Schedule of Discontinued Operations |
On March 20, 2024, the Company entered into the Purchase Agreement to sell AxoBio and closed the AxoBio Disposition on March 26, 2024 as detailed in Note 1. The assets and liabilities of AxoBio are classified as available for sale in the accompanying unaudited condensed consolidated balance sheets and consist of the following:
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|
|
|
|
|
|
|
|
March 31, 2024 |
|
|
December 31, 2023 |
|
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 |
|
|
|
|
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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 unaudited condensed consolidated statements of income are as follows:
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For the Three Months Ended |
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March 31, |
|
|
2024 |
|
|
2023 |
|
Operating expenses: |
|
|
|
|
|
Selling and marketing |
$ |
100,000 |
|
|
$ |
— |
|
Research and development |
|
89,972 |
|
|
|
— |
|
General and administrative |
|
470,686 |
|
|
|
— |
|
Depreciation and amortization |
|
636,449 |
|
|
|
— |
|
Total operating expenses |
|
1,297,107 |
|
|
|
— |
|
Loss from operations |
|
(1,297,107 |
) |
|
|
— |
|
Other income (expense): |
|
|
|
|
|
Amortization of debt discount |
|
(4,242 |
) |
|
|
|
Interest expense, related party |
|
(89,448 |
) |
|
|
— |
|
Interest expense |
|
(17,571 |
) |
|
|
— |
|
Total other (expense) income |
|
(111,261 |
) |
|
|
— |
|
Loss before income taxes |
|
(1,408,368 |
) |
|
|
— |
|
Income tax benefit, deferred |
|
156,092 |
|
|
|
— |
|
Discontinued operations, net |
$ |
(1,252,276 |
) |
|
$ |
— |
|
|