XML 34 R24.htm IDEA: XBRL DOCUMENT v3.25.2
Summary of Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 30, 2025
Summary of Significant Accounting Policies [Line Items]  
Schedule of Summary of Financial Instruments Measured at Fair Value

The following table provides a summary of financial instruments that are measured at fair value as of June 30, 2025.

 

   Carrying   Fair Value Measurement Using 
   Value   Level 1   Level 2   Level 3   Total 
Derivative liability  $392    
—
   $392    
—
   $392 
Investment in Evofem warrants   264,860    
—
    264,860    
—
    264,860 
Total  $265,252    
—
    265,252    
—
   $265,252 

  

The following table provides a summary of financial instruments that are measured at fair value as of December 31, 2024.

 

   Carrying   Fair Value Measurement Using 
   Value   Level 1   Level 2   Level 3   Total 
Derivative liability  $14,517    
—
   $14,517    
—
   $14,517 
Schedule of Useful Lives Assigned to Fixed Assets

The Company’s fixed assets include the following on June 30, 2025:

 

   Cost Basis   Accumulated
Depreciation		   Net 
Computers  $378,480   $(377,411)  $1,069 
Lab Equipment   2,697,987    (1,351,895)   1,346,092 
Office Furniture   56,656    (24,223)   32,433 
Other Fixed Assets   136,939    (131,708)   5,231 
Leasehold Improvements   120,440    (92,989)   27,451 
Total Fixed Assets  $3,390,502   $(1,978,226)  $1,412,276 

  

The Company’s fixed assets include the following on December 31, 2024

 

   Cost Basis   Accumulated
Depreciation		   Net 
Computers  $378,480   $(374,360)  $4,120 
Lab Equipment   2,697,987    (1,235,236)   1,462,751 
Office Furniture   56,656    (21,535)   35,121 
Other Fixed Assets   136,939    (131,278)   5,661 
Leasehold Improvements   120,440    (80,319)   40,121 
Total Fixed Assets  $3,390,502   $(1,842,728)  $1,547,774 
Schedule of Components in Equity Investments.

The following table sets forth a summary of the components in equity investments.

 

   June 30,
2025		 
Evofem warrants  $264,860 
Evofem F-1 Preferred Stock   27,277,211 
As of June 30, 2025  $27,542,071 
Schedule of Changes in Equity Investments

The following table sets forth a summary of the changes in equity investments. This investment has been recorded at cost in accordance with ASC 321 for the shares of Evofem F-1 Preferred Stock and fair value for the Evofem warrants.

 

   For the
six months
ended
June 30,
2025		 
As of December 31, 2024  $27,277,211 
Evofem warrants   328,071 
Impairment   
-
 
Change in fair value of Evofem Warrants   (63,211)
As of June 30, 2025  $27,542,071 
Schedule of Accounts Payable and Accrued Expenses

As of June 30, 2025 and December 31, 2024, accounts payable and accrued expenses was comprised of:

 

   June 30,
2025		   December 31,
2024		 
Accounts payable  $9,680,600   $10,192,373 
Accrued wages   233,639    1,130,181 
Accrued interest   669,545    1,889,527 
Other   76,442    158 
Total accounts payable and accrued expenses  $10,660,226   $13,212,239 
Schedule of Fair Value of the Derivative Liability

The following table sets forth a summary of the fair value of the derivative liability.

 

   June 30,
2025		 
Fair value of derivative liability of Series A-1 Convertible Preferred Stock   1 
Fair value of derivative liability of Series B-1 Convertible Preferred Stock   212 
Fair value of derivative liability of Series B-2 Convertible Preferred Stock   179 
Total derivative liability  $392 
Schedule of Dilutive Earnings Per Share as Effects Were Anti-Dilutive The weighted-average number of common shares outstanding excludes common stock equivalents because their inclusion would be anti-dilutive.
Instrument  Quantity
Issued and
Outstanding
as of
June 30,
2025		   Standard
Conversion
Common
Stock
Equivalent		   Liquidation
Amount		 
Series A Preferred Stock   
-
    
-
   $
 
 
Series A-1 Convertible Preferred Stock   21,803    2,456    27,253,448 
Series B Preferred Stock   
-
    
-
    
-
 
Series B-1 Convertible Preferred Stock   2,689    332    3,361,250 
Series B-2 Convertible Preferred Stock   2,625    279    3,281,250 
Series C Preferred Stock   
-
    
-
    
-
 
Series C-1 Convertible Preferred Stock   2,263    88    2,828,305 
Series D-1 Preferred Stock   
-
    
-
    
-
 
Warrants   602,680    602,680    
-
 
Options   59    59    
-
 
Total Common Stock Equivalent   632,119    605,894   $36,724,253 
Property, Plant and Equipment [Member]  
Summary of Significant Accounting Policies [Line Items]  
Schedule of Useful Lives Assigned to Fixed Assets

Useful lives assigned to fixed assets are as follows:

 

Computers  Three years to five years
Lab Equipment  Seven to ten years
Office Furniture  Five to ten years
Other fixed assets  Five to ten years
Leasehold Improvements  Shorter of estimated useful life or remaining lease term