Accounts Payable and Related Party

9 Months Ended

Sep. 30, 2024

Payables and Accruals [Abstract]

Accounts Payable and Related Party

Note 4 – Accounts Payable and Related Party

Accounts payable consists of the following:

	As of		As of
	September 30, 2024		December 31, 2023
	(Unaudited)
Accounts payable to Cytovance, a related party 1	$	638,000	$	3,515,000
Accounts payable to University of Minnesota		697,000		130,000
Other accounts payable		1,277,000		683,000
Total accounts payable	$	2,612,000	$	4,328,000

¹ Accounts Payable to Cytovance Biologics, Inc. (“Cytovance”), a Related Party, since Cytovance owns greater than 5% of the Company’s issued and outstanding common stock

See Note 8 – Commitments and Contingencies, Significant Agreements.

The details of the Company’s accounts payable to Cytovance Biologics, Inc., were as follows:

	Nine Months Ending
	September 30, 2024			September 30, 2023
	(Unaudited)			(Unaudited)
Beginning balance	$	3,515,000		$	2,283,000
Invoices, net		1,365,000			3,691,000
Payments in cash		(3,432,000	)		(1,710,000	)
Payments in common stock, at fair value		(810,000	)		(1,120,000	)
Ending balance	$	638,000		$	3,144,000

University of Minnesota

See Note 8 – Commitments and Contingencies, Significant Agreements.