v3.26.1
Intangible assets
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible assets

Note 4 - Intangible assets

 

On June 18, 2024, the Company entered into a License Agreement with NovoDX Corporation, a related party, to license the NovoDX’s GoldNTM Ebola Rapid Diagnostic Test to market and sell the Licensed Product within the commercial field, which was Amended and Restated on July 22, 2024. In consideration for the License, the Company issued 3,000,000 shares of its restricted common stock to NovoDX. The shares were issued at $1.00 per share, the same price as the private placement offering and are being amortized over a 10-year period. During the year ended December 31, 2025, the Company identified impairment indicators and recorded a full impairment charge to write down the carrying amount of the licensed intellectual property to zero.

 

 

As of December 31, 2025 the Company had the following intangible asset balances:

 

   Estimated useful life  Gross carrying amount   Accumulated amortization    Impairment Loss   Net carrying amount 
Intellectual property - license  10 years  $3,000,000   $     (450,000)   $ (2,550,000 )   $- 
Total intangibles     $3,000,000   $(450,000)   $ (2,550,000 )   $- 

 

As of December 31, 2024 the Company had the following intangible asset balances:

 

   Estimated useful life  Gross carrying amount   Accumulated amortization   Net carrying amount 
Intellectual property - license  10 years  $3,000,000   $(150,000)  $2,850,000 
Total     $3,000,000   $(150,000)  $2,850,000 

 

Amortization expense was $300,000 and $150,000 for the years ended December 31, 2025 and December 31, 2024 (Predecessor and Successor), respectively. Amortization expense for the Predecessor period from January 1, 2024 through September 24, 2024 was $0, and for the Successor period from September 25, 2024 through December 31, 2024 was $150,000. Impairment Loss was $2,550,000 and nil for the years ended December 31, 2025 and December 31, 2024 (Predecessor and Successor), respectively.