Discontinued Operations

12 Months Ended

Dec. 31, 2023

Discontinued Operations [Abstract]

DISCONTINUED OPERATIONS

5 — DISCONTINUED OPERATIONS

The business of the Company’s wholly owned subsidiary, Purnovate, Inc., was sold during the year ended December 31, 2023 (see Note 4). As a result, all the assets and liabilities and the operating results of Purnovate, Inc. have been classified as discontinued operations.

Assets and liabilities included within discontinued operations on the Consolidated Balance Sheets at December 31, 2023 and 2022 are as follows:

	December 31, 2023		December 31, 2022
ASSETS
Current Assets:
Cash and cash equivalents	$	—	$	—
Prepaid research and development		—		428,700
Total Current Assets		—		428,700
Fixed Assets, net		—		50,424
Acquired in-process research and development		—		455,000
Right-to-use Asset		—		193,997
Goodwill		—		248,971
Total non-current assets		—		948,392
Total Assets	$	—	$	1,377,092
LIABILITIES
Current Liabilities:
Accounts payable	$	—	$	117,424
Accrued expenses		—		191,490
Lease liability, current		—		56,828
Total Current Liabilities				365,742
Long-term Liabilities:
Contingent liabilities		—		492,000
Lease liability, non-current		—		150,547
Deferred tax liability		—		22,897
Total long-term liabilities		—		665,444
Total Liabilities	$	—	$	1,031,186

Income from discontinued operations, net of tax for the years ended December 31, 2023 and 2022 are as follows:

	For the Year Ended
	December 31,
	2023			2022
Operating Expenses:
Research and development expenses	$	260,748		$	2,226,690
General and administrative expenses		471,326			230,962
Total Operating Expenses		732,074			2,457,652
Loss From Operations		(732,074	)		(2,457,652	)
Other Income (Expense)
Interest expense		(175	)		(129	)
Change in value of contingent liability		(14,000	)		522,000
Total other income (expense)		(14,175	)		521,871
Loss before provision for income taxes		(746,249	)		(1,935,781	)
Income tax benefit (expense)		—			502
Loss from discontinued operations, net of tax		(746,249	)		(1,935,279	)
Gain on sale		2,624,798			—
Gain (loss) from discontinued operations, net of gain on sale	$	1,878,549		$	(1,935,279	)