Annual report pursuant to Section 13 and 15(d)

Restatement of Financial Statements - Statement of Operations and Comprehensive Loss (Details)

v3.22.2
Restatement of Financial Statements - Statement of Operations and Comprehensive Loss (Details) - USD ($)
 1 Months Ended 3 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Dec. 18, 2020
Oct. 31, 2021
Mar. 31, 2021
Sep. 30, 2021
Jun. 30, 2021
Mar. 31, 2021
Jun. 30, 2021
Sep. 30, 2021
Dec. 31, 2021
Dec. 31, 2020
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS                    
Collaboration Revenue                 $ 0 $ 12,059
Research and Development                 5,350,264 3,566,045
General and Administrative                 5,323,649 4,658,769
Change in fair value of contingent consideration                 (475,956) (1,230,170)
Contingent Consideration Recovery                 475,956 1,230,170
Gain on Disposal of Foreign Entity                 0 113,717
Goodwill Impairment                 4,037,811 0
Total Operating Expenses                 14,235,768 6,880,927
Operating Loss before Other Income                 (14,235,768) (6,868,868)
Other Income, net:                    
Gain on Forgiveness of Loan                 278,190 0
Interest Expense                 6,851 4,186
Interest Income                 1,141 23,339
Total other (expense) income                 272,480 19,153
Loss Before Income Tax Benefit (Expense)                 (13,963,288) (6,849,715)
Income Tax Benefit (Expense)                 (192,603) 12,055
Net Loss                 $ (13,770,685) $ (6,861,770)
Weighted-Average Shares Outstanding- Basic                 9,643,961 4,591,491
Weighted-Average Shares Outstanding- Diluted               8,504,465 9,643,961 4,591,491
Basic net loss per share                 $ (1.43) $ (1.49)
Diluted net loss per share               $ (0.89) $ (1.43) $ (1.49)
Other comprehensive loss:                    
Net Loss                 $ (13,770,685) $ (6,861,770)
Dissolution of Foreign Entity                 0 113,717
Foreign Currency Translation Adjustments                 (85,629) (26,550)
Comprehensive Loss                 (13,856,314) (7,002,037)
Panoptes                    
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS                    
Change in fair value of contingent consideration $ 1,353,000   $ 474,000              
Contingent Consideration Recovery $ (1,353,000)   $ (474,000)              
Jade acquisition                    
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS                    
Change in fair value of contingent consideration                 100,000  
Contingent Consideration Recovery                 (100,000)  
Bayon acquisition                    
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS                    
Change in fair value of contingent consideration   $ 381,000                
Contingent Consideration Recovery   (381,000)                
Goodwill Impairment   $ 407,000                
2020 Restatement Adjustment | Jade acquisition                    
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS                    
Change in fair value of contingent consideration                   100,000
Contingent Consideration Recovery                   (100,000)
2021 Restatement Adjustment | Jade acquisition                    
Other Income, net:                    
Contingent Consideration Expense / (Recovery)                 1,230,000  
Change in Fair Value of Contingent Consideration                 3,912,000  
Correction in Accounting For Acquisitions And Subsequent Intangible Asset Impairment [Member]                    
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS                    
Collaboration Revenue                   12,059
Research and Development       $ 1,628,467 $ 1,439,922 $ 1,280,242 $ 2,720,164 $ 4,348,631 5,350,264 3,566,045
General and Administrative       1,338,616 1,305,865 1,300,143 2,606,008 3,944,624 5,323,649 4,658,769
Change in fair value of contingent consideration             (496,486) (428,480) 475,956 (1,230,170)
Contingent Consideration Recovery             496,486 428,480 (475,956) 1,230,170
Goodwill Impairment                 4,037,811  
Intangible Asset Impairment                   (113,717)
Total Operating Expenses       3,035,089 2,819,504 2,010,182 4,829,686 7,864,775 14,235,768 6,880,927
Operating Loss before Other Income       (3,035,089) (2,819,504) (2,010,182) (4,829,686) (7,864,775) (14,235,768) (6,868,868)
Other Income, net:                    
Gain on Forgiveness of Loan         278,190   278,190 278,190 278,190  
Contingent Consideration Expense / (Recovery)       68,006 73,717          
Interest Expense         2,033 686 2,719 2,719 (6,851) (4,186)
Interest Income       259 332 250 582 841 1,141 23,339
Total other (expense) income       259 276,489 (436) 276,053 276,312 272,480 19,153
Loss Before Income Tax Benefit (Expense)       $ (3,034,830) $ (2,543,015) (2,010,618) (4,553,633) (7,588,463) (13,963,288) (6,849,715)
Income Tax Benefit (Expense)                 192,603 (12,055)
Net Loss           $ (2,010,618) $ (4,553,633) $ (7,588,463) $ (13,770,685) $ (6,861,770)
Weighted-Average Shares Outstanding- Basic       10,668,569 7,466,211 7,357,899 7,409,363 8,504,465 9,643,961 4,591,491
Weighted-Average Shares Outstanding- Diluted       10,668,569 7,466,211 7,357,899 7,409,363   9,643,961 4,591,491
Basic net loss per share       $ (0.28) $ (0.34) $ (0.27) $ (0.61) $ (0.89) $ (1.43) $ (1.49)
Diluted net loss per share       $ (0.28) $ (0.34) $ (0.27) $ (0.61)   $ (1.43) $ (1.49)
Other comprehensive loss:                    
Net Loss           $ (2,010,618) $ (4,553,633) $ (7,588,463) $ (13,770,685) $ (6,861,770)
Dissolution of Foreign Entity                   (113,717)
Foreign Currency Translation Adjustments       $ (44,734) $ (24,807) 10,473 (14,334) (59,068) (85,629) (26,550)
Comprehensive Loss                 (13,856,314) (7,002,037)
Correction in Accounting For Acquisitions And Subsequent Intangible Asset Impairment [Member] | As reported                    
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS                    
Collaboration Revenue                   12,059
Research and Development       1,628,467 1,439,922 1,280,242 2,720,164 4,348,631 5,350,264 3,566,045
General and Administrative       1,338,616 1,305,865 1,300,143 2,606,008 3,944,624 5,323,649 4,658,769
Gain on Disposal of Foreign Entity                   113,717
Goodwill Impairment                 4,498,234  
Intangible Asset Impairment                 1,770,314  
Total Operating Expenses       2,967,083 2,745,787 2,580,385 5,326,172 8,293,255 16,942,461 8,224,814
Operating Loss before Other Income       (2,967,083) (2,745,787) (2,580,385) (5,326,172) (8,293,255) (16,942,461) (8,212,755)
Other Income, net:                    
Gain on Forgiveness of Loan         278,190   278,190 278,190 278,190  
Change in Fair Value of Contingent Consideration                 (29,719)  
Interest Expense         2,033 686 2,719 2,719 (6,851) (4,186)
Interest Income       259 332 250 582 841 1,141 23,339
Total other (expense) income       259 276,489 (436) 276,053 276,312 242,761 132,870
Loss Before Income Tax Benefit (Expense)       $ (2,966,824) $ (2,469,298) (2,580,821) (5,050,119) (8,016,943) (16,699,700) (8,079,885)
Income Tax Benefit (Expense)                 304,781 (12,055)
Net Loss           $ (2,580,821) $ (5,050,119) $ (8,016,943) $ (16,394,919) $ (8,091,940)
Weighted-Average Shares Outstanding- Basic       10,265,108 7,062,750 6,954,438 7,005,902 8,101,004 9,240,500 4,576,058
Weighted-Average Shares Outstanding- Diluted       10,265,108 7,062,750 6,954,438 7,005,902 8,101,004 9,240,500 4,576,058
Basic net loss per share       $ (0.29) $ (0.35) $ (0.37) $ (0.72) $ (0.99) $ (1.77) $ (1.77)
Diluted net loss per share       $ (0.29) $ (0.35) $ (0.37) $ (0.72) $ (0.99) $ (1.77) $ (1.77)
Other comprehensive loss:                    
Net Loss           $ (2,580,821) $ (5,050,119) $ (8,016,943) $ (16,394,919) $ (8,091,940)
Dissolution of Foreign Entity                   (113,717)
Foreign Currency Translation Adjustments       $ (44,734) $ (24,807) 10,473 (14,334) (59,068) (85,629) (26,550)
Comprehensive Loss                 (16,480,548) (8,232,207)
Correction in Accounting For Acquisitions And Subsequent Intangible Asset Impairment [Member] | 2020 Restatement Adjustment                    
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS                    
Change in fair value of contingent consideration                   (1,230,170)
Contingent Consideration Recovery                   1,230,170
Gain on Disposal of Foreign Entity                   (113,717)
Intangible Asset Impairment                   (113,717)
Total Operating Expenses                   (1,343,887)
Operating Loss before Other Income                   1,343,887
Other Income, net:                    
Total other (expense) income                   (113,717)
Loss Before Income Tax Benefit (Expense)                   1,230,170
Net Loss                   $ 1,230,170
Weighted-Average Shares Outstanding- Basic                   15,433
Weighted-Average Shares Outstanding- Diluted                   15,433
Other comprehensive loss:                    
Net Loss                   $ 1,230,170
Comprehensive Loss                   1,230,170
Correction in Accounting For Acquisitions And Subsequent Intangible Asset Impairment [Member] | 2021 Restatement Adjustment                    
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS                    
Change in fair value of contingent consideration             (496,486) (428,480) 475,956  
Contingent Consideration Recovery             496,486 428,480 (475,956)  
Goodwill Impairment                 (460,423)  
Intangible Asset Impairment                 (1,770,314)  
Total Operating Expenses       68,006 73,717 (570,203) (496,486) (428,480) (2,706,693)  
Operating Loss before Other Income       (68,006) (73,717) 570,203 496,486 428,480 2,706,693  
Other Income, net:                    
Contingent Consideration Expense / (Recovery)       68,006 73,717          
Change in Fair Value of Contingent Consideration                 29,719  
Total other (expense) income                 29,719  
Loss Before Income Tax Benefit (Expense)       $ (68,006) $ (73,717) 570,203 496,486 428,480 2,736,412  
Income Tax Benefit (Expense)                 (112,178)  
Net Loss           $ 570,203 $ 496,486 $ 428,480 $ 2,624,234 1,230,170
Weighted-Average Shares Outstanding- Basic       403,461 403,461 403,461 403,461 403,461 403,461  
Weighted-Average Shares Outstanding- Diluted       403,461 403,461 403,461 403,461 403,461 403,461  
Other comprehensive loss:                    
Net Loss           $ 570,203 $ 496,486 $ 428,480 $ 2,624,234 $ 1,230,170
Comprehensive Loss                 $ 2,624,234