v3.25.1
Acquisitions (Tables)
 12 Months Ended
Dec. 31, 2024
Acquisitions [Abstract]  
Schedule of Aggregate Consideration Transferred for the Assets Acquired

The following table summarizes the aggregate consideration transferred for the assets acquired by the Company in connection with the Veru APA:

 

   Consideration
 Transferred		 
Consideration transferred at closing  $6,000,000 
Fair value of notes payable issued   12,947,000 
Transaction costs   79,771 
Total consideration transferred  $19,026,771 

The acquisition-date fair value of the consideration transferred totaled approximately $65.1 million, which consisted of the following:

 

   Consideration
 Transferred		 
Common stock  $875,484 
Series B convertible preferred stock   64,236,085 
Total consideration transferred  $65,111,569 
Schedule of Assets Acquired

The following table summarizes the assets acquired with the Veru APA:

 

    Assets Recognized  
Inventory   $ 1,120,000  
ENTADFI Intangible     17,906,771  
Total fair value of identifiable assets acquired   $ 19,026,771  
Schedule of Fair Value of the Proteomedix Stock Options

The fair value of the Proteomedix stock options assumed as part of the PMX Transaction was determined using a Black-Scholes option pricing model with the following significant assumptions:

 

Exercise price  $1.15 – 28.83 
Stock price  $128.11 
Term (years)   0.17 – 3.59 
Expected stock price volatility   90%
Risk-free rate of interest   4.07% – 5.47%
Schedule of Estimated Fair Values of Assets Acquired and Liabilities The following table summarizes the fair values of the assets acquired, and liabilities assumed at the acquisition date:
   As Initially
Reported		   Measurement
Period
Adjustments		  

As Adjusted

 
Cash  $1,056,578   $
-
   $1,056,578 
Accounts receivable   87,445    
-
    87,445 
Inventories   80,593    
-
    80,593 
Prepaid expenses and other current assets   114,615    
-
    114,615 
Right of use asset   149,831    
-
    149,831 
Property and equipment, net   39,779    
-
    39,779 
Trade name   9,018,000    (6,239,000)   2,779,000 
Customer relationships   1,891,000    (818,000)   1,073,000 
Product rights for developed technology   10,541,000    (3,264,000)   7,277,000 
Goodwill   53,914,055    8,393,843    62,307,898 
Total assets acquired   76,892,896    (1,927,157)   74,965,739 
Accounts payable   (234,029)   
-
    (234,029)
Accrued expenses   (732,814)   
-
    (732,814)
Operating lease liability   (149,831)   
-
    (149,831)
Deferred tax liability   (2,994,669)   1,927,157    (1,067,512)
Pension benefit obligation   (548,384)   
-
    (548,384)
Note payable   (115,096)   
-
    (115,096)
Total liabilities assumed   (4,774,823)   1,927,157    (2,847,666)
Net assets   72,118,073    
-
    72,118,073 
Less non-controlling interest   (7,006,504)   
-
    (7,006,504)
Net assets acquired  $65,111,569   $
-
   $65,111,569 
Schedule of Consolidated Statements of Operations and Comprehensive Loss Pro Forma Information
Revenue  $58,465 
Net loss  $315,688 
   Unaudited 
   For the Years Ended 
   December 31, 
   2023   2022 
Revenue  $2,601,310   $392,460 
Net loss  $38,577,046   $16,326,247