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Accounts Payable and Accrued Expenses, and Related Party
 6 Months Ended
Jun. 30, 2024
Payables and Accruals [Abstract]  
Accounts Payable and Accrued Expenses, and Related Party

Note 4 – Accounts Payable and Accrued Expenses, and Related Party

 

Accounts payable consists of the following:

 

  

As of

June 30, 2024

  

As of

December 31, 2023

 
    (Unaudited)      
Accounts payable to Cytovance, a related party 1  $842,000   $3,515,000 
Other accounts payable   875,000    813,000 
Total accounts payable  $1,717,000   $4,328,000 

 

  1 Accounts Payable to Cytovance Biologics, Inc., a Related Party

  Accrued Expenses consists of the following:

 

  

As of

June 30, 2024

  

As of

December 31, 2023

 
    (Unaudited)      
Accrued expenses, University of Minnesota  $862,000   $192,000 
Other accrued expenses   903,000    1,003,000 
Total accrued expenses  $1,765,000   $1,195,000 

 

1 Accounts Payable to Cytovance Biologics, Inc. (“Cytovance”), a Related Party, since Cytovance owns greater than 5% of the Company’s issued and outstanding common stock

 

See Note 8 – Commitments and Contingencies, Significant Agreements.

 

 

The details of the Company’s accounts payable to Cytovance Biologics, Inc., were as follows:

 

   June 30, 2024   June 30, 2023 
   Six Months Ending 
   June 30, 2024   June 30, 2023 
   (Unaudited)   (Unaudited) 
Beginning balance  $3,515,000   $2,283,000 
Invoices, net   778,000    2,877,000 
Payments in cash   (2,641,000)   (1,130,000)
Payments in common stock, at fair value   (810,000)   (1,120,000)
Ending balance  $842,000   $2,910,000 

 

University of Minnesota

 

See Note 8 – Commitments and Contingencies, Significant Agreements.