Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2023

Discontinued Operations

Schedule of Assets, liabilities and operations classified as held for sale

Assets of discontinued operations:		December 31, 2022
Current assets:
Cash and cash equivalents	$	5,242,840
Income tax refund receivable		600,877
Prepaid expenses and other current assets		2,084,419
Total Current Assets		7,928,136
Long term assets:
Property and equipment, net		41,854
Intangible assets, net		8,669,375
Goodwill		3,301,959
Operating lease right-of-use asset		138,885
Deposits		26,250
Total long term assets		12,178,323
Total assets of discontinued operations	$	20,106,459
Liabilities of discontinued operations
Current liabilities:
Accounts payable	$	210,321
Accrued expenses and other liabilities		2,385,320
Contingent consideration, current portion		6,934,114
Operating lease liability, current portion		92,524
Other liabilities		—
Total current liabilities	$	9,622,279
Long term liabilities:
Contingent consideration, net of current portion		5,290,500
Total long term liabilities		5,290,500
Total liabilities of discontinued operations	$	14,912,779

	For the Year Ended
	December 31,
	2023		2022
Revenue	$	6,699,200	$	6,012,993
Operating expenses:
Cost of revenues		2,163,723		6,319,723
Research and development		2,549,959		3,237,905
Selling, general and administrative		1,346,565		1,000,333
Amortization of intangible asset		1,091,250		1,030,625
Goodwill impairment loss		3,873,079		—
Intangible asset impairment loss		2,277,921		—
Change in fair value of contingent consideration		(107,355)		(109,500)
Total operating expenses		13,195,142		11,479,086
Loss from operations		(6,495,942)		(5,466,093)
Gain on sale of discontinued operations		(1,467,451)		—
Other expense, net		(22,973)		94,037
Total non-operating (loss) income		(1,490,424)		94,037
Net loss from discontinued operations before income taxes		(5,005,518)		(5,560,130)
Income tax benefit from discontinued operations		(65,189)		3,073,000
Net loss from discontinued operations	$	(5,070,707)	$	(2,487,130)

	2023
Upfront cash consideration	$	500,000
Estimated fair value of 3% ANTHIM earnout	$	1,720,000
Estimated fair value of contingent consideration receivable, related party	$	268,000
Total fair value of contingent consideration receivable, related party	$	1,988,000
Total fair value of consideration received	$	2,488,000

Refer to “The Divestiture of Elusys Therapeutics, Inc.” for additional information on fair value assumptions of each contingent consideration. The book value of the assets and liabilities derecognized on December 27, 2023 in connection with the sale were as follows:

	2023
Cash	$	252,423
Prepaid expenses and deposits		30,228
Intangibles and other long-term assets		6,728,109
Accounts payable		(197,082)
Accrued expenses and other liabilities		(1,183,129)
Contingent royalty earnout liability		(4,610,000)
Net book value of assets and liabilities sold	$	1,020,549

	2023
Total fair value of consideration received and receivable	$	2,488,000
Less: net book value of assets and liabilities sold		(1,020,549)
Gain from disposal of discontinued operations	$	1,467,451

Schedule of investing and financing cash flows of discontinued operations

	2023		2022
Total net cash (used in) provided by operating activities from discontinued operations	$	(5,032,271)	$	30,042,512
Total net cash provided (used in) by investing activities from discontinued operations	$	41,854	$	(20,064,672)
Total net cash used by financing activities from discontinued operations	$	—	$	(4,735,000)