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Discontinued Operations (Tables)
3 Months Ended
Mar. 31, 2024
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 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:

 

 

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

 

 

 

 

 

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:

 

For the Three Months Ended

 

 

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

)

 

$