Note 8 - Subsequent Event

9 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Subsequent Events [Text Block]

8. SUBSEQUENT EVENT

As noted in Note 1, on October 31, 2023, Protexure and PRPG completed the Asset Sale. The Asset Sale was subject to approval of the shareholders of the Company, such approval being provided on October 26, 2023 at a special general meeting of the Company. Transaction fees, which include advisor, auditor and legal, relating to the Asset Sale are estimated to amount to $790,000.

The assets sold in the Asset Sale include Protexure’s property and equipment, a building right of use asset and a prepaid expense. Protexure retained its cash and cash equivalents and other assets specifically excluded from the Asset Sale. The Purchaser assumed certain obligations and duties related to the assets it is purchasing and certain liabilities arising from the lease between Protexure and the lessor of the premises located at 4200 Commerce Court, Suite 102, Lisle, Illinois 60532. All other liabilities remain obligations of Protexure.

As the Asset Sale closed on October 31, 2023, these condensed consolidated financial statements do not include any adjustments relating to Asset Sale.