Annual report pursuant to Section 13 and 15(d)

Acquisition (Tables)

v3.22.1
Acquisition (Tables)
12 Months Ended
Dec. 31, 2021
Acquisition [Abstract]  
Schedule of selling, general and administrative expense
Total consideration paid      
Cash consideration   $ 350,000  
Stock consideration     1,060,150  
Contingent consideration     732,287  
Total     2,142,437  
Less: Assets acquired through Purnovate Lease Amendment        
Research and development supplies     (1,548,397 )
Remaining consideration   $ 594,040  

 

Schedule of fair value of the purnovate net acquired assets and the corresponding
Cash   $ 380,589  
Property and equipment     6,954  
Lease right of use assets     294,294  
In-process research and development     455,000  
Total identifiable assets acquired     1,136,837  
         
Accounts payable and accrued liabilities     910  
Notes payable     350,000  
Lease liability     294,294  
Paycheck protection program loan     29,088  
Deferred tax liability     117,476  
Total liabilities assumed     791,768  
         
Total identifiable net assets acquired     345,069  
         
Goodwill     248,971  
Net assets acquired   $ 594,040  

 

Schedule of financial information indicative of the results of future operations
    Year
ended December 31, 2021
   

Year

ended  December 31, 2020

 
Net revenue   $
    $
 
Net loss   $ (19,434,447 )   $ (11,269,352 )
Net loss per share, basic and diluted   $ (1.05 )   $ (0.86 )