| Schedule of Discontinued Operations, Net of Tax |
The following table presents
components of discontinued operations, net of tax for the three months ended March 31, 2026 and 2025:
| | |
For the Three Months Ended | |
| | |
March 31, | |
| | |
2026 | | |
2025 | |
| Revenues | |
$ | 17,842 | | |
$ | 2,476,922 | |
| Prior period discounts and refunds | |
| (15,225 | ) | |
| - | |
| Net revenue | |
| 2,617 | | |
| 2,476,922 | |
| Cost of goods sold | |
| 17,960 | | |
| 1,374,198 | |
| Gross profit | |
| (15,343 | ) | |
| 1,102,724 | |
| | |
| | | |
| | |
| Operating expenses: | |
| | | |
| | |
| General and administrative expenses: | |
| | | |
| | |
| Other general and administrative expenses | |
| 623,889 | | |
| 1,931,514 | |
| Total general and administrative expenses | |
| 623,889 | | |
| 1,931,514 | |
| Total operating expenses | |
| 623,889 | | |
| 1,931,514 | |
| | |
| | | |
| | |
| Net operating loss | |
| (639,232 | ) | |
| (828,790 | ) |
| | |
| | | |
| | |
| Other income (expense): | |
| | | |
| | |
| Interest income | |
| - | | |
| 26,710 | |
| Gain on termination of leases | |
| 80,697 | | |
| - | |
| Loss on disposition of assets | |
| (1,182 | ) | |
| - | |
| Total other income | |
| 79,515 | | |
| 26,710 | |
| | |
| | | |
| | |
| Loss of discontinued operations before income tax | |
| (559,717 | ) | |
| 802,080 | |
| Income tax provision | |
| - | | |
| - | |
| Net loss | |
$ | (559,717 | ) | |
$ | (802,080 | ) |
| Cash received | |
$ | 1,500,000 | |
| Liabilities assumed by Trea Grove LLC | |
| 635,380 | |
| Less: | |
| | |
| Assets sold: | |
| | |
| Assets held for sale | |
| (713,256 | ) |
| Construction in process - freeze dryers | |
| (2,768,908 | ) |
| Freeze dryers, net | |
| (6,744,473 | ) |
| Leasehold improvements, net | |
| (1,459,067 | ) |
| Other property plant and equipment, net | |
| (1,778,534 | ) |
| Accumulated depreciation | |
| 2,670,261 | |
| Net loss on disposition of assets | |
| (8,658,598 | ) |
| Severance expense | |
| (2,442,500 | ) |
| Deal costs | |
| (230,742 | ) |
| Loss on sale of assets | |
$ | (11,331,840 | ) |
The following table represents the assets and liabilities from
discontinued operations as of March 31, 2026 and December 31, 2025.
| | |
March 31, | | |
December 31, | |
| | |
2026 | | |
2025 | |
| Assets of discontinued operation | |
| | |
| |
| Accounts receivable, net | |
$ | - | | |
$ | 60,333 | |
| Current assets of discontinued operation | |
| - | | |
| 60,333 | |
| Total assets of discontinued operation | |
$ | - | | |
$ | 60,333 | |
| | |
March 31,
2026 | | |
December 31,
2025 | |
| Liabilities of discontinued operation | |
| | |
| |
| Current portion of operating lease liabilities | |
$ | - | | |
$ | 2,599,102 | |
| Total liabilities of discontinued operation | |
$ | - | | |
$ | 2,599,102 | |
|