COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($) |
1 Months Ended | 3 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
May 13, 2022 |
Jan. 11, 2022 |
May 14, 2021 |
Jun. 04, 2020 |
May 08, 2020 |
Dec. 10, 2015 |
Feb. 20, 2020 |
May 30, 2019 |
Mar. 28, 2019 |
Mar. 31, 2022 |
Dec. 31, 2021 |
Sep. 30, 2019 |
|
Consideration amount | $ 603,378 | $ 41,600 | $ 314,600 | $ 894,600 | ||||||||
First payment owed | $ 145,000 | |||||||||||
Attorney's fees | $ 223,000 | |||||||||||
Monthly amount received common stock equivalent | $ 6,667 | |||||||||||
Monthly amount received common stock equivalent by consultant | 1,375 | |||||||||||
Compensation for services, description | As of May 14, 2021, the Company has entered into four consulting agreements. In compensation for services: (i) one consultant shall receive a renumeration amount of $10,000-$12,500 per month and has earned 1% of the Company’s majority owned subsidiary, BioCorRx Pharmaceuticals as of May 7, 2021 based on FDA clearance of Company’s IND application; consulting agreement terminated in April 2021 (ii) one consultant shall receive common stock equivalent to $1,375 on the last day of each month; (iii) one consultant shall receive common stock equivalent to $6,667 on the last day of each month; and (iv) one consultant shall receive a remuneration amount of $3,500 per month | |||||||||||
Monthly remuneration amount | $ 3,500 | |||||||||||
Galligan Subscription and Royalty Agreement [Member] | ||||||||||||
Common stock, Shares issued | 200,000 | |||||||||||
Subscription and Royalty Agreement | $ 3,000,000 | |||||||||||
Agreement description | On April 1, 2019, the Company entered into a Subscription and Royalty Agreement (the “Galligan Subscription and Royalty Agreement” and, together with the Lucido Subscription and Royalty Agreement, the “Agreements”) with the J and R Galligan Revocable Trust, managed by Mr. Galligan, a holder of between 10% and 15% of the Company’s shares of common stock and a member of the Company’s Board of Directors. Although the Galligan Subscription and Royalty Agreement was dated March 27, 2019, it did not become effective until it was fully executed on April 1, 2019. The terms and conditions of the Galligan Subscription and Royalty Agreement (including the amount of shares of Common Stock purchased, the Purchase Price, and the terms of the Royalty) are substantially the same as the Lucido Subscription and Royalty Agreement except that the Company will have complete discretion as to the exact amount of $3,000,000 of the Galligan Subscription and Royalty Agreement to be allocated to the development and expansion of the Business | |||||||||||
Royality percentage minimum | 10.00% | |||||||||||
Royality percentage maximum | 15.00% | |||||||||||
Lucido Subscription and Royalty Agreement [Member] | ||||||||||||
Royality percentage minimum | 10.00% | |||||||||||
Royality percentage maximum | 15.00% | |||||||||||
Development and expansion expenses amount | $ 3,000,000 | |||||||||||
Purchase price | $ 15.00 | |||||||||||
Common stock | 200,000 | |||||||||||
Revenue per share | $ 37.50 | |||||||||||
Gross revenue per share | $ 25.00 | |||||||||||
Percent of aggregate purchase price | 65.00% | |||||||||||
Subscription and royalty agreement description | Pursuant to the Lucido Subscription and Royalty Agreement: (i) Mr. Lucido purchased shares of the Company’s common stock, par value $0.001 per share (the “Common Stock”), in the aggregate amount of $3,000,000 at a purchase price of $15.00 per share (the “Purchase Price”), for a total of 200,000 shares of Common Stock; and (ii) the Company shall pay Lucido (a) a total of $37.50 from the gross revenue derived from each of its weight loss treatments sold in the United States starting on the first (1st) day that the first unit of the treatment is sold (the “Initial Sales Date”) and ending on the third (3rd) anniversary of the Initial Sales Date; and (b) a total of $25.00 from the gross revenue derived from each of its weight loss treatments sold in the United States starting on the day following the third (3rd) anniversary of the Initial Sales Date and ending on the fifteenth (15th) anniversary of the Initial Sales Date (the “Royalty”). | |||||||||||
Description for the use of proceeds under agreement | The Company will use no less than 65% of the proceeds of the aggregate Purchase Price of the Lucido Subscription and Royalty Agreement exclusively to develop, launch and expand the Company’s weight loss program (the “Business”) including sales and marketing activities directly related to the Business, and shall be free to use up to 35% of the aggregate Purchase Price of the Lucido Subscription and Royalty Agreement for general working capital and administration | |||||||||||
Alpine Creek [Member] | ||||||||||||
Royalty due | $ 91 | $ 91 | ||||||||||
Total consideration amount | $ 1,531,926 | |||||||||||
Payables to Alpine Creek | $ 1,215,000 | |||||||||||
Payable commitment description | Alpine Creek fifty percent (50%) of the Company’s gross profit for each Treatment sold in the United States that includes procurement of the Company’s implant product until the Company has paid Alpine Creek $1,215,000. In the event that the Company has not paid Alpine Creek $1,215,000 within 24 months of the Effective Date, then the Company shall continue to pay Alpine Creek fifty percent (50%) for each Treatment following the Effective Date until the Company has paid Alpine Creek an aggregate of $1,620,000, with the exception of treatments conducted in certain territories | On any other proprietary implant distribution, that excludes the “treatment”, for alcohol and opioid addiction and for which no other payment is due, the Company shall pay 2.5% of the Company’s gross profit for implant distribution not to exceed $100 per sale. On or about January 1, 2021, Mr. Galligan acquired from Alpine Creek the rights to the royalty agreement by and between the Company and Alpine Creek. As of March 31, 2022 and December 31, 2021, there are no payments due | ||||||||||
Payable per treatment sold | $ 100 | |||||||||||
Profit holding percentage | 50.00% | |||||||||||
Lucido [Member] | ||||||||||||
Common stock, Shares issued | 200,000 | |||||||||||
Minimum [Member] | ||||||||||||
Remuneration amount | $ 10,000 | |||||||||||
Maximum [Member] | ||||||||||||
Remuneration amount | 12,500 | |||||||||||
Subsequent Event [Member] | ||||||||||||
Consideration amount | $ 10,700 | |||||||||||
Charles River Laboratories, Inc. [Member] | ||||||||||||
Consideration amount | $ 3,024,476 | |||||||||||
Remaining commitment | $ 28,936 | |||||||||||
BICX Holding Company LLC [Member] | ||||||||||||
Common stock issued upon convertible debt | 2,227,575 | |||||||||||
Convertible Promissory Note | $ 4,160,000 | |||||||||||
Conversion agreement description | Pursuant to the Conversion Agreement, BICX has agreed that the Total Interest Payment (as defined in the Conversion Agreement) that would have been due under the Note, in the amount of $1,138,157, will be reflected on the Company’s financial statements as an amount due and owing to the Investor to be repaid within twelve (12) months of the closing of the Public Offering, or if the Public Offering is terminated or abandoned prior to closing, then on or before such date that is no later than twelve (12) months from the date of such termination or abandonment | |||||||||||
Issuance price | $ 2.00 | |||||||||||
Amount due to investor | $ 1,138,157 |