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v3.24.1.1.u2

Restatement of Consolidated Financial Statements (Tables) | 12 Months Ended
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Dec. 31, 2023
Restatement Of Consolidated Financial Statements [Abstract] |
Schedule of the Reconciliation Impact Recorded to the Consolidated Balance Sheet | The following presents a reconciliation of the impacted financial statement line items as previously reported to the restated amounts as of and for the year ended December 31, 2022:
|  | Consolidated Balance Sheet As of December 31, 2022 |
Corrected Consolidated Balance Sheet |  | As Reported |  |  | Litigation Financing Adjustment |  |  | Investment in Unconsolidated Entities Adjustments |  |  | 2022 Warrant Adjustment |  |  | Other Adjustment |  |  | As Restated |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment in unconsolidated entities |  |  | 4,404,717 |  |  |  | — |  |  |  | (503,100 | ) |  |  | — |  |  |  | — |  |  |  | 3,901,617 |
Option to purchase equity securities in related parties |  |  | — |  |  |  | — |  |  |  | 960,968 |  |  |  | — |  |  |  | — |  |  |  | 960,968 |
Property and equipment, net |  |  | 2,746,467 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 131,123 |  |  |  | 2,877,590 |
Total assets |  | $ | 13,281,836 |  |  | $ | — |  |  | $ | 457,868 |  |  | $ | — |  |  | $ | 131,123 |  |  | $ | 13,870,827 |
LIABILITIES AND STOCKHOLDERS’ DEFICIT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable |  | $ | 2,285,892 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2 |  |  |  | 2,285,894 |
Accrued expenses |  |  | 40,481,204 |  |  |  | (22,865,695 | ) |  |  | — |  |  |  | — |  |  |  | (2 | ) |  |  | 17,615,507 |
Loans payable |  |  | 25,011,049 |  |  |  | (24,347,513 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 663,536 |
Litigation financing and other |  |  | — |  |  |  | 45,368,948 |  |  |  | — |  |  |  |  |  |  |  | — |  |  |  | 45,368,948 |
Deferred revenue |  |  | — |  |  |  | — |  |  |  | 960,968 |  |  |  | — |  |  |  | — |  |  |  | 960,968 |
Warrant liability |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 13,602,467 |  |  |  | — |  |  |  | 13,602,467 |
Total liabilities |  |  | 89,826,594 |  |  |  | (1,844,260 | ) |  |  | 960,968 |  |  |  | 13,602,467 |  |  |  | — |  |  |  | 102,545,769 |
Commitments and contingencies (Note 18) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
STOCKHOLDERS’ DEFICIT |  |  |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  |  |
Additional paid-in capital |  |  | 265,882,279 |  |  |  | — |  |  |  | — |  |  |  | (8,919,015 | ) |  |  | — |  |  |  | 256,963,264 |
Accumulated deficit |  |  | (298,231,607 | ) |  |  | 1,844,260 |  |  |  | (503,100 | ) |  |  | (4,683,452 | ) |  |  | 131,123 |  |  |  | (301,442,776 | )
Total liabilities and stockholders’ deficit |  | $ | 13,281,836 |  |  | $ | — |  |  | $ | 457,868 |  |  | $ | — |  |  | $ | 131,123 |  |  | $ | 13,870,827 |
Schedule of the Reconciliation Impact Recorded to the Consolidated Statement Operation |
|  | Consolidated Statement of Operations For the Twelve Months Ended December 31, 2022 |
Corrected Consolidated Statements of Operations |  | As Reported |  |  | Litigation Financing Adjustment |  |  | 2022 Warrant Adjustment |  |  | Other Adjustment |  |  | As Restated |
Marketing, general and administrative |  |  | 8,487,070 |  |  |  | (146,896 | ) |  |  | 1,087,254 |  |  |  | — |  |  |  | 9,427,428 |
Operations and research |  |  | 9,891,593 |  |  |  | — |  |  |  | — |  |  |  | (131,123 | ) |  |  | 9,760,470 |
Total operating expenses |  |  | 18,378,663 |  |  |  | (146,896 | ) |  |  | 1,087,254 |  |  |  | (131,123 | ) |  |  | 19,187,898 |
INCOME (LOSS) FROM OPERATIONS |  |  | (17,043,961 | ) |  |  | 146,896 |  |  |  | (1,087,254 | ) |  |  | 131,123 |  |  |  | (17,853,196 | )
OTHER INCOME (EXPENSE) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  |  | (14,086,466 | ) |  |  | 11,784,671 |  |  |  | — |  |  |  | — |  |  |  | (2,301,795 | )
Change in derivative liabilities fair value |  |  | — |  |  |  | (6,086,172 | ) |  |  | (3,828,373 | ) |  |  | — |  |  |  | (9,914,545 | )
Total other income (expense) |  |  | (13,839,361 | ) |  |  | 5,698,499 |  |  |  | (3,828,373 | ) |  |  | — |  |  |  | (11,969,235 | )
NET INCOME / (LOSS) |  | $ | (23,140,750 | ) |  | $ | 5,845,395 |  |  | $ | (4,915,627 | ) |  | $ | 131,123 |  |  | $ | (22,079,859 | )
NET INCOME / (LOSS) PER SHARE |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic (See Note 2) |  | $ | (1.34 | ) |  |  | 0.34 |  |  |  | (0.28 | ) |  |  | 0.01 |  |  | $ | (1.28 | )
Diluted (See Note 2) |  | $ | (1.34 | ) |  |  | 0.34 |  |  |  | (0.28 | ) |  |  | 0.01 |  |  | $ | (1.28 | )
Weighted average number of common shares outstanding |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  |  | 17,310,915 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 17,310,915 |
Diluted |  |  | 17,310,915 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 17,310,915 |
Schedule of the Reconciliation Impact Recorded to the Consolidated Statement of Equity |
Consolidated Statements Changes in Stockholders’ Equity |  | Preferred Stock – Shares |  |  | Common Stock – Shares |  |  | Preferred Stock |  |  | Common Stock |  |  | Additional Paid-in Capital |  |  | Accumulated Deficit |  |  | Non-controlling Interest |  |  | Total |
Balance at December 31, 2022 (As previously reported) |  |  | — |  |  |  | 19,540,310 |  |  | $ | — |  |  | $ | 1,954 |  |  | $ | 265,882,279 |  |  | $ | (298,231,607 | ) |  | $ | (44,197,384 | ) |  | $ | (76,544,758 | )
Litigation Financing Adjustment |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,844,260 |  |  |  | — |  |  |  | 1,844,260 |
Investment in Unconsolidated Entities Adjustments |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (503,100 | ) |  |  | — |  |  |  | (503,100 | )
2022 Warrant Adjustment |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (8,686,840 | ) |  |  | (4,915,627 | ) |  |  | — |  |  |  | (13,602,467 | )
Other Adjustment |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (232,175 | ) |  |  | 363,298 |  |  |  | — |  |  |  | 131,123 |
Cumulative restatement adjustments |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (8,919,015 | ) |  |  | (3,211,169 | ) |  |  | — |  |  |  | (12,130,184 | )
Balance at December 31, 2022 (As Restated) |  |  | — |  |  |  | 19,540,310 |  |  | $ | — |  |  | $ | 1,954 |  |  | $ | 256,963,264 |  |  | $ | (301,442,776 | ) |  | $ | (44,197,384 | ) |  | $ | (88,674,942 | )
Schedule of the Reconciliation Impact Recorded to the Consolidated Statement of Cashflow |
|  | For the Twelve Months Ended December 31, 2022 |
Corrected Consolidated Statements of Cash Flows |  | As Reported |  |  | Litigation Financing Adjustment |  |  | 2022 Warrants Adjustment |  |  | Other Adjustments |  |  | As Restated |
CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net loss before non-controlling interest |  | $ | (30,883,322 | ) |  | $ | 5,845,395 |  |  | $ | (4,915,627 | ) |  | $ | 131,123 |  |  | $ | (29,822,431 | )
Adjustments to reconcile net loss to net cash used in operating activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Change in derivatives liabilities fair value |  |  | — |  |  |  | 6,086,172 |  |  |  | 3,828,373 |  |  |  | — |  |  |  | 9,914,545 |
Accrued expenses and other |  |  | 14,651,375 |  |  |  | (11,931,567 | ) |  |  | — |  |  |  | — |  |  |  | 2,719,808 |
NET CASH USED IN OPERATING ACTIVITIES |  |  | (9,253,809 | ) |  |  | — |  |  |  | (1,087,254 | ) |  |  | (131,123 | ) |  |  | (10,209,940 | )
CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchase of property and equipment |  |  | (1,346,424 | ) |  |  | — |  |  |  | — |  |  |  | (131,123 | ) |  |  | (1,477,547 | )
NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES |  |  | (2,346,424 | ) |  |  | — |  |  |  | — |  |  |  | (131,123 | ) |  |  | (2,477,547 | )
|  | As Reported |  |  | Litigation Financing Adjustment |  |  | 2022 Warrants Adjustment |  |  | Other Adjustments |  |  | As Restated |
CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Offering cost paid on financing |  |  | — |  |  |  | — |  |  |  | 1,087,254 |  |  |  | — |  |  |  | 1,087,254 |
NET CASH PROVIDED BY FINANCING ACTIVITIES |  |  | 10,768,903 |  |  |  | — |  |  |  | 1,087,254 |  |  |  | — |  |  |  | 11,856,157 |
NET INCREASE (DECREASE) IN CASH |  |  | (831,330 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (831,330 | )
CASH AT BEGINNING OF YEAR |  |  | 2,274,751 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,274,751 |
CASH AT END OF YEAR |  | $ | 1,443,421 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,443,421 |

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