Quarterly report pursuant to Section 13 or 15(d)

Accounts Payable and Accrued Expenses, and Related Party (Tables)

v3.24.2.u1
Accounts Payable and Accrued Expenses, and Related Party (Tables)
6 Months Ended
Jun. 30, 2024
Payables and Accruals [Abstract]  
Schedule of Accounts Payable

Accounts payable consists of the following:

 

   

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  
Schedule of Accrued Expenses

  Accrued Expenses consists of the following:

 

   

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  
Schedule of Accounts Payable to Related Party

The details of the Company’s accounts payable to Cytovance Biologics, Inc., were as follows:

 

    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