Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2024

Discontinued Operations

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

	2023
Revenue	$	6,699,200
Operating expenses:
Cost of revenues		2,163,723
Research and development		2,549,959
Selling, general and administrative		1,346,565
Amortization of intangible assets		1,091,250
Change in fair value of contingent consideration
Goodwill impairment loss		3,873,079
Intangible asset impairment loss		2,277,921
Change in fair value of contingent consideration		(107,355)
Total operating expenses		13,195,142
Loss from operations		(6,495,942)
Gain on sale of discontinued operations		1,467,451
Interest income		55,991
Other expense, net		(33,018)
Total non-operating gain		1,490,424
Net loss from discontinued operations before income taxes		(5,005,518)
Income tax expense		(65,189)
Net loss from discontinued operations	$	(5,070,707)

	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

See Note 5 for additional information on fair value assumptions. 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
Total net cash used in operating activities from discontinued operations	$	(5,032,271)
Total net cash provided by investing activities from discontinued operations	$	41,854