| Accounts Payable and Accrued Expenses, and Related Party |
Note
4 – Accounts Payable and Accrued Expenses, and Related Party
Accounts
payable consists of the following:
Schedule
of Accounts Payable
| |
|
As of
June 30, 2024
|
|
|
As of
December 31, 2023
|
|
| |
|
|
(Unaudited) |
|
|
|
|
|
| Accounts payable
to Cytovance, a related party 1 |
|
$ |
842,000 |
|
|
$ |
3,515,000 |
|
| Other accounts payable |
|
|
875,000 |
|
|
|
813,000 |
|
| Total accounts payable |
|
$ |
1,717,000 |
|
|
$ |
4,328,000 |
|
| |
1 |
Accounts Payable to Cytovance Biologics, Inc., a Related
Party |
Accrued
Expenses consists of the following:
Schedule
of Accrued Expenses
| |
|
As of
June 30, 2024
|
|
|
As of
December 31, 2023
|
|
| |
|
|
(Unaudited) |
|
|
|
|
|
| Accrued expenses, University of Minnesota |
|
$ |
862,000 |
|
|
$ |
192,000 |
|
| Other accrued expenses |
|
|
903,000 |
|
|
|
1,003,000 |
|
| Total accrued expenses |
|
$ |
1,765,000 |
|
|
$ |
1,195,000 |
|
1 Accounts
Payable to Cytovance Biologics, Inc. (“Cytovance”), a Related Party, since Cytovance owns greater than 5% of the Company’s issued and
outstanding common stock
See
Note 8 – Commitments and Contingencies, Significant Agreements.
The
details of the Company’s accounts payable to Cytovance Biologics, Inc., were as follows:
Schedule
of Accounts Payable to Related Party
| |
|
June 30, 2024 |
|
|
June 30, 2023 |
|
| |
|
Six Months Ending |
|
| |
|
June 30, 2024 |
|
|
June 30, 2023 |
|
| |
|
(Unaudited) |
|
|
(Unaudited) |
|
| Beginning balance |
|
$ |
3,515,000 |
|
|
$ |
2,283,000 |
|
| Invoices, net |
|
|
778,000 |
|
|
|
2,877,000 |
|
| Payments in cash |
|
|
(2,641,000 |
) |
|
|
(1,130,000 |
) |
| Payments in common stock, at fair value |
|
|
(810,000 |
) |
|
|
(1,120,000 |
) |
| Ending balance |
|
$ |
842,000 |
|
|
$ |
2,910,000 |
|
University
of Minnesota
See
Note 8 – Commitments and Contingencies, Significant Agreements.
|