v3.26.1
Discontinued Operations
 6 Months Ended
Jun. 30, 2026
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations

Note 10 – Discontinued Operations

 

During the three months ended June 30, 2026, management committed to a plan for the divestiture of the Company’s wholly owned subsidiary, Gravitas. As of June 30, 2026, transaction documents were under negotiation with a buyer and in accordance with ASC 205-20, management concluded the held for sale criteria under ASC 360-10-45-9 were met and Gravitas is therefore reported as assets and liabilities held for sale and discontinued operations in the financial statements included herein. The Gravitas sale transaction closed on July 17, 2026 (see Note 11 – Subsequent Events for further details).

 

Summarized balance sheet information of assets and liabilities held for sale is below:

 

   June 30,   December 31, 
   2026   2025 
         
Cash and cash equivalents  $576,806   $5,025,600 
Prepaid expenses and other current assets   124,191    155,935 
Current assets held for sale   700,997    5,181,535 
Total assets held for sale  $700,997   $5,181,535 
           
Accounts payable  $235,566   $569,073 
Accrued expenses   490,473    1,689,630 
Total current liabilities held for sale   726,039    2,258,703 
Total liabilities held for sale  $726,039   $2,258,703 

 

The statement of operations of discontinued operations are summarized below:

 

             
   For the Three Months Ended June 30,   For the Six Months Ended June 30, 
   2026   2025   2026   2025 
                 
Research and development   411,767    422,566    679,590    925,187 
General and administrative   888,978    -    2,268,285    - 
Total operating expenses   1,300,745    422,566    2,947,875    925,187 
Net loss from discontinued operations   (1,300,745)   (422,566)   (2,947,875)   (925,187)