XML 32 R22.htm IDEA: XBRL DOCUMENT v3.24.4
COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($)
3 Months Ended
Mar. 14, 2022
Mar. 07, 2022
Jan. 12, 2022
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Jun. 30, 2022
Annual license fee             $ 10,000
Annual royalty       $ 100,000      
Professional fees       106,547 $ 133,483    
Related Party [Member]              
Accounts payable       630,489   $ 537,449  
Massachusetts General Hospital [Member] | Related Party [Member]              
Accounts payable       $ 18,364   375,000  
License Agreement [Member]              
License agreement, description       the Company executed a License Agreement with MGH. Prior to the first commercial sale, the License Agreement requires the Company to pay MGH a non-refundable annual license fee of $10,000 by June 30, 2022, and on each subsequent anniversary of the Effective Date thereafter. The first non-refundable annual license fee was paid on July 1, 2022. As of March 31, 2024, the Company had yet to pay the second non-refundable license fee and is included in accounts payable, related party, on the unaudited consolidated balance sheet. Additionally, following the first commercial sale, the License agreement requires the Company to pay MGH a non-refundable annual minimum royalty in the amount of $100,000 per year within sixty days after each annual anniversary of the Effective Date. The Company has yet to generate any revenue as of the date of this filing.      
License Agreement [Member] | Massachusetts General Hospital [Member]              
License agreement, description       The License Agreement additionally requires VI to pay to MGH a $1.0 million “success payment” within 60 days after the first achievement of total net sales of Product or Process equal or exceeding $100,000,000 in any calendar year and $4,000,000 within 60 days after the first achievement of total net sales of Product or Process equal to or exceeding $250,000,000 in any calendar year. The Company is also required to reimburse MGH’s expenses in connection with the preparation, filing, prosecution and maintenance of all Patent Rights. $344 of expense reimbursements were paid to MGH during the three months ended March 31, 2024. No expense reimbursements were paid to MGH during the three months ended March 31, 2023. As of March 31, 2024, $18,364 is included in accounts payable, related parties, on the unaudited consolidated balance sheet.      
Percentage for royalty       1.00%      
Payment for related party $ 1,000,000.0     $ 1,000,000.0      
Expense reimbursements       344 0    
License Agreement [Member] | Massachusetts General Hospital [Member] | Related Party [Member]              
Accounts payable       18,364      
Consulting Agreement [Member]              
Expenses included in professional fees       0 $ 24,000    
Consulting Agreement [Member] | Related Party [Member]              
Accounts payable       47,500   41,500  
Consulting Agreement [Member] | Donohoe Advisory Associates, LLC [Member]              
Dividends, common stock       10,000      
Consulting Agreement [Member] | Donohoe Advisory Associates, LLC [Member] | Consultant [Member]              
Accounts payable       1,755      
Retainer fees     $ 17,500        
Professional fees       10,000      
Consulting Agreement [Member] | Alpha IR Group, LLC [Member]              
Agreed to payment of compensation   $ 50,000          
Consulting Agreement [Member] | Alpha IR Group, LLC [Member] | Related Party [Member]              
Accounts payable       73,999   $ 73,999  
Employment Arrangement [Member] | Chief Executive Officer and Chairman [Member]              
Capital       $ 8,000,000      
Share based compensation description       (i) representing 1% of the Company’s fully diluted equity as of the payment date (the “Initial Equity Payment”) if the Company achieves a market capitalization of at least $250 million for sixty consecutive days during the Term (the “Initial Market Capitalization Target”); and (ii) representing the difference between 2% of the Company’s fully diluted equity as of the payment date and the amount of Initial Equity Payment (the “Subsequent Equity Payment” and, together with Initial Equity Payment, “Equity Payments”) if the Company achieves a market capitalization of at least $500 million for sixty consecutive days during the Term (the “Subsequent Market Capitalization Target” and, together with Initial Market Capitalization Target, “Market Capitalization Targets”), such that Mr. Pier has, in the aggregate, received shares of common stock of the Company representing 2% of the Company’s fully diluted equity as of the date of payment of Subsequent Equity Payment.      
Employment Arrangement [Member] | Deferred Bonus [Member] | Chief Executive Officer and Chairman [Member]              
Share based compensation       $ 100,000