| Schedule of Estimated Fair Values of the Assets Acquired and Liabilities Assumed |
The following is the total consideration transferred and allocation of the purchase consideration for the acquisition based on the relative fair value of the net assets acquired by the Company.
|
|
|
|
Equity consideration |
$ |
4,302,000 |
|
Settlement of pre-existing loan |
|
577,000 |
|
Settlement of Legacy Decoy Debt |
|
649,555 |
|
Transaction costs |
|
1,059,249 |
|
Total Consideration |
$ |
6,587,804 |
|
|
|
|
Assets acquired |
|
|
Cash, cash equivalents and restricted cash |
|
2,970,690 |
|
Prepaid expenses and other current assets |
|
141,818 |
|
Fixed assets, net |
|
43,286 |
|
In-process research and development assets |
|
8,517,966 |
|
Total assets acquired |
$ |
11,673,760 |
|
Liabilities assumed |
|
|
Accounts payable |
|
(1,055,780 |
) |
Accrued expenses |
|
(655,926 |
) |
Deferred grant revenue |
|
(3,225,581 |
) |
Notes payable, related party |
|
(139,823 |
) |
Other liability |
|
(8,846 |
) |
Total liabilities assumed |
$ |
(5,085,956 |
) |
Net assets acquired |
$ |
6,587,804 |
|
|
|
|
|