Annual report pursuant to Section 13 and 15(d)

Accounts Payable and Related Party

v3.25.0.1
Accounts Payable and Related Party
 12 Months Ended
Dec. 31, 2024
Payables and Accruals [Abstract]  
Accounts Payable and Related Party

Note 4 – Accounts Payable and Related Party

 

Accounts payable consists of the following:

 

    As of           As of        
    December 31, 2024     %     December 31, 2023     %  
Accounts payable to Cytovance, a related party 1   $ 1,183,000       31 %   $ 3,515,000       81 %
Accounts payable to University of Minnesota     712,000       18 %     121,000       3 %
Legal services firm     1,505,000       39 %     130,000       3 %
Other accounts payable     453,000       12 %     562,000       13 %
Total accounts payable   $ 3,853,000             $ 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. See Note 8 – Commitments and Contingencies, Significant Agreements.

 

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

 

             
    Year Ending  
    December 31, 2024     December 31, 2023  
Beginning balance   $ 3,515,000     $ 2,264,000  
Invoices, net     2,335,000       4,584,000  
Payments in cash     (3,857,000 )     (2,213,000 )
Payments in common stock, at fair value     (810,000 )     (1,120,000 )
Ending balance   $ 1,183,000     $ 3,515,000  

 

During the year ended December 31, 2024, the Company issued 127,597 shares of common stock with a fair value of $810,000 to Cytovance as partial payment of research and development payables. The shares were valued at the respective date of the settlement.

 

During the year ended December 31, 2023, the Company issued 57,437 shares of common stock with a fair value of $1,120,000, consisting of $702,000 in share settled payables and $418,000 in gain on the extinguishment, to Cytovance as partial payment of research and development payables. The shares were valued at the respective date of the settlement.

 

 

University of Minnesota

 

See Note 8 – Commitments and Contingencies, Significant Agreements.