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DISCONTINUED OPERATIONS (Tables) | 12 Months Ended
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Dec. 31, 2023
ASSETS AND LIABILITIES CLASSIFIED IN DISCONTINUED OPERATIONS | The summary of assets and liabilities classified in discontinued operations as of December 31, 2022 are as follows: SCHEDULE OF BALANCE SHEETS AND INCOME STATEMENT CLASSIFIED IN DISCONTINUED OPERATIONS
|  | Qualigen, Inc. |  |  | NanoSynex |  |  | Total |
Current assets of discontinued operations |  | $ | 4,448,999 |  |  | $ | 1,838,850 |  |  | $ | 6,287,849 |
Non-current assets of discontinued operations |  |  | 1,876,270 |  |  |  | 6,360,441 |  |  |  | 8,236,711 |
Total assets of discontinued operations |  | $ | 6,325,269 |  |  | $ | 8,199,291 |  |  | $ | 14,524,560 |
Current liabilities of discontinued operations |  | $ | 1,299,948 |  |  | $ | 2,141,250 |  |  | $ | 3,441,198 |
Non-current liabilities of discontinued operations |  |  | 1,350,975 |  |  |  | 357,757 |  |  |  | 1,708,732 |
Total liabilities of discontinued operations |  | $ | 2,650,923 |  |  | $ | 2,499,007 |  |  | $ | 5,149,930 |
The summary of gain (loss) from discontinued operations, net of tax, as of December 31, 2023 and 2022 are as follows:
|  |  |  |  | Year ended December 31, 2023 |  |  |  |  |  |  |  |  | Year ended December 31, 2022 |  |  |  |
|  | Qualigen, Inc. |  |  | NanoSynex |  |  | Total |  |  | Qualigen, Inc. |  |  | NanoSynex |  |  | Total |
(Loss) from discontinued operations |  | $ | (171,701 | ) |  | $ | (511,307 | ) |  | $ | (683,008 | ) |  | $ | (2,142,763 | ) |  | $ | (4,997,418 | ) |  | $ | (7,140,181 | )
Gain (loss) on disposal of discontinued operations |  |  | 3,876,778 |  |  |  | (4,479,010 | ) |  |  | (602,232 | ) |  |  | — |  |  |  | — |  |  |  | — |
Total gain (loss) from discontinued operations |  | $ | 3,705,077 |  |  | $ | (4,990,317 | ) |  | $ | (1,285,240 | ) |  | $ | (2,142,763 | ) |  | $ | (4,997,418 | ) |  | $ | (7,140,181 | )
NanoSynex [Member] |
ASSETS AND LIABILITIES CLASSIFIED IN DISCONTINUED OPERATIONS | The assets and liabilities classified in discontinued operations for NanoSynex as of December 31, 2022 are as follows: ASSETS AND LIABILITIES CLASSIFIED IN DISCONTINUED OPERATIONS
|  | December 31, |
|  | 2022 |
Cash |  | $ | 1,621,967 |
Accounts receivable, net |  |  | 26,499 |
Prepaid expenses and other current assets |  |  | 190,384 |
Total current assets of discontinued operations |  |  | 1,838,850 |
Restricted cash |  |  | 5,690 |
Property and equipment, net |  |  | 29,149 |
Intangible assets, net |  |  | 5,700,000 |
Goodwill |  |  | 625,602 |
Total non-current assets of discontinued operations |  |  | 6,360,441 |
Total assets of discontinued operations of NanoSynex |  | $ | 8,199,291 |
Accounts payable |  | $ | 1,273 |
Accrued vacation |  |  | 115,002 |
Accrued expenses and other current liabilities |  |  | 293,571 |
R&D grant liability |  |  | 780,682 |
Short term debt-related party |  |  | 950,722 |
Total current liabilities of discontinued operations |  |  | 2,141,250 |
Deferred tax liability |  |  | 357,757 |
Total non-current liabilities of discontinued operations |  |  | 357,757 |
Total liabilities of discontinued operations of NanoSynex |  | $ | 2,499,007 |
The Company reclassified the following statement of operations items to discontinued operations for the years ended December 31, 2023 and 2022, respectively:
|  | 2023 |  |  | 2022 |
|  | For the Years Ended December 31, |
|  | 2023 |  |  | 2022 |
EXPENSES |  |  |  |  |  |  |  |
Research and development |  | $ | 869,064 |  |  | $ | 1,105,040 |
Goodwill and fixed asset impairment |  |  | — |  |  |  | 4,164,000 |
Total expenses |  |  | 869,064 |  |  |  | 5,269,040 |
Loss on disposal of discontinued operations |  |  | 4,479,010 |  |  |  | — |
(BENEFIT) PROVISION FOR INCOME TAXES |  |  | (357,757 | ) |  |  | (271,622 | )
LOSS FROM DISCONTINUED OPERATIONS |  |  | (4,990,317 | ) |  |  | (4,997,418 | )
Loss attributable to noncontrolling interest |  |  | (343,038 | ) |  |  | (2,394,100 | )
NET LOSS ATTRIBUTABLE TO STOCKHOLDERS |  | $ | (4,647,279 | ) |  | $ | (2,603,318 | )
In connection with this transaction, the Company recorded a loss on deconsolidation of NanoSynex in its consolidated financial statements for the years ended December 31, 2023:
|  | Loss on deconsolidation of NanoSynex |
Fair value of NanoSynex interest retained |  | $ | — |
Net assets deconsolidated |  |  | (2,768,403 | )
Non-controlling interest share |  |  | 1,235,443 |
Accumulated other comprehensive income attributable to NanoSynex |  |  | 131,891 |
Forgiveness of debt |  |  | (3,077,941 | )
Loss from deconsolidation of NanoSynex |  | $ | (4,479,010 | )
Parent [Member] |
ASSETS AND LIABILITIES CLASSIFIED IN DISCONTINUED OPERATIONS | The assets and liabilities classified in discontinued operations for Qualigen, Inc. as of December 31, 2022 are as follows: ASSETS AND LIABILITIES CLASSIFIED IN DISCONTINUED OPERATIONS
|  | December 31, |
|  | 2022 |
Cash |  | $ | 2,246,482 |
Accounts receivable, net |  |  | 512,088 |
Inventory, net |  |  | 1,586,297 |
Prepaid expenses and other current assets |  |  | 104,132 |
Total current assets of discontinued operations |  |  | 4,448,999 |
Right-of-use assets |  |  | 1,422,538 |
Property and equipment, net |  |  | 289,696 |
Intangible assets, net |  |  | 145,702 |
Other assets |  |  | 18,334 |
Total non-current assets of discontinued operations |  |  | 1,876,270 |
Total assets of discontinued operations of Qualigen, Inc. |  | $ | 6,325,269 |
Accounts payable |  | $ | 236,470 |
Accrued vacation |  |  | 187,906 |
Accrued expenses and other current liabilities |  |  | 518,766 |
Deferred revenue, current portion |  |  | 116,161 |
Operating lease liability, current portion |  |  | 240,645 |
Total current liabilities of discontinued operations |  |  | 1,299,948 |
Operating lease liability, net of current portion |  |  | 1,301,919 |
Deferred revenue, net of current portion |  |  | 49,056 |
Total non-current liabilities of discontinued operations |  |  | 1,350,975 |
Total liabilities of discontinued operations of Qualigen, Inc. |  | $ | 2,650,923 |
The Company reclassified the following statement of operations items to discontinued operations for the years ended December 31, 2023 and 2022, respectively:
|  | 2023 |  |  | 2022 |
|  | For the Years Ended December 31, |
|  | 2023 |  |  | 2022 |
REVENUES |  |  |  |  |  |  |  |
Net product sales |  | $ | 3,661,121 |  |  | $ | 4,983,556 |
Total revenues |  |  | 3,661,121 |  |  |  | 4,983,556 |
EXPENSES |  |  |  |  |  |  |  |
Cost of product sales |  |  | 2,551,114 |  |  |  | 4,302,755 |
General and administrative |  |  | 610,559 |  |  |  | 561,047 |
Research and development |  |  | 206,819 |  |  |  | 1,245,973 |
Sales and marketing |  |  | 405,626 |  |  |  | 950,420 |
Goodwill and fixed asset impairment |  |  | — |  |  |  | 75,000 |
Total expenses |  |  | 3,774,118 |  |  |  | 7,135,195 |
OTHER EXPENSE (INCOME), NET |  |  |  |  |  |  |  |
Loss on disposal of equipment held for lease |  |  | 63,302 |  |  |  | — |
Interest (income) expense, net |  |  | — |  |  |  | (7,751 | )
Other expense (income), net |  |  | (4,898 | ) |  |  | (1,125 | )
Loss on fixed asset disposal |  |  | 300 |  |  |  | — |
Total other expense (income), net |  |  | 58,704 |  |  |  | (8,876 | )
INCOME (LOSS) FROM DISCONTINUED OPERATIONS BEFORE DISPOSAL |  |  | (171,701 | ) |  |  | (2,142,763 | )
Gain on sale of Qualigen, Inc., net of tax |  |  | 3,876,778 |  |  |  | — |
INCOME (LOSS) FROM DISCONTINUED OPERATIONS OF QUALIGEN, INC. |  | $ | 3,705,077 |  |  | $ | (2,142,763 | )
In connection with this transaction, the Company recorded a gain on the sale of Qualigen, Inc. in its consolidated financial statements for the years ended December 31, 2023:
|  | Gain on sale of Qualigen, Inc. |
Fair value of consideration received |  | $ | 5,489,337 |
Working capital adjustment |  |  | 235,402 |
Total Assets of discontinued operations |  |  | (4,225,562 | )
Total Liabilities of discontinued operations |  |  | 3,005,407 |
Transaction expenses |  |  | (627,806 | )
Gain on sale of Qualigen, Inc. |  | $ | 3,876,778 |

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