Annual report pursuant to Section 13 and 15(d)

Accounts Payable and Related Party (Tables)

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Accounts Payable and Related Party (Tables)
 12 Months Ended
Dec. 31, 2024
Payables and Accruals [Abstract]  
Schedule of Accounts Payable

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.
Schedule of Accounts Payable to Related Party

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