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DISCONTINUED OPERATIONS (Tables)
 12 Months Ended
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:

 

   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:

 

   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:

 

   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