of the Company. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties. See “Note 7. Related Party Transactions,” for further discussion.

XML 25 R16.htm IDEA: XBRL DOCUMENT v3.5.0.2
Significant Accounting Policies (Tables)
9 Months Ended
Sep. 30, 2016
Significant Accounting Policies Tables  
Computation of basic and diluted net loss per share

Following is the computation of basic and diluted net loss per share for the three and nine months ended September 30, 2016 and 2015:

 

    Three Months Ended     Nine Months Ended  
    September 30,     September 30,  
    2016     2015     2016     2015  
Basic and Diluted EPS Computation                        
Numerator:                        
Loss available to common stockholders'   $ (302,636 )   $ (297,030 )   $ (1,610,880 )   $ (778,158 )
Denominator:                                
Weighted average number of common shares outstanding     69,955,847       67,704,921       69,695,772       67,048,351  
Basic and diluted EPS   $ (0.00 )   $ (0.00 )   $ (0.02 )   $ (0.01 )
                                 

The shares listed below were not included in the computation of diluted losses per share because to do so would have been antidilutive for the periods presented:

                               
Stock options     445,000       207,500       445,000       207,500  
Warrants     7,380,503       8,970,000       7,380,503       8,970,000  
Convertible debt     623,067       -       623,067       -  
Total shares not included in the computation of diluted losses per share     8,448,570       9,177,500       8,448,570       9,177,500  
XML 26 R17.htm IDEA: XBRL DOCUMENT v3.5.0.2
Common Stock Options (Tables)
9 Months Ended
Sep. 30, 2016
Common Stock Options Tables  
Stock Option Activity

The following table summarizes stock option activity for the period ended September 30, 2016:

 

   

Number of

Options

   

Weighted

Average

Exercise

Price ($)

   

Weighted

Average Remaining Contractual

Term

 

Aggregate

Intrinsic

Value ($)

 
Outstanding at December 31, 2015     257,500       1.07            
Grants     187,500       1.92            
Outstanding at September 30, 2016     445,000       1.43     8.62 years     81,125  
Exercisable at September 30, 2016     357,500       1.41     8.63 years     73,625  
Available for grant at September 30, 2016     19,555,000                      
Assumption of stock option activity

The assumptions for volatility, expected life, dividend yield and risk-free interest rate for options granted are presented in the table below:

 

    2016     2015  
Risk-free interest rate   1.23%-1.41 %   1.49%-1.70 %
Expected life in years     5.5       5.0  
Weighted Avg. Expected Volatility     92 %   88.4–105.3 %
Expected dividend yield     0       0  
Summary of share-based compensation
    Three Months Ended     Nine Months Ended  
    September 30,     September 30,  
    2016     2015     2016     2015  
Stock based compensation expense   $ 12,951     $ 18,879     $ 287,238     $ 39,542  
Summary of stock options outstanding and exercisable

The following table summarizes information about stock options outstanding and exercisable at September 30, 2016:

 

      Stock Options Outstanding     Stock Options Exercisable  

Range of

Exercise Prices

    Number of Shares Subject to Outstanding Options     Weighted Average Contractual Life (years)     Weighted Average Exercise Price     Number of Shares Subject To Options Exercise     Weighted Average Remaining Contractual Life (Years)     Weighted Average Exercise Price  
                                       
$ 0.75       40,000       7.17     $ 0.75       40,000       7.17     $ 0.75  
  0.80       90,000       7.87       0.80       90,000       7.87       0.80  
  1.05       55,000       7.50       1.05       25,000       7.50       1.05  
  1.25       7,500       8.71       1.25       7,500       8.71       1.25  
  1.34       7,500       8.75       1.34       7,500       8.75       1.34  
  1.65       50,000       9.09       1.65       -       9.09       1.65  
  1.70       7,500       9.04       1.70       7,500       9.04       1.70  
  1.91       180,000       9.46       1.91       180,000       9.46       1.91  
  2.28       7,500       9.81       2.28       -       9.81       2.28  
Total       445,000       8.62     $ 1.43       357,500       8.63     $ 1.41  
XML 27 R18.htm IDEA: XBRL DOCUMENT v3.5.0.2
Common Stock (Tables)
9 Months Ended
Sep. 30, 2016
Common Stock Tables  
Summary of warrants outstanding

The following table summarizes information about warrants outstanding at September 30, 2016:

 

   

Shares of

Common Stock

    Exercise Price    

Expiration

Date

 
Series A     960,000     $ 0.35     July 12, 2019  
Series B     1,326,087     $ 0.46     November 29, 2018  
Series C     3,500,000     $ 0.49     November 29, 2018  
Series D     1,010,000     $ 1.10     June 5, 2020  
Series E     584,416     $ 1.13     September 8, 2021  
Outstanding as of September 30, 2016     7,380,503                
XML 28 R19.htm IDEA: XBRL DOCUMENT v3.5.0.2
Contract and Contribution Payable (Tables)
9 Months Ended
Sep. 30, 2016
Contract And Contribution Payable Tables  
Summary of contract and contribution payable

Below is a summary of contract and contribution payable at September 30, 2016 and December 31, 2015:

 

    2016     2015  
Contribution payable to the University of Pittsburgh, in quarterly installments of $9,375, through July 2016   $ -     $ 28,125  
Contract payable to Dr. Jorg Gerlach in connection with the APA. $50,000 is due on December 31, 2016 and $100,000 is due on December 31, 2017     150,000       200,000  
Contract for option agreement purchase     -       6,000  
Total     150,000       234,125  
Less: current portion     (50,000 )     (134,125 )
Long-term portion   $ 100,000     $ 100,000  
XML 29 R20.htm IDEA: XBRL DOCUMENT v3.5.0.2
Organization Nature and Continuance of Operations (Details Narrative) - USD ($)
Sep. 30, 2016
Dec. 31, 2015
Organization Nature And Continuance Of Operations Details Narrative    
Accumulated deficit $ (10,584,575) $ (8,973,695)
XML 30 R21.htm IDEA: XBRL DOCUMENT v3.5.0.2
Significant Accounting Policies (Details) - USD ($)
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Dec. 31, 2015
Numerator:          
Loss available to common stockholders' $ (302,636) $ (297,030) $ (1,610,880) $ (778,158) $ (1,318,507)
Denominator:          
Weighted average number of common shares outstanding 69,955,847 67,704,921 69,695,772 67,048,351  
Basic and diluted EPS $ (0.00) $ (0.00) $ (0.02) $ (0.01)  
The shares listed below were not included in the computation of diluted losses per share because to do so would have been antidilutive for the periods presented:          
Total shares not included in the computation of diluted losses per share 8,448,570 9,177,500 8,448,570 9,177,500  
Stock options [Member]          
The shares listed below were not included in the computation of diluted losses per share because to do so would have been antidilutive for the periods presented:          
Total shares not included in the computation of diluted losses per share 445,000 207,500 445,000 207,500  
Warrant [Member]          
The shares listed below were not included in the computation of diluted losses per share because to do so would have been antidilutive for the periods presented:          
Total shares not included in the computation of diluted losses per share 7,380,503 8,970,000 7,380,503 8,970,000  
Convertible debt [Member]          
The shares listed below were not included in the computation of diluted losses per share because to do so would have been antidilutive for the periods presented:          
Total shares not included in the computation of diluted losses per share 623,067 623,067  
XML 31 R22.htm IDEA: XBRL DOCUMENT v3.5.0.2
Debt (Details Narrative) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Debt Details Narrative        
Interest expense $ (2,819) $ (2,819)
Accretion of debt discount $ (30,753) $ (30,753)
XML 32 R23.htm IDEA: XBRL DOCUMENT v3.5.0.2
Common Stock Options (Details)
9 Months Ended
Sep. 30, 2016
USD ($)
$ / shares
shares
Number of Options  
Options outstanding - beginning balance 257,500
Options granted 187,500
Options oustanding - ending balance 445,000
Options exercisable 357,500
Options available for grant 19,555,000
Weighted average exercise price  
Options outstanding - beginning balance | $ / shares $ 1.07
Options granted | $ / shares 1.92
Options outstanding - ending balance | $ / shares 1.41
Options exercisable | $ / shares $ 1.41
Weighted average remaining contracted term  
Options outstanding - ending balance 8 years 7 months 13 days
Options exercisable 8 years 7 months 17 days
Aggregate intrinsic value  
Options outstanding - ending balance | $ $ 81,125
Options exercisable | $ $ 73,625
XML 33 R24.htm IDEA: XBRL DOCUMENT v3.5.0.2
Common Stock Options (Details 1)
9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Expected life in years 5 years 6 months 5 years
Weighted Avg. Expected Volatility 92.00%  
Expected dividend yield 0.00% 0.00%
Minimum    
Risk-free interest rate 1.23% 1.49%
Weighted Avg. Expected Volatility   88.40%
Maximum    
Risk-free interest rate 1.41% 1.70%
Weighted Avg. Expected Volatility   105.30%
XML 34 R25.htm IDEA: XBRL DOCUMENT v3.5.0.2
Common Stock Options (Details 2) - USD ($)
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Dec. 31, 2015
Common Stock Options Details 2          
Stock based compensation expense $ 12,951 $ 18,879 $ 287,238 $ 39,542 $ 59,122
XML 35 R26.htm IDEA: XBRL DOCUMENT v3.5.0.2
Common Stock Options (Details 3)
9 Months Ended
Sep. 30, 2016
$ / shares
shares
Number of Stock Options Outstanding | shares 445,000
Weighted Average Contractual Life (years) 8 years 7 months 13 days
Weighted Average Exercise Price $ 1.43
Number of Stock Options Exercisable | shares 357,500
Weighted Average Remaining Contractual Life (Years) 8 years 7 months 17 days
Weighted Average Exercise Price $ 1.41
Exercise Price Range One [Member]  
Range of Exercise Prices $ 0.75
Number of Stock Options Outstanding | shares 40,000
Weighted Average Contractual Life (years) 7 years 2 months 1 day
Weighted Average Exercise Price $ 0.75
Number of Stock Options Exercisable | shares 40,000
Weighted Average Remaining Contractual Life (Years) 7 years 2 months 1 day
Weighted Average Exercise Price $ 0.75
Exercise Price Range Two [Member]  
Range of Exercise Prices $ 0.8
Number of Stock Options Outstanding | shares 90,000
Weighted Average Contractual Life (years) 7 years 10 months 13 days
Weighted Average Exercise Price $ 0.80
Number of Stock Options Exercisable | shares 90,000
Weighted Average Remaining Contractual Life (Years) 7 years 10 months 13 days
Weighted Average Exercise Price $ 0.80
Exercise Price Range Three [Member]  
Range of Exercise Prices $ 1.05
Number of Stock Options Outstanding | shares 55,000
Weighted Average Contractual Life (years) 7 years 6 months
Weighted Average Exercise Price $ 1.05
Number of Stock Options Exercisable | shares 25,000
Weighted Average Remaining Contractual Life (Years) 7 years 6 months
Weighted Average Exercise Price $ 1.05
Exercise Price Range Four [Member]  
Range of Exercise Prices $ 1.25
Number of Stock Options Outstanding | shares 7,500
Weighted Average Contractual Life (years) 8 years 8 months 16 days
Weighted Average Exercise Price $ 1.25
Number of Stock Options Exercisable | shares 7,500
Weighted Average Remaining Contractual Life (Years) 8 years 8 months 16 days
Weighted Average Exercise Price $ 1.25
Exercise Price Range Five [Member]  
Range of Exercise Prices $ 1.34
Number of Stock Options Outstanding | shares 7,500
Weighted Average Contractual Life (years) 8 years 9 months
Weighted Average Exercise Price $ 1.34
Number of Stock Options Exercisable | shares 7,500
Weighted Average Remaining Contractual Life (Years) 8 years 9 months
Weighted Average Exercise Price $ 1.34
Exercise Price Range Six [Member]  
Range of Exercise Prices $ 1.65
Number of Stock Options Outstanding | shares 50,000
Weighted Average Contractual Life (years) 9 years 1 month 2 days
Weighted Average Exercise Price $ 1.65
Number of Stock Options Exercisable | shares
Weighted Average Remaining Contractual Life (Years) 9 years 1 month 2 days
Weighted Average Exercise Price $ 1.65
Exercise Price Range Seven [Member]  
Range of Exercise Prices $ 1.7
Number of Stock Options Outstanding | shares 7,500
Weighted Average Contractual Life (years) 9 years 15 days
Weighted Average Exercise Price $ 1.70
Number of Stock Options Exercisable | shares 7,500
Weighted Average Remaining Contractual Life (Years) 9 years 15 days
Weighted Average Exercise Price $ 1.70
Exercise Price Range Eight [Member]  
Range of Exercise Prices $ 1.91
Number of Stock Options Outstanding | shares 180,000
Weighted Average Contractual Life (years) 9 years 5 months 16 days
Weighted Average Exercise Price $ 1.91
Number of Stock Options Exercisable | shares 180,000
Weighted Average Remaining Contractual Life (Years) 9 years 5 months 16 days
Weighted Average Exercise Price $ 1.91
Exercise Price Range Nine [Member]  
Range of Exercise Prices $ 2.28
Number of Stock Options Outstanding | shares 7,500
Weighted Average Contractual Life (years) 9 years 9 months 22 days
Weighted Average Exercise Price $ 2.28
Number of Stock Options Exercisable | shares
Weighted Average Remaining Contractual Life (Years) 9 years 9 months 22 days
Weighted Average Exercise Price $ 2.28
XML 36 R27.htm IDEA: XBRL DOCUMENT v3.5.0.2
Common Stock Options (Details Narrative) - USD ($)
9 Months Ended
Sep. 30, 2016
Dec. 31, 2015
Common Stock Options Details Narrative    
Shares available for grant 19,555,000  
Options granted 187,500  
Weighted average exercise price $ 1.41 $ 1.07
Unrecognized compensation cost $ 58,916  
Unrecognized compensation cost expected life 4 years 3 months  
XML 37 R28.htm IDEA: XBRL DOCUMENT v3.5.0.2
Common Stock (Details)
9 Months Ended
Sep. 30, 2016
$ / shares
shares
Number Outstanding warrants 19,555,000
Series A [Member]  
Number Outstanding warrants 960,000
Exercise Price | $ / shares $ 0.35
Expiration Date Jul. 12, 2019
Series B [Member]  
Number Outstanding warrants 1,326,087
Exercise Price | $ / shares $ 0.46
Expiration Date Nov. 29, 2018
Series C [Member]  
Number Outstanding warrants 3,500,000
Exercise Price | $ / shares $ 0.49
Expiration Date Nov. 29, 2018
Series D [Member]  
Number Outstanding warrants 1,010,000
Exercise Price | $ / shares $ 1.10
Expiration Date Jun. 05, 2020
Series E [Member]  
Number Outstanding warrants 584,416
Exercise Price | $ / shares $ 1.13
Expiration Date Sep. 08, 2021
Warrant [Member]  
Number Outstanding warrants 7,380,503
XML 38 R29.htm IDEA: XBRL DOCUMENT v3.5.0.2
Contract and Contribution Payable (Details) - USD ($)
Sep. 30, 2016
Dec. 31, 2015
Total $ 150,000 $ 234,125
Less: current portion (50,000) (134,125)
Long-term portion 100,000 100,000
Contribution payable [Member]    
Total 28,125
Contract payable [Member]    
Total 150,000 200,000
Contract for option agreement [Member]    
Total $ 6,000
XML 39 R30.htm IDEA: XBRL DOCUMENT v3.5.0.2
Contract and Contribution Payable (Details Narrative) - USD ($)
Sep. 30, 2016
Dec. 31, 2015
Accounts payable $ 28,156 $ 71,563
Contract and contribution payable, less current portion 100,000 $ 100,000
Dr. Gerlach [Member]    
Accounts payable $ 50,000  
XML 40 R31.htm IDEA: XBRL DOCUMENT v3.5.0.2
Related Party Transactions (Details Narrative) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Dec. 31, 2015
Accrued expenses - related parties $ 30,080   $ 30,080   $ 30,095
Incurred expenses 24,000 $ 80,667 134,567 $ 140,627  
Officers and Directors [Member] | Consulting fees [Member]          
Fees paid or due to related party 3,000 3,000 9,000 9,000  
Directors [Member] | Legal Fee [Member]          
Fees paid or due to related party $ 30,080 $ 20,583 $ 121,595 $ 83,138  
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