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Acquisitions (Tables) | 12 Months Ended
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Dec. 31, 2023
Acquisitions [Abstract] |
Schedule of Aggregate Consideration Transferred for the Assets Acquired | The following table summarizes the aggregate consideration transferred for the assets acquired by the Company in connection with the Veru APA:
|  | Consideration Transferred
Consideration transferred at closing |  | $ | 6,000,000
Fair value of notes payable issued |  |  | 12,947,000
Transaction costs |  |  | 79,771
Total consideration transferred |  | $ | 19,026,771
The acquisition-date fair value of the consideration transferred totaled approximately $65.1 million, which consisted of the following:
|  | Consideration Transferred
Common stock |  | $ | 875,484
Series B convertible preferred stock |  |  | 64,236,085
Total consideration transferred |  | $ | 65,111,569
Schedule of Assets Acquired | The following table summarizes the assets acquired with the Veru APA:
|  | Assets Recognized
Inventory |  | $ | 1,120,000
ENTADFI® Intangible |  |  | 17,906,771
Total fair value of identifiable assets acquired |  | $ | 19,026,771
Schedule of Fair Value of the Proteomedix Stock Options | The fair value of the Proteomedix stock options assumed as part of the PMX Transaction was determined using a Black-Scholes option pricing model with the following significant assumptions:
Exercise price |  |  | $1.15 – 28.83
Stock price |  | $ | 128.11
Term (years) |  |  | 0.17 – 3.59
Expected stock price volatility |  |  | 90%
Risk-free rate of interest |  |  | 4.07% – 5.47%
Schedule of Estimated Fair Values of Assets Acquired and Liabilities | The following table summarizes the preliminary estimated fair values of the assets acquired and liabilities assumed at the acquisition date:
|  | Net Assets Recognized
Cash |  | $ | 1,056,578 |
Accounts receivable |  |  | 87,445 |
Inventories |  |  | 80,593 |
Prepaid expenses and other current assets |  |  | 114,615 |
Right of use asset |  |  | 149,831 |
Property and equipment, net |  |  | 39,779 |
Trade name |  |  | 9,018,000 |
Customer relationships |  |  | 1,891,000 |
Product rights for developed technology |  |  | 10,541,000 |
Goodwill |  |  | 53,914,055 |
Total assets acquired |  |  | 76,892,896 |
Accounts payable |  |  | (234,029 | )
Accrued expenses |  |  | (732,814 | )
Operating lease liability |  |  | (149,831 | )
Deferred tax liability |  |  | (2,994,669 | )
Pension benefit obligation |  |  | (548,384 | )
Note payable |  |  | (115,096 | )
Total liabilities assumed |  |  | (4,774,823 | )
Net assets |  |  | 72,118,073 |
Less non-controlling interest |  |  | (7,006,504 | )
Net assets acquired |  | $ | 65,111,569 |
Schedule of Consolidated Statements of Operations and Comprehensive Loss | The amounts of revenue and loss of Proteomedix, included in the Company’s consolidated statements of operations and comprehensive loss from the Acquisition Date through December 31, 2023 are as follows:
Revenue |  | $ | 58,465
Net loss |  | $ | 315,688
|  | Unaudited For the Years Ended December 31,
|  | 2023 |  | 2022
Revenue |  | $ | 2,601,310 |  | $ | 392,460
Net loss |  |  | 38,577,046 |  |  | 16,326,247

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