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Geneos Therapeutics, Inc. (Tables)

6 Months Ended

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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- Definition

Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information.

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