Restatement of Consolidated Financial Statements (Tables)

12 Months Ended

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