Form 10-Q - Quarterly report [Sections 13 or 15(d)]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2023

☐ TRANSITION REPORT UNDER SECTION 13 OF 15(d) OF THE EXCHANGE ACT OF 1934

From the transition period from ___________ to ____________

Commission File Number 000-54933

BIOSTAX CORP

(Exact name of small business issuer as specified in its charter)

Florida

59-3226705

(State or other jurisdiction

of incorporation or organization)

(I.R.S. Employer

Identification No.)

2431 Aloma Ave., Suite 124, Winter Park, FL		32792
(Address of principal executive offices)		(Zip Code)

888-613-8802

(Registrant’s telephone number, including area code)

(Former name or former address, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act: None

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 ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by a check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

	Large Accelerated Filer ☐	Accelerated Filer ☐

	Non-Accelerated Filer ☐	Smaller Reporting Company ☒

		Emerging growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by a check mark whether the company is a shell company (as defined by Rule 12b-2 of the Exchange Act: Yes ☐ No ☒

APPLICABLE ONLY TO CORPORATE ISSUERS:

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

As of November 14, 2023, there were 83,657,853 shares of common stock, $0.0001 par value per share, outstanding.

TABLE OF CONTENTS

PART I – FINANCIAL STATEMENTS

Item 1.	Financial Statements	5

Item 2.	Management’s Discussion and Analysis of Financial Conditions and Results of Operations	19

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	26

Item 4.	Controls and Procedures	27

PART II – OTHER INFORMATION

Item 1.	Legal Proceedings	27

Item 1A.	Risk Factors	27

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	28

Item 3.	Default upon Senior Securities	28

Item 4.	Mine Safety Disclosure	28

Item 5.	Other Information	28

Item 6.	Exhibits	28

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Certain statements contained or incorporated by reference in this Quarterly Report on Form 10-Q are considered forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995) concerning our business, results of operations, economic performance and/or financial condition, based on management’s current expectations, plans, estimates, assumptions, and projections. Forward-looking statements are included, for example, in the discussions about:

	●	strategy;

	●	new product discovery and development;

	●	current or pending clinical trials;

	●	our products’ ability to demonstrate efficacy or an acceptable safety profile;

	●	actions by the U.S. Food and Drug Administration and other regulatory authorities;

	●	product manufacturing, including our arrangements with third-party suppliers;

	●	product introduction and sales;

	●	royalties and contract revenues;

	●	expenses and net income;

	●	credit and foreign exchange risk management;

	●	liquidity;

	●	asset and liability risk management;

	●	the outcome of litigation and other proceedings;

	●	intellectual property rights and protections;

	●	economic factors;

	●	competition; and

	●	legal risks.

Any statements contained in this report that are not statements of historical fact may be deemed forward-looking statements. Forward-looking statements generally are identified by the words “expects,” “anticipates,” “believes,” “intends,” “estimates,” “aims,” “plans,” “may,” “could,” “will,” “will continue,” “seeks,” “should,” “predict,” “potential,” “outlook,” “guidance,” “target,” “forecast,” “probable,” “possible” or the negative of such terms and similar expressions. Forward-looking statements are subject to change and may be affected by risks and uncertainties, most of which are difficult to predict and are generally beyond our control. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update any forward-looking statement in light of new information or future events, except as required by law, although we intend to continue to meet our ongoing disclosure obligations under the U.S. securities laws and other applicable laws.

We caution you that a number of important factors could cause actual results or outcomes to differ materially from those expressed in, or implied by, the forward-looking statements, and therefore you should not place too much reliance on them. These factors include, among others, those described herein, and elsewhere in this Quarterly Report and in our other public reports filed with the Securities and Exchange Commission. It is not possible to predict or identify all such factors, and therefore the factors that are noted are not intended to be a complete discussion of all potential risks or uncertainties that may affect forward-looking statements. If these or other risks and uncertainties materialize, or if the assumptions underlying any of the forward-looking statements prove incorrect, our actual performance and future actions may be materially different from those expressed in, or implied by, such forward-looking statements. We can offer no assurance that our estimates or expectations will prove accurate or that we will be able to achieve our strategic and operational goals.

Forward-looking statements are based on information we have when those statements are made or management’s good faith belief as of that time with respect to future events and are subject to significant risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements.

Important factors that could cause such differences include, but are not limited to:

	●	our lack of operating history;

	●	our current and future capital requirements and our ability to satisfy our capital needs;

	●	our inability to keep up with industry competition;

	●	interpretations of current laws and the passages of future laws;

	●	acceptance of our business model by investors and our ability to raise capital;

	●	our drug discovery and development activities may not result in products that are approved by the applicable regulatory authorities and even if our drug candidates do obtain regulatory approval, they may never achieve market acceptance or commercial success;

	●	our reliance on key personnel and collaborative partners, including our ability to attract and retain scientists;

	●	our reliance on third-party manufacturing to supply drugs for clinical trials and sales;

	●	our limited distribution organization with no sales and marketing staff;

	●	our being subject to product liability claims;

	●	our reliance on key personnel, including our ability to attract and retain scientists;

	●	legislation or regulation that may increase the cost of our business or limit our service and product offerings;

	●	risks related to our intellectual property, including our ability to adequately protect intellectual property rights;

	●	risks related to government regulation, including our ability to obtain approvals for the commercialization of some or all of our drug candidates, and ongoing regulatory obligations and continued regulatory review which may result in significant additional expense and subject us to penalties if we fail to comply with applicable regulatory requirements; and

	●	our ability to obtain regulatory approvals to allow us to market our products internationally.

Moreover, new risks regularly emerge, and it is not possible for our management to predict or articulate all risks we face, nor can we assess the impact of all risks on our business or the extent to which any risk, or combination of risks, may cause actual results to differ from those contained in any forward-looking statements. All forward-looking statements included in this Quarterly Report are based on information available to us on the date of this Quarterly Report. Except to the extent required by applicable laws or rules, we undertake no obligation to publicly update or revise any forward-looking statement, whether because of new information, future events or otherwise. All subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements contained above and throughout this Quarterly Report.

PART 1 – FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

	Page

Condensed Consolidated Balance Sheets as of September 30, 2023 (unaudited) and December 31, 2022	6
Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2023 (unaudited) and 2022 (unaudited)	7
Condensed Consolidated Statement of Stockholders’ Deficit for Nine Months Ended September 30, 2023 (unaudited) and 2022 (unaudited)	8
Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2023 (unaudited) and 2022 (unaudited)	9
Notes to the Condensed Consolidated Financial Statements (unaudited)	10

BIOSTAX CORP AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

	September 30, 2023			December 31, 2022
	(Unaudited)
ASSETS

Current Assets:
Cash	$	4,531		$	150,491
Total current assets		4,531			150,491

Intangible Assets:
Patents and licenses, net		721,969			762,500

Deposits		5,500			50,728

Total Assets	$	732,000		$	963,719

LIABILITIES AND STOCKHOLDERS’ DEFICIT

Current Liabilities:
Accounts payable	$	1,349,816		$	1,300,366
Accrued payroll		336,002			336,002
Notes payable, net of debt discount		1,118,978			696,478
Due to related parties		864,834			394,736
Accrued interest		121,544			64,455
Accrued liabilities		136,057			136,057
License fees payable		284,630			549,079
Total current liabilities		4,211,861			3,477,173

Total Liabilities		4,211,861			3,477,173

Stockholders’ Deficit:
Common stock – par value $0.0001; 750,000,000 shares authorized; 83,620,764 and 83,045,857 shares issued and outstanding respectively		8,362			8,305
Additional paid in capital		380,779,078			380,436,432
Stock to be issued		10,303			10,303
Accumulated deficit		(384,277,604	)		(382,968,494	)

Total stockholders’ deficit		(3,479,861	)		(2,513,454	)
Total Liabilities and Stockholders’ Deficit	$	732,000		$	963,719

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

BIOSTAX CORP AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE PERIODS ENDED SEPTEMBER 30, 2023 AND 2022

(Unaudited)


	Three Months ended September 30,						Nine Months ended September 30,
	2023			2022			2023			2022

Operating expenses
Selling, general and administrative	$	233,109		$	420,862		$	689,111		$	894,596
Research and development expense		105,837			-			461,969			-
Depreciation and amortization expense		13,377			-			40,531			-
Total operating expense		352,323			420,862			1,191,611			894,596

Loss from operations		(352,323	)		(420,862	)		(1,191,611	)		(894,596	)

Other income (expense):
Gain on issuance of license agreement		-			-			-			3,165,151
Loss on settlement of obligations		-			(1,467,271	)		(40,000	)		(1,169,691	)
Loss from warrant modification and debt settlement		-			(594,288	)		-			(1,605,913	)
Impairment loss investment in common stock		-			-			-			(2,645,000	)
Interest expense		(36,437	)		(11,034	)		(77,499	)		(107,102	)
Total other expense, net		(36,437	)		(2,072,593	)		(117,499	)		(2,362,555	)

Net loss	$	(388,760	)	$	(2,493,455	)	$	(1,309,110	)	$	(3,257,151	)
Net loss attributable to common stockholders	$	(388,760	)	$	(2,493,455	)	$	(1,309,110	)	$	(3,257,151	)

Basic loss income per share attributable to common stockholders	$	(0.00	)	$	(0.04	)	$	(0.02	)	$	(0.16	)
Diluted loss earnings per share attributable to common stockholders	$	(0.00	)	$	(0.04	)	$	(0.02	)	$	(0.16	)

Basic weighted average number of shares outstanding		83,239,115			60,089,305			83,461,806			20,643,181
Diluted weighted average number of shares outstanding		83,239,115			60,089,305			83,461,806			20,643,181

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

BIOSTAX CORP AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY/(DEFICIT)

FOR THE PERIODS ENDED SEPTEMBER 30, 2023 AND 2022

(Unaudited)


	Common Stock				Additional Paid-in		Stock To Be		Accumulated
	Shares		Amount		Capital		Issued		Deficit			Total

Balance December 31, 2021		483,714	$	49	$	371,473,810	$	10,303	$	(379,432,418	)	$	(7,948,256	)
Issuance of common stock upon conversion of notes and obligations		64,028,803		6,403		6,196,516		-		-			6,202,919
Issuance of common stock for services		99,500		10		95,963		-		-			95,973
Issuance of common stock upon warrant exercise		17,586,680		1,758		696,566		-		-			698,324
Charge resulting from warrant modification		-		-		1,605,913		-		-			1,605,913
Net loss		-		-		-		-		(3,257,151	)		(3,257,151	)

Balance September 30, 2022		82,198,697	$	8,220	$	380,068,768	$	10,303	$	(382,035,431	)	$	(2,602,278	)

Balance December 31, 2022		83,045,857	$	8,305	$	380,436,432	$	10,303	$	(382,968,494	)	$	(2,513,454	)
Balance		83,045,857	$	8,305	$	380,436,432	$	10,303	$	(382,968,494	)	$	(2,513,454	)


Issuance of common stock for extension of patent and license agreement		500,000		50		299,950		-		-			300,000
Issuance of common stock upon settlement of notes and obligations		74,907		7		42,696		-		-			42,703
Net loss		-		-		-		-		(1,309,110	)		(1,309,110	)

Balance September 30, 2023		83,620,764	$	8,362	$	380,779,078	$	10,303	$	(384,277,604	)	$	(3,479,861	)
Balance		83,620,764	$	8,362	$	380,779,078	$	10,303	$	(384,277,604	)	$	(3,479,861	)

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

BIOSTAX CORP AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE PERIODS ENDED SEPTEMBER 30, 2023 AND 2022

(Unaudited)


	Nine Months Ended September 30,
	2023			2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$	(1,309,110	)	$	(3,257,151	)

Adjustments to reconcile net loss to net cash flows used in operating activities:
Gain on issuance of license agreement		-			(3,165,151	)
Loss on settlement of obligations		40,000			1,169,691
Loss on impairment on investment in common stock		-			2,645,000
Loss from warrant modification		-			1,605,913
Depreciation and amortization		40,531			-
Common stock issued for the extension of patent and license agreement		300,000			-

Changes in operating assets and liabilities:
Deposits		45,228			(5,500	)
Accounts payable		39,450			(75,895	)
License fees payable		(264,449	)		-
Accrued payroll		-			4,620
Accrued interest		69,792			116,929
Accrued liabilities		-			(35,321	)
Due to related parties		470,098			-

Net cash used in operating activities		(568,460	)		(996,865	)

CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from undocumented investor advances		-			6,369
Proceeds from related parties		100,000			417,058
Proceeds from issuance of notes payable		322,500			265,000
Net cash provided by financing activities		422,500			688,427

Decrease in cash		(145,960	)		(308,438	)
Cash, beginning of year		150,491			493,885
Cash, end of period	$	4,531		$	185,447

SUPPLEMENTAL DISCOSURE OF NON-CASH ACTIVITIES:
Conversion of debt and accrued interest to common stock	$	42,703		$	6,901,242
Stock issued for services	$	-		$	95,973

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

Biostax Corp

Notes to the Condensed Consolidated Financial Statements

September 30, 2023

(Unaudited)

1. Company Overview

Biostax Corp. (the “Company” or “BTAX”) is a Florida corporation trading on the OTC-Pink. The Company is a drug development and commercialization company. We identify, evaluate, and seek to acquire technologies in the medical device and drug development sectors with the intent to further develop them and move them to commercialization. On February 28, 2023, we received a written consent from a majority of our outstanding shareholders to change the name of our Company to “Biostax Corp.” On March 27, 2023, we filed a definitive information statement on Schedule 14C and mailed the information statement to shareholders on record as of the date of the filing. We filed our name change amendment with the Secretary of State of Florida on October 5, 2023 and our new Company name and trading symbol (BTAX) became effective on October 20, 2023.

Going Concern

As of September 30, 2023, the Company had $4,531 in cash on hand, negative working capital of $4,207,330 and accumulated stockholders’ deficit of $384,277,604. For the nine months ended September 30, 2023, the Company reported a net loss attributable to common shareholders of $1,309,110. For the nine months ended September 30, 2022, the Company reported a net loss attributable to common shareholders of $3,257,151.

Historically the Company has relied on the funding of operations through private equity financing and management expects operating losses and negative cash flows to continue at more significant levels in the future. As the Company continues to incur losses, its transition to profitability is dependent upon the successful development, approval, and commercialization of its current or future product candidates as they become available and the achievement of a level of revenues adequate to support the Company’s cost structure. The Company may never achieve profitability, and unless and until it does, the Company will continue to need to raise additional cash. Management intends to fund future operations through additional private or public debt or equity offerings and may seek additional capital through arrangements with strategic partners or from other sources.

Working capital at September 30, 2023 is not sufficient to meet the cash requirements to fund planned operations through the next twelve months without additional sources of cash. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern and do not include adjustments that might result from the outcome of this uncertainty. This basis of accounting contemplates the recovery of the Company’s assets and the satisfaction of liabilities in the normal course of business.

Management is continuing to develop strategies to re-capitalize the Company and position it for future growth. Key steps to this process include:

	●	Improve the condition of the consolidated balance sheet via license arrangements and capital infusions.
	●	Identify and acquire late-stage assets for commercialization.
	●	Build out operational infrastructure to generate revenue opportunities to grow shareholder value.

There can be no guarantee that the Company will be successful in securing adequate capital to continue operations and in identifying and acquiring assets for future development.

If the Company is unable to secure new working capital, other alternative strategies will be required.

Historically, the Company’s strategy has been to acquire and develop assets; potentially spin them out and retain both an equity stake and royalties and milestone payments. In so doing, the Company would act as an incubator for late-stage drug development. Management believes that this strategy can be successful. At this time, the Company is reviewing several opportunities which it may pursue as soon as funding is available. At present, no definitive action has been taken.

There can be no guarantees that the Company will be successful in:

	●	Executing its restructuring plan;
	●	Securing adequate capital to continue operations; or
	●	Identifying and acquiring assets for future development.

Company History

The Company was initially incorporated in Florida on December 2, 1993, as Resort Clubs International, Inc. (“Resort Clubs”). It was formed to manage and market golf course properties in resort markets throughout the United States. Galliano International Ltd. (“Galliano”) was incorporated in Delaware on May 27, 1998 and began trading in November 1999 through the filing of a 15C-211. On November 10, 2004, Galliano merged with Resort Clubs. Resort Clubs was the surviving corporation. On August 23, 2010, Resort Clubs changed its name to pH Environmental Inc. (“pH Environmental”). On April 23, 2012, pH Environmental completed a name change to TNI BioTech, Inc., and on April 24, 2012, we executed a share exchange agreement for the acquisition of all the outstanding shares of TNI BioTech IP, Inc. On September 4, 2014, a majority of our shareholders approved an amendment to our Amended and Restated Articles of Incorporation, as amended, to change our name to Immune Therapeutics, Inc. On February 28, 2023, we received a written consent from a majority of our outstanding shareholders to change the name of our Company to “Biostax Corp.” On March 27, 2023, we filed a definitive information statement on Schedule 14C and mailed the information statement to shareholders on record as of the date of the filing. We filed our name change amendment with the Secretary of State of Florida on October 5, 2023 and our new Company name and trading symbol (BTAX) became effective on October 20, 2023.

2. Summary of Significant Accounting Policies

Basis of Presentation

The condensed consolidated financial statements included herein have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) have been omitted. However, in the opinion of management, all adjustments (which include only normal recurring adjustments, unless otherwise indicated) necessary to present fairly the consolidated financial position and consolidated results of operations for the periods presented have been made. The results for interim periods are not necessarily indicative of trends or of results to be expected for the full year. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements of the Company for the year ended December 31, 2022 (including the notes thereto) set forth in the Company’s Annual Report on Form 10- K for that period.

Use of Estimates

The preparation of the Company’s condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ from such estimates.

Cash, Cash Equivalents, and Short-Term Investments

The Company considers all highly liquid investments with original maturities at the date of purchase of three months or less to be cash equivalents. Cash and cash equivalents include bank demand deposits, marketable securities with maturities of three months or less at purchase, and money market funds that invest primarily in certificates of deposits, commercial paper and U.S. government and U.S. government agency obligations. Cash equivalents are reported at fair value. At September 30, 2023 and December 31, 2022, the Company had cash and cash equivalents of $4,531 and $150,491, respectively.

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk are primarily cash and cash equivalents. The Company is exposed to credit risk, subject to federal deposit insurance, in the event of a default by the financial institutions holding its cash and cash equivalents to the extent of amounts recorded on the condensed consolidated balance sheets. The cash accounts are insured by the Federal Deposit Insurance Corporation up to $250,000.

Segment and Geographic Information

Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company views its operations and manages its business in one operating segment and does not segment the business for internal reporting or decision making.

Fair Value of Financial Instruments

In accordance with the reporting requirements of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 825, “Financial Instruments”, the Company calculates the fair value of its assets and liabilities which qualify as financial instruments under this standard and includes this additional information in the notes to the financial statements when the fair value is different than the carrying value of those financial instruments.

Cash, cash equivalents and accounts payable are accounted for at cost which approximates fair value due to the relatively short maturity of these instruments. The carrying value of the Company’s investment in the common stock of Statera BioPharma, Inc. (“STAB”) reflects an asset impairment charge taken in the second quarter of 2022 and is carried at zero in the accompanying consolidated balance sheets. The carrying value of notes payable approximate fair value since they bear market rates of interest and other terms. None of these instruments are held for trading purposes.

Research and Development Costs

Research and development costs are charged to expense as incurred and are typically comprised of expenses associated with advancing the commercialization of our technologies. The Company incurred $461,969 of research and development costs during the nine months ended September 30, 2023, which includes legal fees related to the maintenance and prosecution of licensed and owned intellectual property as well as the fair value of common stock issued to extend the payment terms of the Company’s license agreement with TaiwanJ Pharmaceuticals. The Company did not incur any research and development costs during the nine months ended September 30, 2022.

Income Taxes

The Company follows ASC Topic 740, “Income Taxes”, which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are based on the differences between the financial statements and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the asset will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled.

The standard addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under ASC Topic 740, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the tax authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. ASC Topic 740 also provides guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures.

At the date of adoption, and as of September 30, 2023 and 2022, the Company does not have a liability for unrecognized tax uncertainties. The Company’s policy is to record interest and penalties on uncertain tax positions as income tax expense. As of September 30, 2023, and 2022, the Company does not have any interest or penalties related to uncertain tax positions.

Stock-Based Compensation and Issuance of Common Stock for Non-Cash Consideration

The Company measures and recognizes compensation expense for share-based awards based on estimated fair values equaling either the market value of the shares issued, or the value of consideration received, whichever is more readily determinable. Generally, the non-cash consideration pertains to services rendered by consultants and others and has been valued at the fair value of the Company’s common stock at the date of the agreement.

The Company’s accounting policy for equity instruments issued to consultants and vendors in exchange for goods and services follows the provisions of ASC Topic 718, “Compensation-Stock Compensation.” The measurement date for the fair value of the equity instruments issued is determined at the earlier of (i) the date at which a commitment for performance by the consultant or vendor is reached or (ii) the date at which the consultant or vendor’s performance is complete.

The Company did not issue any stock-based compensation awards during the nine months ended September 30, 2023.

On September 20, 2022, the Company issued 50,000 shares of its common stock to for advisory services. This advisor is a shareholder of the Company. The Company recorded stock compensation of $93,500 reflecting a market value of $1.87 per share on the date of the share issuance. During the second quarter of 2022, the Company settled a liability through the issuance of 49,500 shares of common stock at $0.05 per share for professional services of $2,463 provided in a prior year.

Net Income per Share

For the three and nine month periods ended September 30, 2023 and 2022, diluted income per share was calculated by dividing the net income by the weighted-average number of common shares outstanding for the period determined using the treasury-stock method. A reconciliation of the weighted average shares outstanding used in basic and diluted earnings per share for the periods ended September 30, 2023 and 2022 are as follows:


	Three Months ended September 30,
	2023			2022
Basic EPS
Income (loss) available to common shareholders (Numerator)	$	(388,760	)	$	(2,493,455	)
Weighted average common shares (Denominator)		83,239,115			60,089,305
Basic EPS	$	(0.00	)	$	(0.04	)

Diluted EPS
Income (loss) available to common shareholders (Numerator)	$	(388,760	)	$	(2,493,455	)
Weighted average common shares (Denominator)		83,239,115			60,089,305
Diluted EPS	$	(0.00	)	$	(0.04	)


	Nine Months ended September 30,
	2023			2022
Basic EPS
Income (loss) available to common shareholders (Numerator)	$	(1,309,110	)	$	(3,257,151	)
Weighted average common shares (Denominator)		83,461,806			20,643,181
Basic EPS	$	(0.02	)	$	(0.16	)

Diluted EPS
Income (loss) available to common shareholders (Numerator)	$	(1,309,110	)	$	(3,257,151	)
Weighted average common shares (Denominator)		83,461,806			20,643,181
Diluted EPS	$	(0.02	)	$	(0.16	)

Recent Accounting Standards

The Company has reviewed the accounting pronouncements issued by the FASB during the nine months ended September 30, 2023. Applicable pronouncements will be adopted by the Company in accordance with the accounting guidance and definition. Management does not believe the adoption of any of these accounting pronouncements has had or will have a material impact on the Company’s consolidated financial statements.

Management does not believe there are other significant accounting pronouncements which have had or will have a material impact on the Company’s consolidated financial statements.

3. Notes Payable

During the nine-month period ended September 30, 2023 the Company reported the following activity in notes and accrued interest:

On July 14, 2023, the Company issued a $7,500 promissory note to Global Reverb, a related party. The note accrues interest at 8.5% annually and matures on July 14, 2025.

On June 2, 2023, the Company issued a $15,000 promissory note to one lender. The note matures in 90 days and accrues interest of 8% annually.

On April 13, 2023, the Company issued a $250,000 promissory note to TaiwanJ Pharmaceuticals, pursuant to the Second Extension Agreement to the Intellectual Property License Agreement. The note accrues interest at 18% annually and matured on May 30, 2023. This note is presently in default.

On March 24, 2023, the Company issued $150,000 in promissory notes to two lenders. $100,000 of which was issued to H. Louis Salomonsky, a Director of the Company. The notes mature in 90 days and pay interest of 8%.

Notes outstanding as of September 30, 2023 and December 31, 2022 are as follows:

Schedule of Notes Payable

	September 30, 2023		December 31, 2022

Promissory note	$	231,478	$	231,478
Promissory note issued in the first quarter of 2019. The note accrues interest at 6% and matured in February 2020. The note is in default.	$	231,478	$	231,478

Promissory note issued in 2019 for the settlement of debt in the same amount and matured in 2021. Lender earns interest at 15%. This note was modified in November 2022, extending maturity to September 2023. This note is in default.		150,000		150,000

Promissory note issued in 2022 and matures in July 2023. Lender earns interest at 6%. This note is in default.		65,000		65,000

Promissory note issued in 2022 and matures in July 2023. Lender earns interest at 6%. The holder of the note is a former Director and the former Chief Executive Officer of the Company. This note is in default.		200,000		200,000

Promissory note issued in 2022 and matures in December 2023. Lender earns interest at 7.75%.		50,000		50,000

Promissory note issued in March 2023 and matured in May 2023. Lender earns interest at 8%. This note was issued to H. Louis Salomonsky, a Director of the Company. This note is in default.		100,000		-

Promissory note issued in March 2023 and matured in June 2023. Lender earns interest at 8%. This note is in default.		50,000		-

Promissory note issued in April 2023 and matured in May 2023. Lender earns interest at 18%. The note is in default.		250,000		-

Promissory note issued in June 2023 and matures in June 2024. Lender earns interest at 8%.		15,000		-

Promissory note issued in July 2023 and matures in July 2025. Lender earns interest at 8.5%. This note was issued to Global Reverb Corporation, a related party of which Noreen Griffin is the sole beneficial owner.		7,500		-

	$	1,118,978	$	696,478

At September 30, 2023 and December 31, 2022, the Company had accrued $121,544 and $64,455, respectively, in unpaid interest on notes payable.

4. Capital Structure – Common Stock and Stock Purchase Warrants

Each holder of common stock is entitled to vote on all matters and is entitled to one vote for each share held. No holder of shares of stock of any class shall be entitled as a matter of right to subscribe for or purchase or receive any part of any new or additional issue of shares of stock of any class, or of securities convertible into shares of stock or any class, whether now hereafter authorized or whether issued for money, for consideration other than money, or by way of dividend.

Stock Warrants

During the nine-month period ended September 30, 2023 no common stock warrants were issued, exercised or modified.

During the nine-month period ended September 30, 2022 warrant holders exercised 17,225,000 common stock warrants. An additional 2,283,850 warrants were forfeited or cancelled during the nine-month period ended September 30, 2022.

The following is a summary of outstanding common stock warrants as of September 30, 2023.

Expiration Date	Number of Shares		Exercise Price		Remaining Life (years)

Third Quarter 2028		3,000	$	70		5.0
Second Quarter 2032		28,995	$	10 - 70		8.67
		31,995	$	10 - 70

Following is a summary of stock warrant activity for the nine months ended September 30 2023:

	Number of Shares			Exercise Price		Weighted Average Price
Warrants as of December 31, 2022		38,495		$	10 - 200	$	59.42
Issued		-		$	-	$	-
Expired and forfeited		(6,500	)	$	30 - 200	$	73.85
Exercised		-		$	-	$	-
Warrants as of September 30, 2023		31,995		$	10 - 70	$	56.49

5. Income Taxes – Results of Operations

There was no income tax expense reflected in the results of operations for the periods ended September 30, 2023 and 2022 because the Company has significant net loss operating carryforwards available to offset the potential tax liabilities. Our tax rate can be affected by recurring items, such as tax rates in foreign jurisdictions and the relative amount of income we earn in jurisdictions. It may also be affected by discrete items that may occur in any given year but are not consistent from year to year.

For U.S. federal purposes the corporate statutory income tax rate was 21%, for 2023 and 2022 tax years. The Company has recognized no tax benefit for the losses generated for the periods through September 30, 2023.

ASC Topic 740 requires that a valuation allowance be provided if it is more likely than not that some portion or all a deferred tax asset will not be realized. The Company’s ability to realize the benefit of its deferred tax asset will depend on the generation of future taxable income. Because the Company has yet to recognize revenue, we believe that the full valuation allowance should be provided.

6. Subsequent Events

Management of the Company has performed a review of events and transactions occurring after the condensed consolidated balance sheet date to determine if there were any such events or transactions requiring adjustment to or disclosure in the accompanying condensed consolidated financial statements and has noted none, other than the following:

On November 8, 2023, the Company appointed Mr. Craig Suro, age 49, to the board of directors.

On October 24, 2023, the Company appointed Ms. Clay Caperton Reynolds, age 61, to the board of directors.

Amendment 2 to License with Cytocom Inc. (which is now Statera Biopharma Inc.)

In December 2013, the Company formed Cytocom Inc., which changed its name to Statera Biopharma Inc. (“Statera”) or STAB, on September 1, 2021, as a subsidiary of the Company, and transferred rights, titles and interests to the Company as follows:

	(i)	Patents, patent applications, and all divisional, continuations and continuations-in-part thereof, together with all reissues, reexaminations, renewals, and extensions thereof and all rights to obtain such divisional, continuations and continuations-in-part, reissues, reexaminations, renewals and extensions, and all utility models and statutory invention registrations and any other such analogous rights.

	(ii)	Trademarks, service marks, internet domain names, trade dress, trade styles, logos, trade names, services names, brand names, corporate names, assumed business names and general intangibles and other source identifiers of a like nature, together with the goodwill associated with any of the foregoing, and all registrations and applications for registrations thereof, together with all renewals and extensions thereof and all rights to obtain such renewals and extensions.

	(iii)	Copyrights, mask work rights, database and design rights, moral rights and rights in internet websites, whether registered or unregistered and whether published or unpublished, all registrations and recordings thereof and all applications in connection therewith, together with all renewals, continuations, reversions and extensions thereof and all rights to obtain such renewals, continuations, reversions and extensions.

	(iv)	Confidential and proprietary information, including, trade secrets and know-how.

On May 1, 2018, the Company entered into an amended and restated licensing agreement (the “Restated Agreement”) with STAB. The Restated Agreement restates the licensing arrangement between the Company and STAB and grants the Company distribution and marketing rights for Lodonal™ and meta enkephalin (MENK) for humans in certain emerging markets. In addition, the Company was granted the rights to distribute and market Lodonal™ and MENK for animal use in the United States. The royalty due to STAB was reduced from 5% to 1% of net sales in the Restated Agreement, and the Company no longer would have any ongoing obligations to pay for costs in connection with the assets of STAB. While the Company formalized the agreement in May 1 2018, Penn State University, a licensor that was part of the group of intellectual property that was to be moved, did not consent the move of their license or payables to STAB at the time of the Restated Agreement.

On April 8, 2019, the Company signed a second amendment to its licensing agreement (the “Second Amendment”) with STAB. The Second Amendment confirmed that, (as of its effective date December 31, 2018) the Company owned 15.57% of the STAB common shares issued and outstanding on that date. The Company agreed to assume responsibility to repay all accounts payable obligations and accrued liabilities owed by STAB as of the effective date, except those accounts payable obligations and accrued liabilities as specified in the Second Amendment. The Company also assumed the responsibility to repay all notes payable, together with any interest or fees payable thereon, owed by STAB as of the effective date, except those notes payable obligations, together with any interest or fees payable thereon, as specified by the Second Amendment. The parties further agreed that in the event of a change of control of STAB, and at the option of STAB, the Company would have the right to purchase outright the Company’s licensing rights to emerging markets for humans under the License Agreement at a price equal to value of those licensing rights as determined by and independent valuator acceptable to the Company and STAB.

On May 13, 2020, the Company and STAB entered into an Amendment to the Second Amendment (“Third Amendment”) that was effective December 31, 2018. The Third Amendment provides STAB with the Company’s previously licensed rights for LDN and MENK in emerging markets. The original terms for consideration for the sublicense were not finalized until August 12, 2020, at which time STAB and the Company signed a letter agreement in which STAB agreed to assume a combination of defaulted notes plus certain other liabilities. Such terms were amended, and the Company agreed to transfer all the rights, title, and interests to STAB in technology licensed from Penn State Research Foundation (“PSU”) in exchange for STAB assuming all past due and future obligations under the PSU license. While the Company formalized the agreement to assign all outstanding liabilities due to PSU, a vendor of the Company, PSU did not consent to the assignment of the payables to STAB. As of December 31, 2021, the Company had no outstanding accounts payable balances due to PSU.

On July 20, 2021, STAB and the Company agreed to modify the terms of the original sublicense. The renegotiated terms are presented below. The assignment of the notes and associated accrued interest and penalties in default was fully executed in the third quarter of 2020 with the transfer of the notes upon the creditors’ signoff. The Company recognized a gain upon the assignment of these notes in the third quarter of 2020.

Consideration for License to STAB as of December 31, 2022:

Schedule of Consideration

Consideration / Assumption of:
Notes and associated accrued interest in default	$	3,302,209
Accounts payable and accruals		230,000
Past Due Employee Obligations		1,110,567
Total anticipated Consideration	$	4,642,776
Recognized through December 31, 2020		(3,302,209	)
To Be Recognized upon Execution	$	1,340,567

As of December 31, 2022, the Notes transaction has not been fully executed. The notes in default have been assigned and the transfer signed off by the creditors, but STAB still has not completed the assumption of the agreed upon obligations.

On March 24, 2023, the Company and STAB entered into an amendment to the licensing agreement (“Third License Amendment”).

The Third License Amendment:

	●	Restates the licensing arrangement between the Company and STAB and grants the Company manufacturing, distribution and marketing rights for LDN and MENK in humans for all indications except Crohn’s Disease (worldwide), and in animals (US only).
	●	Grants the Company the right grant sublicenses to third parties for the manufacturing, distribution and marketing of these products.
	●	Updates the royalty rates as follows:

Schedule of Royalty Rate

Annual Sales of Royalty Qualifying Licensed Products	Royalty Rate
<$500,000,000		2	%
500,000,000 to < $1,000,000,000		4	%
> $1,000,000,000)		6	%

This agreement has been on hold, pending the outcome of Statera’s Involuntary Chapter 11 Bankruptcy case pending in the United States Bankruptcy Court for the District of Colorado. On September 20, 2023 the Bankruptcy Court dismissed the involuntary case and has cleared all parties to proceed with this License Amendment.

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

FORWARD-LOOKING STATEMENTS AND ASSOCIATED RISKS

The following management’s discussion and analysis of financial condition and results of operations provides information that management believes is relevant to an assessment and understanding of our plans and financial condition. The following financial information is derived from our condensed consolidated financial statements and should be read in conjunction with such condensed consolidated financial statements and notes thereto and set forth elsewhere herein.

Use of Terms

Except as otherwise indicated by the context and for the purposes of this report only, references in this report to “we,” “us,” “our” and the “Company” refer to Biostax Corp. a Florida corporation and its consolidated subsidiaries.

FORWARD-LOOKING STATEMENTS AND ASSOCIATED RISKS

The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements. This report contains certain forward-looking statements that are based on the beliefs of management as well as assumptions made by and currently available to management. The statements contained in this report relating to matters that are not historical facts are forward-looking statements that involve risks and uncertainties, including, but not limited to, future demand for our products and services, the successful commercialization of our products, general domestic and global economic conditions, government and environmental conditions and regulations, competition and customer strategies, changes in our business strategy or development plans, capital deployment, business disruptions, including those by fires, raw material supplies, environmental regulations, and other risks and uncertainties, certain of which are beyond our control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may differ materially from those forward-looking statements. For further discussion of certain of the matters described above see the Cautionary Note Regarding Forward-Looking Statements included in our 2022 Annual Report on Form 10-K.

Undue reliance should not be placed on our forward-looking statements. Except as required by law, we disclaim an obligation to update any factors or to publicly announce the results of any revisions to any of the forward-looking statements contained in this quarterly report on Form 10-Q to reflect new information, future events, or other developments. The following discussion and analysis should be read in conjunction with the accompanying condensed consolidated financial statements and notes thereto appearing elsewhere in this Form 10-Q.

Forward-looking statements can be identified by words such as “future,” “anticipates,” “believes,” “estimates,” “expects,” “intends,” “will,” “would,” “could,” “can,” “may,” and similar terms. Forward-looking statements are not a guarantee of future performance and the Company’s actual results may differ significantly from the results discussed in the forward-looking statements. Each of the terms the “Company”, “we”, “us” or “our” as used herein refers collectively to Immune Therapeutics, Inc. and its subsidiaries, unless otherwise stated.

COMPANY OVERVIEW

Biostax Corp. is a Florida corporation trading on the OTC-Pink. The Company is a drug development and commercialization company. We identify, evaluate, and seek to acquire technologies in the medical device and drug development sectors with the intent to further develop them and move them to commercialization.

Our strategy has been limited due to lack of capital. Management is seeking to secure new investment capital with which to continue to pursue the Company’s strategy. There is no guarantee that the Company will be successful in securing additional capital.

GOING CONCERN

As of September 30, 2023, the Company had $4,531 in cash on hand, negative working capital of $4,207,330 and accumulated deficit of $384,277,604. For the nine months ended September 30, 2023, the Company reported a net loss attributable to common shareholders of $1,309,110. For the nine months ended September 30, 2022, the Company reported net loss attributable to common shareholders of $3,257,151.

Historically the Company has relied on the funding of operations through private equity financing and management expects operating losses and negative cash flows to continue at more significant levels in the future. As the Company continues to incur losses, transition to profitability is dependent upon the successful development, approval, and commercialization of its current or future product candidates as they become available and the achievement of a level of revenues adequate to support the Company’s cost structure. The Company may never achieve profitability, and unless and until it does, the Company will continue to need to raise additional cash. Management intends to fund future operations through additional private or public debt or equity offerings and may seek additional capital through arrangements with strategic partners or from other sources.

Working capital at September 30, 2023 is not sufficient to meet the cash requirements to fund planned operations through the next twelve months without additional sources of cash. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying financial statements have been prepared assuming that the Company will continue as a going concern and do not include adjustments that might result from the outcome of this uncertainty. This basis of accounting contemplates the recovery of the Company’s assets and the satisfaction of liabilities in the normal course of business.

Management is continuing to develop strategies to re-capitalize the Company and position it for future growth. Key steps to this process include:

	●	Improve the condition of the balance sheet via license arrangements and capital infusions.
	●	Identify and acquire late-stage assets for commercialization.
	●	Build out operational infrastructure to generate revenue opportunities to grow shareholder value.

There can be no guarantee that the Company will be successful in securing adequate capital to continue operations and in identifying and acquiring assets for future development.

If the Company is unable to secure new working capital, other alternative strategies will be required.

Historically, the Company has been able to acquire and develop assets, spin them out and retain both an equity stake and royalties and milestone payments. In so doing, the Company has acted as an incubator for late-stage drug development. Management believes that this strategy can continue to be successful. At this time, the Company is reviewing several opportunities which it may pursue as soon as funding is available. At present no definitive actions have been taken.

There can be no guarantees that the Company will be successful in:

	●	Executing its restructuring plan
	●	Securing adequate capital to continue operations.
	●	Identifying and acquiring assets for future development.

Recent Developments

On September 14, 2023, the Company announced the passing of H. Louis Salomonsky, a Director of the company.

On November 8, 2023, the Company appointed Mr. Craig Suro, age XX, to the board of directors.

On October 24, 2023, the Company appointed Ms. Clay Caperton Reynolds, age 61, to the board of directors.

RESULTS FROM OF THE THREE MONTHS ENDED SEPTEMBER 30, 2023

COMPARED TO THE THREE MONTHS ENDED SEPTEMBER 30, 2022

Revenues

We had no revenues from operations for the three months ended September 30, 2023 and 2022.

Operating Expenses

Selling, General and Administrative Expenses

Selling, general and administrative expenses for the three months ended September 30, 2023 and 2022 were as follows:

	For the three months ended September 30
	2023			2022
Selling, general and administrative	$	233,109		$	420,862
Increase (decrease) from prior year	$	(187,753	)	$	306,295
Percent increase (decrease) from prior year		(45	)%		267	%

During the three months ended September 30, 2023, the Company has focused on the negotiation and finalization of certain licensing transactions and business development opportunities.

For the three months ended September 30, 2023 and 2022, selling, general and administrative expenses were compised of the following:

	For the three months ended September 30
	2023		2022
Shareholder and investor relations	$	5,743	$	13,734
Professional fees and consulting costs		21,066		113,597
Consulting fees with related parties		188,270		113,300
Board fees		15,000		75,000
Salaries and benefits		-		46,505
Occupancy		-		47,110
Other expenses		3,030		11,616
Total	$	233,109	$	420,862

The decrease in selling, general and administrative expenses for the three months ended September 30, 2023 over the same period in 2022 was primarily due to the Company focusing on internal operations after its completion of its recapitalization during the second and third quarters of 2022 and reflect the following:

	●	Reduction in payroll expenses related to the elimination of internal financial reporting personnel and subleased office rent.
	●	Reduction in Board fees related to the reduced number of Directors and reversal of Board fees accrued in prior quarter.

Research and Development Expenses

R&D expenses and related percentages for the three months ended September 30, 2023 and 2022 were as follows:

	For the three months ended September 30,
	2023			2022
Research and development	$	105,837		$	-
Increase/(decrease) from prior year	$	105,837		$	-
Percent increase/(decrease) from prior year		100	%		-	%

Research and development expense for the three months ended September 30, 2023 was $105,837, compared to no expenses incurred in the same period in 2022. The increase in research and development expenses for the three months ended September 30, 2023 over the same period of 2022 was primarily due to an increase in amounts payable to TaiwanJ for our license to use certain intellectual property.

The research and development expenses for the three months ended September 30, 2023 reflect the following:

●	Late charges related to the up front payment terms, pursuant to the license of intangible assets from TaiwanJ Pharmaceuticals.
●	Annual license fee due to TaiwanJ Pharmaceuticals.

Interest Expense

Interest expense for the three months ended September 30, 2023 and 2022 were as follows:

	For the three months ended September 30,
	2023			2022
Interest expense	$	36,437		$	11,034
Increase (decrease) from prior year	$	25,403		$	(21,163	)
Percentage increase (decrease) from prior year		230	%		(66	)%

Interest expense is comprised of accrued interest on notes payable owed by the Company. The increase from 2022 to 2023 reflects the increase in the amount of notes payable, increases in interest rates and payments of additional penalties and interest accrued on defaulted notes.

RESULTS FROM THE NINE MONTHS ENDED SEPTEMBER 30, 2023 COMPARED

TO NINE MONTHS ENDED SEPTEMBER 30, 2022

Revenues

We had no revenues from operations for the nine months ended September 30, 2023 and 2022.

Operating Expenses

Selling, General and Administrative Expenses

For the nine months ended September 30, 2023 and 2022, selling, general and administrative expenses were made up as follows:

	For the nine months ended September 30
	2023			2022
Shareholder and investor relations	$	20,551		$	19,499
Professional fees and consulting costs		113,198			207,047
Consulting fees with related parties		495,018			299,829
Board fees		45,000			125,000
Occupancy		580			51,704
Salaries and benefits		-			175,014
Other expenses		14,764			16,503
Total	$	689,111		$	894,596
Increase (decrease) from prior year	$	(205,485	)	$	456,013
Percent increase (decrease) from prior year		(23	)%		104	%

During the nine months ended September 30, 2023, the Company focused on business development activities and the negotiation and finalization of certain licensing transactions. The decrease in selling, general and administrative expenses during the nine months ended September 30, 2023 reflects the transition to an operating focus upon the completion of the recapitalization of the Company during the second and third quarters of 2023.

The selling, general and administrative expenses for the nine months ended September 30, 2023 reflect the following:

	●	Professional advisors were engaged in the areas of legal, tax, accounting, and administrative support in connection with the Company’s financial reorganization efforts and licensing strategies.
	●	The Company utilized the services of consultants, including three related parties during 2023 to fill key positions with the Company (CEO, CFO, COO and SVP of Business Development) and eliminated accounting and other employees.
	●	The Company reduced the size of the Board from 5 members in 2022 to 2 members in 2023.
	●	The Company terminated a month-to-month sublease.

Research and Development Expenses

R&D expenses and related percentages for the nine months ended September 30, 2023 and 2022 were as follows:

	For the nine months ended September 30,
	2023			2022
Research and development	$	461,969		$	-
Increase/(decrease) from prior year	$	461,969		$	(152,667	)
Percent increase/(decrease) from prior year		100	%		(100	)%

The Company did not incur any research and development related costs during the nine-month period ended September 30, 2022.

The increase in research and development expenses for the nine months ended September 30, 2023 over the same period of 2022 was primarily due to an increase in amounts payable to TaiwanJ for our license to use certain intellectual property.

The research and development expenses for the nine months ended September 30, 2023 reflect the following:

	●	Fair value of 500,000 shares of common stock issued to TaiwanJ Pharmaceuticals, pursuant to the Second Extension of the license of intangible assets.
	●	Late charges related to the up front payment terms, pursuant to the license of intangible assets from TaiwanJ Pharmaceuticals.
	●	Legal fees related to the maintenance and prosecution of licensed and owned intellectual property.

Non-operating Income (Expense)

The Company recognized several non-recurring non-operating transactions during the nine-month period ended September 30, 2022 as described below.

	●	The Company recognized a non-cash gain of $3,165,151 upon the assumption of certain Company defaulted notes and other vendor and employee obligations by Forte. The assignments of these obligations were made as consideration for the July 8, 2021 Amended License Agreement with Forte.
	●	The Company recognized a non-cash charge of $1,169,691 upon the receipt of signed releases of obligations from certain vendors, employees, and notes holders in connection with the corporate recapitalization which allowed for certain of these obligations to be converted into common stock at $0.05 per share.
	●	During the nine-month period ended September 30, 2022, the Company recognized an asset impairment associated of $2,645,000 associated with the carrying value of the shares of common stock of STAB held by the Company.
	●	On June 29, 2022, the Company entered into agreements to allow certain warrants holders of promissory notes currently in default to exercise and convert these instruments at $0.05 per share. The Company recognized the fair market value of the warrants using the Black Scholes valuation model and recognized a charge of $1,605,913 in connection with this action.

Interest Expense

Interest expense for the nine months ended September 30, 2023 and 2022 were as follows (dollar amounts in thousands):

	For the nine months ended September 30
	2023			2022
Interest expense	$	77,498		$	107,102
Decrease from prior year	$	(29,604	)	$	(57,629	)
Percent decrease from prior year		(28	)%		(35	)%

The decrease in interest expense is related to:

●

Settlement of $1,585,456 of Notes Payable in the nine month period ending September 30, 2022, offset in part by the issuance of $472,500 new Notes Payable in the nine month period ending September 30, 2023.

LIQUIDITY AND CAPITAL RESOURCES

Overview

Liquidity is measured by our ability to secure enough cash to meet our contractual and operating needs as they arise. The Company does not anticipate generating sufficient cash flows from our operations to fund the next twelve months. We had cash on hand of $4,531 at September 30, 2023, compared to $150,491 at December 31, 2022.

Summary of Cash Flows

	For the nine months ended September 30,
	2023			2022
Net cash used in operating activities	$	(568,460	)	$	(996,865	)
Net cash provided by financing activities		422,500			688,427
Net decrease in cash and cash equivalents	$	(145,960	)	$	(308,424	)

Net cash used in operating activities was $568,460 for the nine months ended September 30, 2023, compared to $996,865 for the corresponding period in 2022. The use of cash in 2023 resulted primarily from our loss from operations, the issuance of Notes payable for substantially all of the license fees due under our agreement with TaiwanJ, and the accrual of consulting fees due to Company Officers.

For the nine months ended September 30, 2022, the Company used $996,865 in cash to support operating activities. Included in net income for the nine months ended September 30, 2022, are non-cash gains of: $3,165,151 recognized upon the assignment of notes and other obligations in connection with a license agreement, offset by losses of $1,169,691 recognized upon the settlement with owners of the obligations, non-cash charges upon the recognition of an asset impairment of the STAB common shares held by the Company, and a charge for the market value from the modification of certain warrant provisions.

The Company had no cash used or provided from investing activities during the nine month periods ended September 30, 2023 and 2022.

For the nine months ended September 30, 2023 and 2022, the Company received $422,500 and $688,427 in financing activities from issued notes payable, respectively.

The Company does not expect to generate revenues in the foreseeable future. If the Company is unable to raise additional working capital to meet its operating obligations and expenditures, the Company will be required to modify its business plan.

CONTRACTUAL OBLIGATIONS

Promissory Notes

The notes payable on the Company’s Condensed Consolidated Balance Sheet above contains, at September 30, 2023, certain promissory notes on which the Company was in arrears on payment of principal as follows:

	●	$231,478 in promissory notes issued in 2019. The notes accrue interest at 6% and matured in 2020.
	●	$150,000 promissory note issued in 2023. The note accrued interest at 8% and matured in 2023.
		$265,000 in promissory notes issued in 2022. The notes accrued interest at 6% and matured in 2023.
		$150,000 in promissory notes issued in 2023. The notes accrued interest at 8% and matured in 2023.
		$250,000 promissory note issued in 2023. The note accrued interest at 18% and matured in 2023.

Please refer to Note 3 to the Condensed Consolidated Financial Statements of Part I Item 1, which is incorporated by reference, for additional details regarding these promissory notes.

OFF BALANCE SHEET ARRANGEMENTS

During the nine months ended September 30, 2023, and 2022, the Company did not engage in any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial conditions, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

We have identified the policies below as critical to our business operations and the understanding of its results of operations. The Company’s senior management has reviewed these critical accounting policies and related disclosures with the Company’s board of directors. The impact and any associated risks related to these policies on our business operations are discussed throughout this section where such policies affect our reported and expected financial results.

Fair Value of Financial Instruments

In accordance with the reporting requirements of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 825, “Financial Instruments”, the Company calculates the fair value of its assets and liabilities which qualify as financial instruments under this standard and includes this additional information in the notes to the condensed consolidated financial statements when the fair value is different than the carrying value of those financial instruments.

Cash, cash equivalents and accounts payable are accounted for at cost which approximates fair value due to the relatively short maturity of these instruments. The carrying value of the Company’s investment in the common stock of STAB reflects an asset impairment charge taken in the second quarter of 2022 and is carried at zero in the accompanying condensed consolidated balance sheets. The carrying value of notes payable approximate fair value since they bear market rates of interest and other terms. None of these instruments are held for trading purposes.

Research and Development Costs

Research and development costs are charged to expense as incurred and are typically comprised of expenses associated with advancing the commercialization of our technologies.

Income Taxes

Stock-Based Compensation and Issuance of Stock for Non-Cash Consideration

Recent Accounting Standards

Management does not believe there are other significant accounting pronouncements which have had or will have a material impact on the Company’s condensed consolidated financial statements.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not Applicable.

ITEM 4. CONTROLS AND PROCEDURES

Changes in Internal Control over Financial Reporting

There were no changes in our internal control over financial reporting that occurred during the period covered by this report on Form 10-Q that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Evaluation of Disclosure Controls and Procedures

As of the end of the period covered by this report, we conducted an evaluation, under the supervision and with the participation of our principal executive officer and principal financial officer, of our disclosure controls and procedures as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended, or the Exchange Act. Based on this evaluation, the principal executive officer and the principal financial officer concluded that, because of the weakness in internal control over financial reporting described below, our disclosure controls and procedures are ineffective to ensure that information required to be disclosed by us in the reports we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in Securities and Exchange Commission rules and forms.

Management assessed the effectiveness of our internal control over financial reporting using the framework set forth in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based upon this assessment, management concluded that our internal control over financial reporting was not effective. The reportable conditions and material weakness relate to a limited segregation of duties and lack of an audit committee. The limited segregation of duties within the Company and the lack of an audit committee are due to the small number of employees. Management has determined that this control deficiency constitutes a material weakness. This material weakness could result in material misstatements of significant accounts and disclosures that would result in a material misstatement to our interim or annual financial statements that would not be prevented or detected. In addition, due to limited staffing, we are not always able to detect minor errors or omissions in reporting.

Going forward, management anticipates that additional staff will be necessary to remediate these weaknesses, as well as other planned improvements. Additional staff will enable us to document and apply transactional and periodic controls procedures, permit a better review and approval process and improve quality of financial reporting. However, the potential addition of new staff is contingent on obtaining additional financing, and there is no assurance that we will be able to do so.

Limitations on the Effectiveness of Disclosure Controls and Procedures and Internal Control Over Financial Reporting

Readers are cautioned that our management does not expect that our disclosure controls and procedures or our internal control over financial reporting will necessarily prevent all fraud and material error. An internal control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within our control have been detected. The design of any system of controls also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any control design will succeed in achieving its stated goals under all potential future conditions. Over time, controls may become inadequate because of changes in conditions, or the degree of compliance with the policies or procedures may deteriorate.

PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

We are not party to any material pending legal proceedings. From time to time, we may be involved in legal proceedings which arise during the ordinary course of business.

ITEM 1A. RISK FACTORS

Not applicable.

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

During the quarter ended September 30, 2023, the Company issued the following securities:

The Company issued 22,001 shares of common stock to Ira Gaines, pursuant to the Second Amendment to Promissory Note issued on October 1, 2019.

We did not repurchase any shares of our common stock during the three months ended September 30, 2023.

The issuances of shares of common stock described above will not be registered under the Securities Act of 1933, as amended, or the Securities Act, in reliance upon the exemption from registration provided by Section 4(a)(2) of the Securities Act, and/or Regulation D promulgated thereunder.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

Refer to Note 3 to the Condensed Consolidated Financial Statements of Part I Item 1, which is incorporated by reference, for additional details. The notes payable on the Company’s Condensed Consolidated Balance Sheet above contains, at September 30, 2023, certain promissory notes on which the Company was in arrears on payment of principal as follows:

$231,478 promissory note issued in 2019. The note accrued interest at 6% and matured in 2020

$150,000 promissory note issued in 2019. The note accrued interest at 15% and matured on September 1, 2023.

$265,000 promissory notes issued in July 2022. The notes accrued interest at 6% and matured on July 19, 2023.

$100,000 promissory note issued in March 2023. The note accrued interest at 8% and matured on May 23, 2023.

$50,000 promissory note issued in March 2023. The note accrued interest at 8% and matured on June 22, 2023.

$250,000 promissory note issued in April 2023. The note accrued interest at 18% and matured on May 30, 2023.

ITEM 4. MINE SAFETY DISCLOSURES

None.

ITEM 5. OTHER INFORMATION

None.

ITEM 6. EXHIBITS

The following exhibits are filed with this Quarterly Report:

Exhibit		Description

3.1		Articles of Incorporation and Amendments Thereto (incorporated by reference to Exhibit 3.1 to Amendment No. 1 to Form 10 filed with the SEC on June 7, 2013).

3.2		Bylaws (incorporated by reference to Exhibit 3.2 to Amendment No. 1 to the Form 10 filed with the SEC on June 7, 2013).

10.1		Intellectual Property License Agreement, dated September 30, 2022, between Immune Therapeutics, Inc. and TaiwainJ Pharmaceuticals Co. Ltd. (incorporated by reference to Form 8-K filed on October 12, 2022).***

31.1*		Certification of Chief Executive Officer pursuant to Rule 13a-14(a) of the Exchange Act, as enacted by Section 302 of the Sarbanes-Oxley Act of 2002.

31.2*		Certification of Chief Financial Officer pursuant to Rule 13a-14(a) of the Exchange Act, as enacted by Section 302 of the Sarbanes-Oxley Act of 2002.

32.1**		Certification of Chief Executive Officer pursuant to 18 United States Code Section 1350, as enacted by Section 906 of the Sarbanes-Oxley Act of 2002.

32.2**		Certification of Chief Financial Officer pursuant to 18 United States Code Section 1350, as enacted by Section 906 of the Sarbanes-Oxley Act of 2002.

101.INS*		Inline XBRL Instance Document
101.SCH*		Inline XBRL Taxonomy Extension Schema
101.CAL*		Inline XBRL Taxonomy Extension Calculation Linkbase
101.DEF*		Inline XBRL Taxonomy Extension Definition Linkbase
101.LAB*		Inline XBRL Taxonomy Extension Label Linkbase
101.PRE*		Inline XBRL Taxonomy Extension Presentation Linkbase
104*		Cover Page Interactive Data File (embedded within the Inline XBRL document)

* Filed herewith

** Furnished herewith

*** Portions of this exhibit have been omitted in compliance with Regulation S-K Item 601(b)(10)(iv) because the Company has determined that the information is not material and is the type that the Company treats as private or confidential.

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Biostax Corp.

Date: November 14, 2023	By:	/s/ Noreen Griffin
	Name:	Noreen Griffin
	Title:	Chief Executive Officer

	Biostax Corp.

Date: November 14, 2023	By:	/s/ Glen Farmer
	Name:	Glen Farmer
	Title:	Chief Financial Officer

Exhibit 31.1

CERTIFICATION

I, Noreen Griffin, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of Biostax Corp.;

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

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

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

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

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

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

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

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

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

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

Date: November 14, 2023	By:	/s/ Noreen Griffin
		Noreen Griffin
		Chief Executive Officer
		(Principal Executive Officer)

Exhibit 31.2

CERTIFICATION

I, Glen Farmer, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of Biostax Corp.;

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

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

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

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

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

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

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

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

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

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

Date: November 14, 2023	By:	/s/ Glen Farmer
		Glen Farmer
		Chief Financial Officer
		(Principal Financial and Accounting Officer)

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. Section 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the quarterly report of Biostax Corp. (the “Company”) on Form 10-Q for the quarter ending September 30, 2023 as filed with the Securities and Exchange Commission (the “Report”), I , Noreen Griffin, Chief Executive Officer (Principal Executive Officer) of the Company, hereby certify as of the date hereof, solely for purposes of Title 18, Chapter 63, Section 1350 of the United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company at the dates and for the periods indicated.

Date: November 14, 2023	By:	/s/ Noreen Griffin
		Noreen Griffin
		Chief Executive Officer
		(Principal Executive Officer)

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. Section 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the quarterly report of Biostax Corp. (the “Company”) on Form 10-Q for the quarter ending September 30, 2023 as filed with the Securities and Exchange Commission (the “Report”), I , Glen Farmer, Chief Financial Officer (Principal Financial and Accounting Officer) of the Company, hereby certify as of the date hereof, solely for purposes of Title 18, Chapter 63, Section 1350 of the United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company at the dates and for the periods indicated.

Date: November 14, 2023

By:

/s/ Glen Farmer

Glen Farmer

Chief Financial Officer

(Principal Financial and Accounting Officer)

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2023	Nov. 14, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2023
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--12-31
Entity File Number	000-54933
Entity Registrant Name	BIOSTAX CORP
Entity Central Index Key	0001559356
Entity Tax Identification Number	59-3226705
Entity Incorporation, State or Country Code	FL
Entity Address, Address Line One	2431 Aloma Ave.
Entity Address, Address Line Two	Suite 124
Entity Address, City or Town	Winter Park
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32792
City Area Code	888
Local Phone Number	613-8802
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		83,657,853

Condensed Consolidated Balance Sheets - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Current Assets:
Cash	$ 4,531	$ 150,491
Total current assets	4,531	150,491
Intangible Assets:
Patents and licenses, net	721,969	762,500
Deposits	5,500	50,728
Total Assets	732,000	963,719
Current Liabilities:
Accounts payable	1,349,816	1,300,366
Accrued payroll	336,002	336,002
Notes payable, net of debt discount	1,118,978	696,478
Accrued interest	121,544	64,455
Accrued liabilities	136,057	136,057
License fees payable	284,630	549,079
Total current liabilities	4,211,861	3,477,173
Total Liabilities	4,211,861	3,477,173
Stockholders’ Deficit:
Common stock – par value $0.0001; 750,000,000 shares authorized; 83,620,764 and 83,045,857 shares issued and outstanding respectively	8,362	8,305
Additional paid in capital	380,779,078	380,436,432
Stock to be issued	10,303	10,303
Accumulated deficit	(384,277,604)	(382,968,494)
Total stockholders’ deficit	(3,479,861)	(2,513,454)
Total Liabilities and Stockholders’ Deficit	732,000	963,719
Related Party [Member]
Current Liabilities:
Due to related parties	$ 864,834	$ 394,736

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock, per share	$ 0.0001	$ 0.0001
Common stock, shares authorized	750,000,000	750,000,000
Common stock, shares, issued	83,620,764	83,045,857
Common stock, shares, outstanding	83,620,764	83,045,857

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Operating expenses
Selling, general and administrative	$ 233,109	$ 420,862	$ 689,111	$ 894,596
Research and development expense	105,837		461,969
Depreciation and amortization expense	13,377		40,531
Total operating expense	352,323	420,862	1,191,611	894,596
Loss from operations	(352,323)	(420,862)	(1,191,611)	(894,596)
Other income (expense):
Gain on issuance of license agreement				3,165,151
Loss on settlement of obligations		(1,467,271)	(40,000)	(1,169,691)
Loss from warrant modification and debt settlement		(594,288)		(1,605,913)
Impairment loss investment in common stock				(2,645,000)
Interest expense	(36,437)	(11,034)	(77,499)	(107,102)
Total other expense, net	(36,437)	(2,072,593)	(117,499)	(2,362,555)
Net loss	(388,760)	(2,493,455)	(1,309,110)	(3,257,151)
Net loss attributable to common stockholders	$ (388,760)	$ (2,493,455)	$ (1,309,110)	$ (3,257,151)
Basic loss income per share attributable to common stockholders	$ (0.00)	$ (0.04)	$ (0.02)	$ (0.16)
Diluted loss earnings per share attributable to common stockholders	$ (0.00)	$ (0.04)	$ (0.02)	$ (0.16)
Basic weighted average number of shares outstanding	83,239,115	60,089,305	83,461,806	20,643,181
Diluted weighted average number of shares outstanding	83,239,115	60,089,305	83,461,806	20,643,181

Consolidated Statements of Stockholders' Equity/(Deficit) (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Stock to be Issued [Member]	Retained Earnings [Member]	Total
Balance at Dec. 31, 2021	$ 49	$ 371,473,810	$ 10,303	$ (379,432,418)	$ (7,948,256)
Balance, shares at Dec. 31, 2021	483,714
Issuance of common stock upon settlement of notes and obligations	$ 6,403	6,196,516			6,202,919
Issuance of common stock upon settlement of notes and obligations, shares	64,028,803
Issuance of common stock for services	$ 10	95,963			95,973
Issuance of common stock for services, shares	99,500
Issuance of common stock upon warrant exercise	$ 1,758	696,566			698,324
Issuance of common stock upon warrant exercise, shares	17,586,680
Charge resulting from warrant modification		1,605,913			1,605,913
Net loss				(3,257,151)	(3,257,151)
Balance at Sep. 30, 2022	$ 8,220	380,068,768	10,303	(382,035,431)	(2,602,278)
Balance, shares at Sep. 30, 2022	82,198,697
Balance at Dec. 31, 2022	$ 8,305	380,436,432	10,303	(382,968,494)	(2,513,454)
Balance, shares at Dec. 31, 2022	83,045,857
Issuance of common stock upon settlement of notes and obligations	$ 7	42,696			42,703
Issuance of common stock upon settlement of notes and obligations, shares	74,907
Net loss				(1,309,110)	(1,309,110)
Issuance of common stock for extension of patent and license agreement	$ 50	299,950			300,000
Issuance of common stock for extension of patent and license agreement, shares	500,000
Balance at Sep. 30, 2023	$ 8,362	$ 380,779,078	$ 10,303	$ (384,277,604)	$ (3,479,861)
Balance, shares at Sep. 30, 2023	83,620,764

Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (1,309,110)	$ (3,257,151)
Adjustments to reconcile net loss to net cash flows used in operating activities:
Gain on issuance of license agreement		(3,165,151)
Loss on settlement of obligations	40,000	1,169,691
Loss on impairment on investment in common stock		2,645,000
Loss from warrant modification		1,605,913
Depreciation and amortization	40,531
Common stock issued for the extension of patent and license agreement	300,000
Changes in operating assets and liabilities:
Deposits	45,228	(5,500)
Accounts payable	39,450	(75,895)
License fees payable	(264,449)
Accrued payroll		4,620
Accrued interest	69,792	116,929
Accrued liabilities		(35,321)
Due to related parties	470,098
Net cash used in operating activities	(568,460)	(996,865)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from undocumented investor advances		6,369
Proceeds from related parties	100,000	417,058
Proceeds from issuance of notes payable	322,500	265,000
Net cash provided by financing activities	422,500	688,427
Decrease in cash	(145,960)	(308,438)
Cash, beginning of year	150,491	493,885
Cash, end of period	4,531	185,447
SUPPLEMENTAL DISCOSURE OF NON-CASH ACTIVITIES:
Conversion of debt and accrued interest to common stock	42,703	6,901,242
Stock issued for services		$ 95,973

Company Overview

9 Months Ended

Sep. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Company Overview

1. Company Overview

Going Concern

Management is continuing to develop strategies to re-capitalize the Company and position it for future growth. Key steps to this process include:

	●	Improve the condition of the consolidated balance sheet via license arrangements and capital infusions.
	●	Identify and acquire late-stage assets for commercialization.
	●	Build out operational infrastructure to generate revenue opportunities to grow shareholder value.

There can be no guarantee that the Company will be successful in securing adequate capital to continue operations and in identifying and acquiring assets for future development.

If the Company is unable to secure new working capital, other alternative strategies will be required.

There can be no guarantees that the Company will be successful in:

	●	Executing its restructuring plan;
	●	Securing adequate capital to continue operations; or
	●	Identifying and acquiring assets for future development.

Company History

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of Presentation

Use of Estimates

Cash, Cash Equivalents, and Short-Term Investments

Concentration of Credit Risk

Segment and Geographic Information

Fair Value of Financial Instruments

Research and Development Costs

Income Taxes

Stock-Based Compensation and Issuance of Common Stock for Non-Cash Consideration

The Company did not issue any stock-based compensation awards during the nine months ended September 30, 2023.

Net Income per Share


	Three Months ended September 30,
	2023			2022
Basic EPS
Income (loss) available to common shareholders (Numerator)	$	(388,760	)	$	(2,493,455	)
Weighted average common shares (Denominator)		83,239,115			60,089,305
Basic EPS	$	(0.00	)	$	(0.04	)

Diluted EPS
Income (loss) available to common shareholders (Numerator)	$	(388,760	)	$	(2,493,455	)
Weighted average common shares (Denominator)		83,239,115			60,089,305
Diluted EPS	$	(0.00	)	$	(0.04	)


	Nine Months ended September 30,
	2023			2022
Basic EPS
Income (loss) available to common shareholders (Numerator)	$	(1,309,110	)	$	(3,257,151	)
Weighted average common shares (Denominator)		83,461,806			20,643,181
Basic EPS	$	(0.02	)	$	(0.16	)

Diluted EPS
Income (loss) available to common shareholders (Numerator)	$	(1,309,110	)	$	(3,257,151	)
Weighted average common shares (Denominator)		83,461,806			20,643,181
Diluted EPS	$	(0.02	)	$	(0.16	)

Recent Accounting Standards

Management does not believe there are other significant accounting pronouncements which have had or will have a material impact on the Company’s consolidated financial statements.

Notes Payable

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Notes Payable

3. Notes Payable

During the nine-month period ended September 30, 2023 the Company reported the following activity in notes and accrued interest:

On July 14, 2023, the Company issued a $7,500 promissory note to Global Reverb, a related party. The note accrues interest at 8.5% annually and matures on July 14, 2025.

On June 2, 2023, the Company issued a $15,000 promissory note to one lender. The note matures in 90 days and accrues interest of 8% annually.

Notes outstanding as of September 30, 2023 and December 31, 2022 are as follows:

Schedule of Notes Payable

	September 30, 2023		December 31, 2022

Promissory note	$	231,478	$	231,478
Promissory note issued in the first quarter of 2019. The note accrues interest at 6% and matured in February 2020. The note is in default.	$	231,478	$	231,478

Promissory note issued in 2019 for the settlement of debt in the same amount and matured in 2021. Lender earns interest at 15%. This note was modified in November 2022, extending maturity to September 2023. This note is in default.		150,000		150,000

Promissory note issued in 2022 and matures in July 2023. Lender earns interest at 6%. This note is in default.		65,000		65,000

Promissory note issued in 2022 and matures in July 2023. Lender earns interest at 6%. The holder of the note is a former Director and the former Chief Executive Officer of the Company. This note is in default.		200,000		200,000

Promissory note issued in 2022 and matures in December 2023. Lender earns interest at 7.75%.		50,000		50,000

Promissory note issued in March 2023 and matured in May 2023. Lender earns interest at 8%. This note was issued to H. Louis Salomonsky, a Director of the Company. This note is in default.		100,000		-

Promissory note issued in March 2023 and matured in June 2023. Lender earns interest at 8%. This note is in default.		50,000		-

Promissory note issued in April 2023 and matured in May 2023. Lender earns interest at 18%. The note is in default.		250,000		-

Promissory note issued in June 2023 and matures in June 2024. Lender earns interest at 8%.		15,000		-

Promissory note issued in July 2023 and matures in July 2025. Lender earns interest at 8.5%. This note was issued to Global Reverb Corporation, a related party of which Noreen Griffin is the sole beneficial owner.		7,500		-

	$	1,118,978	$	696,478

At September 30, 2023 and December 31, 2022, the Company had accrued $121,544 and $64,455, respectively, in unpaid interest on notes payable.

Capital Structure – Common Stock and Stock Purchase Warrants

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Capital Structure – Common Stock and Stock Purchase Warrants

4. Capital Structure – Common Stock and Stock Purchase Warrants

Stock Warrants

During the nine-month period ended September 30, 2023 no common stock warrants were issued, exercised or modified.

The following is a summary of outstanding common stock warrants as of September 30, 2023.

Expiration Date	Number of Shares		Exercise Price		Remaining Life (years)

Third Quarter 2028		3,000	$	70		5.0
Second Quarter 2032		28,995	$	10 - 70		8.67
		31,995	$	10 - 70

Following is a summary of stock warrant activity for the nine months ended September 30 2023:

	Number of Shares			Exercise Price		Weighted Average Price
Warrants as of December 31, 2022		38,495		$	10 - 200	$	59.42
Issued		-		$	-	$	-
Expired and forfeited		(6,500	)	$	30 - 200	$	73.85
Exercised		-		$	-	$	-
Warrants as of September 30, 2023		31,995		$	10 - 70	$	56.49

Income Taxes – Results of Operations

9 Months Ended

Sep. 30, 2023

Income Tax Disclosure [Abstract]

Income Taxes – Results of Operations

5. Income Taxes – Results of Operations

Subsequent Events

9 Months Ended

Sep. 30, 2023

Subsequent Events [Abstract]

Subsequent Events

6. Subsequent Events

On November 8, 2023, the Company appointed Mr. Craig Suro, age 49, to the board of directors.

On October 24, 2023, the Company appointed Ms. Clay Caperton Reynolds, age 61, to the board of directors.

Amendment 2 to License with Cytocom Inc. (which is now Statera Biopharma Inc.)

	(i)	Patents, patent applications, and all divisional, continuations and continuations-in-part thereof, together with all reissues, reexaminations, renewals, and extensions thereof and all rights to obtain such divisional, continuations and continuations-in-part, reissues, reexaminations, renewals and extensions, and all utility models and statutory invention registrations and any other such analogous rights.

	(ii)	Trademarks, service marks, internet domain names, trade dress, trade styles, logos, trade names, services names, brand names, corporate names, assumed business names and general intangibles and other source identifiers of a like nature, together with the goodwill associated with any of the foregoing, and all registrations and applications for registrations thereof, together with all renewals and extensions thereof and all rights to obtain such renewals and extensions.

	(iii)	Copyrights, mask work rights, database and design rights, moral rights and rights in internet websites, whether registered or unregistered and whether published or unpublished, all registrations and recordings thereof and all applications in connection therewith, together with all renewals, continuations, reversions and extensions thereof and all rights to obtain such renewals, continuations, reversions and extensions.

	(iv)	Confidential and proprietary information, including, trade secrets and know-how.

Consideration for License to STAB as of December 31, 2022:

Schedule of Consideration

Consideration / Assumption of:
Notes and associated accrued interest in default	$	3,302,209
Accounts payable and accruals		230,000
Past Due Employee Obligations		1,110,567
Total anticipated Consideration	$	4,642,776
Recognized through December 31, 2020		(3,302,209	)
To Be Recognized upon Execution	$	1,340,567

On March 24, 2023, the Company and STAB entered into an amendment to the licensing agreement (“Third License Amendment”).

The Third License Amendment:

	●	Restates the licensing arrangement between the Company and STAB and grants the Company manufacturing, distribution and marketing rights for LDN and MENK in humans for all indications except Crohn’s Disease (worldwide), and in animals (US only).
	●	Grants the Company the right grant sublicenses to third parties for the manufacturing, distribution and marketing of these products.
	●	Updates the royalty rates as follows:

Schedule of Royalty Rate

Annual Sales of Royalty Qualifying Licensed Products	Royalty Rate
<$500,000,000		2	%
500,000,000 to < $1,000,000,000		4	%
> $1,000,000,000)		6	%

Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2023

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

Use of Estimates

Use of Estimates

Cash, Cash Equivalents, and Short-Term Investments

Cash, Cash Equivalents, and Short-Term Investments

Concentration of Credit Risk

Concentration of Credit Risk

Segment and Geographic Information

Segment and Geographic Information

Fair Value of Financial Instruments

Fair Value of Financial Instruments

Research and Development Costs

Research and Development Costs

Income Taxes

Income Taxes

Stock-Based Compensation and Issuance of Common Stock for Non-Cash Consideration

Stock-Based Compensation and Issuance of Common Stock for Non-Cash Consideration

The Company did not issue any stock-based compensation awards during the nine months ended September 30, 2023.

Net Income per Share

Net Income per Share


	Three Months ended September 30,
	2023			2022
Basic EPS
Income (loss) available to common shareholders (Numerator)	$	(388,760	)	$	(2,493,455	)
Weighted average common shares (Denominator)		83,239,115			60,089,305
Basic EPS	$	(0.00	)	$	(0.04	)

Diluted EPS
Income (loss) available to common shareholders (Numerator)	$	(388,760	)	$	(2,493,455	)
Weighted average common shares (Denominator)		83,239,115			60,089,305
Diluted EPS	$	(0.00	)	$	(0.04	)


	Nine Months ended September 30,
	2023			2022
Basic EPS
Income (loss) available to common shareholders (Numerator)	$	(1,309,110	)	$	(3,257,151	)
Weighted average common shares (Denominator)		83,461,806			20,643,181
Basic EPS	$	(0.02	)	$	(0.16	)

Diluted EPS
Income (loss) available to common shareholders (Numerator)	$	(1,309,110	)	$	(3,257,151	)
Weighted average common shares (Denominator)		83,461,806			20,643,181
Diluted EPS	$	(0.02	)	$	(0.16	)

Recent Accounting Standards

Recent Accounting Standards

Management does not believe there are other significant accounting pronouncements which have had or will have a material impact on the Company’s consolidated financial statements.

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2023

Accounting Policies [Abstract]

Schedule of Basic and Diluted Earnings per Share


	Three Months ended September 30,
	2023			2022
Basic EPS
Income (loss) available to common shareholders (Numerator)	$	(388,760	)	$	(2,493,455	)
Weighted average common shares (Denominator)		83,239,115			60,089,305
Basic EPS	$	(0.00	)	$	(0.04	)

Diluted EPS
Income (loss) available to common shareholders (Numerator)	$	(388,760	)	$	(2,493,455	)
Weighted average common shares (Denominator)		83,239,115			60,089,305
Diluted EPS	$	(0.00	)	$	(0.04	)


	Nine Months ended September 30,
	2023			2022
Basic EPS
Income (loss) available to common shareholders (Numerator)	$	(1,309,110	)	$	(3,257,151	)
Weighted average common shares (Denominator)		83,461,806			20,643,181
Basic EPS	$	(0.02	)	$	(0.16	)

Diluted EPS
Income (loss) available to common shareholders (Numerator)	$	(1,309,110	)	$	(3,257,151	)
Weighted average common shares (Denominator)		83,461,806			20,643,181
Diluted EPS	$	(0.02	)	$	(0.16	)

Notes Payable (Tables)

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Schedule of Notes Payable

Notes outstanding as of September 30, 2023 and December 31, 2022 are as follows:

Schedule of Notes Payable

	September 30, 2023		December 31, 2022

Promissory note	$	231,478	$	231,478
Promissory note issued in the first quarter of 2019. The note accrues interest at 6% and matured in February 2020. The note is in default.	$	231,478	$	231,478

Promissory note issued in 2019 for the settlement of debt in the same amount and matured in 2021. Lender earns interest at 15%. This note was modified in November 2022, extending maturity to September 2023. This note is in default.		150,000		150,000

Promissory note issued in 2022 and matures in July 2023. Lender earns interest at 6%. This note is in default.		65,000		65,000

Promissory note issued in 2022 and matures in July 2023. Lender earns interest at 6%. The holder of the note is a former Director and the former Chief Executive Officer of the Company. This note is in default.		200,000		200,000

Promissory note issued in 2022 and matures in December 2023. Lender earns interest at 7.75%.		50,000		50,000

Promissory note issued in March 2023 and matured in May 2023. Lender earns interest at 8%. This note was issued to H. Louis Salomonsky, a Director of the Company. This note is in default.		100,000		-

Promissory note issued in March 2023 and matured in June 2023. Lender earns interest at 8%. This note is in default.		50,000		-

Promissory note issued in April 2023 and matured in May 2023. Lender earns interest at 18%. The note is in default.		250,000		-

Promissory note issued in June 2023 and matures in June 2024. Lender earns interest at 8%.		15,000		-

Promissory note issued in July 2023 and matures in July 2025. Lender earns interest at 8.5%. This note was issued to Global Reverb Corporation, a related party of which Noreen Griffin is the sole beneficial owner.		7,500		-

	$	1,118,978	$	696,478

Capital Structure – Common Stock and Stock Purchase Warrants (Tables)

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Outstanding Common Stock Warrants

The following is a summary of outstanding common stock warrants as of September 30, 2023.

Expiration Date	Number of Shares		Exercise Price		Remaining Life (years)

Third Quarter 2028		3,000	$	70		5.0
Second Quarter 2032		28,995	$	10 - 70		8.67
		31,995	$	10 - 70

Schedule of Stock Outstanding Warrants Activity

Following is a summary of stock warrant activity for the nine months ended September 30 2023:

	Number of Shares			Exercise Price		Weighted Average Price
Warrants as of December 31, 2022		38,495		$	10 - 200	$	59.42
Issued		-		$	-	$	-
Expired and forfeited		(6,500	)	$	30 - 200	$	73.85
Exercised		-		$	-	$	-
Warrants as of September 30, 2023		31,995		$	10 - 70	$	56.49

Subsequent Events (Tables)

9 Months Ended

Sep. 30, 2023

Subsequent Events [Abstract]

Schedule of Consideration

Consideration for License to STAB as of December 31, 2022:

Schedule of Consideration

Consideration / Assumption of:
Notes and associated accrued interest in default	$	3,302,209
Accounts payable and accruals		230,000
Past Due Employee Obligations		1,110,567
Total anticipated Consideration	$	4,642,776
Recognized through December 31, 2020		(3,302,209	)
To Be Recognized upon Execution	$	1,340,567

Schedule of Royalty Rate

Annual Sales of Royalty Qualifying Licensed Products	Royalty Rate
<$500,000,000		2	%
500,000,000 to < $1,000,000,000		4	%
> $1,000,000,000)		6	%

Company Overview (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
Company Overview (Details Narrative) - USD ($)	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash on hand	$ 4,531		$ 4,531
Working capital	4,207,330		4,207,330
Accumulated deficit	384,277,604		384,277,604		$ 382,968,494
Net loss attributable to common stockholders	$ 388,760	$ 2,493,455	$ 1,309,110	$ 3,257,151

Schedule of Basic and Diluted Earnings per Share (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Accounting Policies [Abstract]
Income (loss) available to common shareholders (Numerator)	$ (388,760)	$ (2,493,455)	$ (1,309,110)	$ (3,257,151)
Weighted average common shares (Denominator)	83,239,115	60,089,305	83,461,806	20,643,181
Basic EPS	$ (0.00)	$ (0.04)	$ (0.02)	$ (0.16)
Income (loss) available to common shareholders (Numerator)	$ (388,760)	$ (2,493,455)	$ (1,309,110)	$ (3,257,151)
Weighted average common shares (Denominator)	83,239,115	60,089,305	83,461,806	20,643,181
Diluted EPS	$ (0.00)	$ (0.04)	$ (0.02)	$ (0.16)

Summary of Significant Accounting Policies (Details Narrative) - USD ($)		3 Months Ended		6 Months Ended	9 Months Ended
	Sep. 20, 2022	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Cash and cash equivalents		$ 4,531			$ 4,531		$ 150,491
Cash at federal deposit		250,000			250,000
Research and development costs		$ 105,837			461,969
Interest or penalties related to uncertain tax position					0	0
Stock-based compensation					$ 0	0
Issuance of common stock for services, shares	50,000
Stock compensation	$ 93,500
Share price	$ 1.87
Issuance of common stock for services, value						$ 95,973
Common Stock [Member]
Issuance of common stock for services, shares				49,500		99,500
Shares issued price per share				$ 0.05
Issuance of common stock for services, value				$ 2,463		$ 10

Schedule of Notes Payable (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Short-Term Debt [Line Items]
Notes payable	$ 1,118,978	$ 696,478
Notes Payable [Member]
Short-Term Debt [Line Items]
Notes payable	231,478	231,478
Notes Payable One [Member]
Short-Term Debt [Line Items]
Notes payable	150,000	150,000
Notes Payable Two [Member]
Short-Term Debt [Line Items]
Notes payable	65,000	65,000
Notes Payable Three [Member]
Short-Term Debt [Line Items]
Notes payable	200,000	200,000
Notes Payable Four [Member]
Short-Term Debt [Line Items]
Notes payable	50,000	50,000
Notes Payable Five [Member]
Short-Term Debt [Line Items]
Notes payable	100,000
Notes Payable Six [Member]
Short-Term Debt [Line Items]
Notes payable	50,000
Notes Payable Seven [Member]
Short-Term Debt [Line Items]
Notes payable	250,000
Notes Payable Eight [Member]
Short-Term Debt [Line Items]
Notes payable	15,000
Notes Payable Nine [Member]
Short-Term Debt [Line Items]
Notes payable	$ 7,500

Schedule of Notes Payable (Details) (Parenthetical)	1 Months Ended				3 Months Ended	12 Months Ended
Schedule of Notes Payable (Details) (Parenthetical)	Jul. 31, 2023	Jun. 30, 2023	Apr. 30, 2023	Mar. 31, 2023	Mar. 31, 2019	Dec. 31, 2022	Dec. 31, 2019
Notes Payable [Member]
Short-Term Debt [Line Items]
Percentage of interest rate per annum					6.00%
Debt instrument maturity date					February 2020
Notes Payable One [Member]
Short-Term Debt [Line Items]
Percentage of interest rate per annum							15.00%
Debt instrument maturity date							September 2023
Notes Payable Two [Member]
Short-Term Debt [Line Items]
Percentage of interest rate per annum						6.00%
Debt instrument maturity date						July 2023
Notes Payable Three [Member]
Short-Term Debt [Line Items]
Percentage of interest rate per annum						6.00%
Debt instrument maturity date						July 2023
Notes Payable Four [Member]
Short-Term Debt [Line Items]
Percentage of interest rate per annum						7.75%
Debt instrument maturity date						December 2023
Notes Payable Five [Member]
Short-Term Debt [Line Items]
Percentage of interest rate per annum				8.00%
Debt instrument maturity date				May 2023
Notes Payable Six [Member]
Short-Term Debt [Line Items]
Percentage of interest rate per annum				8.00%
Debt instrument maturity date				June 2023
Notes Payable Seven [Member]
Short-Term Debt [Line Items]
Percentage of interest rate per annum			18.00%
Debt instrument maturity date			May 2023
Notes Payable Eight [Member]
Short-Term Debt [Line Items]
Percentage of interest rate per annum		8.00%
Debt instrument maturity date		June 2024
Notes Payable Nine [Member]
Short-Term Debt [Line Items]
Percentage of interest rate per annum	8.50%
Debt instrument maturity date	July 2025

Notes Payable (Details Narrative) - USD ($)	Jun. 02, 2023	Apr. 13, 2023	Mar. 24, 2023	Sep. 30, 2023	Jul. 14, 2023	Dec. 31, 2022
Short-Term Debt [Line Items]
Interest payable				$ 121,544		$ 64,455
Promissory Notes [Member]
Short-Term Debt [Line Items]
Interest rate	8.00%	18.00%	8.00%		8.50%
Maturity date description			mature in 90 days
Maturity date		May 30, 2023
Promissory Notes [Member] \| Intellectual Property License Agreement [Member]
Short-Term Debt [Line Items]
Promissory notes		$ 250,000
Global Reverb Corporation [Member] \| Promissory Notes [Member]
Short-Term Debt [Line Items]
Promissory notes					$ 7,500
One Lender [Member] \| Promissory Notes [Member]
Short-Term Debt [Line Items]
Promissory notes	$ 15,000
Maturity date description	matures in 90 days
Two Lender [Member] \| Promissory Notes [Member]
Short-Term Debt [Line Items]
Promissory notes			$ 150,000
H Louis Salomonsky [Member] \| Promissory Notes [Member]
Short-Term Debt [Line Items]
Promissory notes			$ 100,000

Schedule of Outstanding Common Stock Warrants (Details)	Sep. 30, 2023 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Shares \| shares	31,995
Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Exercise Price	$ 10
Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Exercise Price	$ 70
Third Quarter 2028 [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Shares \| shares	3,000
Exercise Price	$ 70
Remaining Life	5 years
Second Quarter 2032 [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Shares \| shares	28,995
Remaining Life	8 years 8 months 1 day
Second Quarter 2032 [Member] \| Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Exercise Price	$ 10
Second Quarter 2032 [Member] \| Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Exercise Price	$ 70

Schedule of Stock Outstanding Warrants Activity (Details)	9 Months Ended
	Sep. 30, 2023 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Shares Warrants, Beginning balance \| shares	38,495
Weighted Average Price, Beginning balance	$ 59.42
Number of Shares Warrants, Issued \| shares
Exercise Price, Issued
Weighted Average Price, issued
Number of Shares Warrants, Expired and forfeited \| shares	(6,500)
Weighted Average Price, Expired and forfeited	$ 73.85
Number of Shares Warrants, Exercised \| shares
Exercise Price, Exercised
Weighted Average Price, Exercised
Number of Shares Warrants, Ending balance \| shares	31,995
Weighted Average Price, Ending balance	$ 56.49
Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Exercise Price, Beginning balance	10
Exercise Price, Expired and forfeited	30
Exercise Price, Ending balance	10
Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Exercise Price, Beginning balance	200
Exercise Price, Expired and forfeited	200
Exercise Price, Ending balance	$ 70

Capital Structure – Common Stock and Stock Purchase Warrants (Details Narrative) - Warrant [Member]	9 Months Ended
	Sep. 30, 2022 shares
Stock issued during period new issues	17,225,000
Warrants forefeited	2,283,850

Income Taxes – Results of Operations (Details Narrative)	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Statutory income tax rate	21.00%	21.00%

Schedule of Consideration (Details) - Statera [Member]	12 Months Ended
Schedule of Consideration (Details) - Statera [Member]	Dec. 31, 2022 USD ($)
Notes and associated accrued interest in default	$ 3,302,209
Accounts payable and accruals	230,000
Past Due Employee Obligations	1,110,567
Total anticipated Consideration	4,642,776
Recognized through December 31, 2020	(3,302,209)
Total Consideration to be Recognized Upon Execution	$ 1,340,567

Schedule of Royalty Rate (Details)	Mar. 24, 2023
Less than 500,000,000 [Member]
Royalty Rate	2.00%
From 500,000,000 to less than 1,000,000,000 [Member]
Royalty Rate	4.00%
Greater than 1,000,000,000 [Member]
Royalty Rate	6.00%

Subsequent Events (Details Narrative) - Statera [Member]	Apr. 08, 2019	May 01, 2018
Common stock shares issued and outstanding	15.57%
Maximum [Member]
Royalty due		5.00%
Minimum [Member]
Royalty due		1.00%

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