Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2023

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Discontinued Operations

On March 20, 2024, the Company entered into the Purchase Agreement to sell AxoBio and closed on such sale on March 26, 2024 as detailed in Note 1. The assets and liabilities of AxoBio are classified as available for sale in the accompanying consolidated balance sheets and consist of the following:

	December 31,
	2023		2022
Assets available for sale
Cash and cash equivalents	$	804,277	$	—
Accounts receivable, net		7,713,600		—
Prepaid expenses		251,086		—
Inventories		3,038,179		—
Property and equipment, net		63,384		—
Intangible assets, net		22,262,568		—
Goodwill		19,188,278		—
Total assets available for sale	$	53,321,372	$	—
Liabilities available for sale
Accounts payable	$	8,520,243	$	—
Accrued interest		134,961		—
Accrued interest, related party		98,982		—
Other accrued expenses		468,652		—
Loans payable, current		1,505,070		—
Related party loans, current		5,610,000		—
Earnout liability		8,000,000		—
Deferred income taxes		5,536,923		—
Total liabilities available for sale	$	29,874,831	$	—

The significant components of discontinued operations in the accompanying consolidated statements of income are as follows:

	Year Ended December 31,
	2023			2022
Revenue	$	4,456,816		$	—
Cost of sales		3,620,651			—
Gross profit		836,165			—
Operating expenses:
Selling and marketing		6,829,520			—
Research and development		403,616			—
General and administrative		2,525,715			—
Depreciation and amortization		1,015,894			—
Total operating expenses		10,774,745			—
Loss from operations		(9,938,580	)		—
Other income (expense):
Other income		7			—
Amortization of debt discount		(7,070	)
Interest expense, related party		(164,611	)		—
Interest expense		(32,221	)		—
Inventory write-down		(4,754,357	)		—
Change in fair value of earnout liability		13,482,292			—
Total other (expense) income		8,524,040			—
Loss before income taxes		(1,414,540	)		—
Income tax benefit, deferred		2,174,705			—
Discontinued operations, net	$	760,165		$	—

NOTE 16 – Subsequent Events

As more fully described in Note 1, the Company entered into the Purchase Agreement on March 20, 2024 to sell AxoBio to its former stockholders. The sale transaction contemplated by the Purchase Agreement closed on March 26, 2024.