Quarterly report pursuant to Section 13 or 15(d)

Accounts Payable and Related Party (Tables)

v3.24.3
Accounts Payable and Related Party (Tables)
 9 Months Ended
Sep. 30, 2024
Payables and Accruals [Abstract]  
Schedule of Accounts Payable

Accounts payable consists of the following:

 

    As of     As of  
    September 30, 2024     December 31, 2023  
    (Unaudited)        
Accounts payable to Cytovance, a related party 1   $ 638,000     $ 3,515,000  
Accounts payable to University of Minnesota     697,000       130,000  
Other accounts payable      1,277,000        683,000  
Total accounts payable   $ 2,612,000     $ 4,328,000  

 

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
Schedule of Accounts Payable to Related Party

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

 

    September 30, 2024     September 30, 2023  
    Nine Months Ending  
    September 30, 2024     September 30, 2023  
    (Unaudited)     (Unaudited)  
Beginning balance   $ 3,515,000     $ 2,283,000  
Invoices, net     1,365,000       3,691,000  
Payments in cash     (3,432,000 )     (1,710,000 )
Payments in common stock, at fair value     (810,000 )     (1,120,000 )
Ending balance   $ 638,000     $ 3,144,000