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Geneos Therapeutics, Inc. (Tables) | 6 Months Ended
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Jun. 30, 2021
Noncontrolling Interest [Abstract] |
Schedule of Equity Method Investments | The following table shows the amounts related to the deconsolidation accounting:
Working capital (excluding cash) | $ | (59,992) |
Note payable | 171,620 |
Fixed assets, net of accumulated depreciation | (16,340) |
Carrying value of noncontrolling interest | 3,181,640 |
Fair value of investment in Geneos retained | 3,618,998 |
Gain on deconsolidation of Geneos | (4,121,075) |
Decrease in cash resulting from the deconsolidation of Geneos | $ | 2,774,851 |
The details of the Company’s 47% retained equity investment in Geneos is shown in the table below, with fair values calculated as of June 1, 2020, the date of deconsolidation.
Geneos Share Class | Shares |  | Price per Share |  | Fair Value
Common | 3,000,000 |  |  | $ | 0.273 |  |  | $ | 819,000 |
Preferred | 2,113,206 |  |  | $ | 1.325 |  |  | $ | 2,799,998 |
Total | 5,113,206 |  |  |  |  | $ | 3,618,998 |
The remaining $4.2 million loss has been allocated to the Company’s Series A and Series A-1 preferred stock investment in Geneos, on a ratable basis, thereby reducing the balance to $0 as of March 31, 2021 as shown in the table below:
Investment in Geneos upon deconsolidation |  | $ | 3,618,998 |
Investment in Geneos Series A-1 preferred stock |  | 1,399,999 |
Share in net loss of Geneos from June 1, 2020 - December 31, 2020 |  | (4,584,610) |
Share in net loss of Geneos for the three months ended March 31, 2021 |  | (434,387) |
Investment in Geneos as of March 31, 2021 |  | $ | — |
Schedule of Fair Value Measurement Inputs and Valuation Techniques | The assumptions used in the fair value calculation as of June 1, 2020 are presented below:
Expected term (years) | 2.92
Volatility | 70%
Risk-free interest rate | 2.46%
Geneos enterprise value | $4,966,531

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