v3.25.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (7,903,394) $ (16,707,010)
Adjustments to reconcile net loss to    
Depreciation 177,917 211,720
Change in straight-line rent receivable 46,607 10,496
Amortization of operating lease right-of-use asset 122,553 118,226
Stock-based compensation and service expense 521,509 1,179,761
Loss from equity method investments 846,588 8,589,822
Distribution of earnings from equity method investment 611,888
Impairment of equity method investment - Epicon 454,679
Amortization of debt issuance costs and debt discount 1,411,042 544,010
Change in fair market value of derivative liability (374,365) (188,374)
Impairment of laboratory equipment 111,033
Debt modification charge 688,794
Gain on debts extinguishment (682,979)
Changes in operating assets and liabilities:    
Rent receivable 130,739 (46,220)
Security deposit 396
Deferred leasing costs 33,402 33,402
Prepaid expense and other assets (91,496) 411
Accrued liabilities and other payables (1,165,418) (16,601)
Accrued liabilities and other payables - related parties (14,051) 106,458
Operating lease obligation (122,553) (112,915)
NET CASH USED IN OPERATING ACTIVITIES (4,969,205) (6,504,718)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (22,159)
Payment for equity interest purchase (100,000)
NET CASH USED IN INVESTING ACTIVITIES (100,000) (22,159)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from loan payable - related party 850,000
Repayments of loan payable - related party (400,000)
Proceeds from issuance of convertible debts and warrants 3,367,750 2,565,000
Payments of convertible debts issuance costs (282,700) (327,200)
Repayments of convertible debts (3,388,222) (300,000)
Proceeds from issuance of balloon promissory note 1,000,000
Payments of balloon promissory note issuance costs (64,436)
Advance from pending sale of noncontrolling interest in subsidiary 2,122,392 485,714
Proceeds from equity offering 2,857,852 635,391
Disbursements for equity offering costs (138,405) (19,132)
Proceeds from issuance of convertible preferred stock 3,500,000
NET CASH PROVIDED BY FINANCING ACTIVITIES 7,638,667 4,825,337
EFFECT OF EXCHANGE RATE ON CASH 1,447 (3,970)
NET INCREASE (DECREASE) IN CASH 2,570,909 (1,705,510)
CASH - beginning of year 285,400 1,990,910
CASH - end of year 2,856,309 285,400
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Interest 1,088,512 718,753
NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Common stock issued for accrued liabilities 60,000 164,871
Reclassification of advances for equity interest purchase to equity method investment 9,000,000
Series B Convertible Preferred Stock issued related to equity method investment 11,000,000
Accrued purchase price related to equity method investment 666,667
Warrants issued as convertible notes payable finder’s fee 40,900 16,977
Warrants issued with convertible notes payable recorded as debt discount 438,568 196,193
Common stock issued as convertible notes payable commitment fee 320,546 236,400
Deferred financing costs in accrued liabilities 202,892
Equity method investment payable paid by a related party 566,667
Reclassification of deferred offering costs 175,136
Settlement of derivative liability 2,354
Reclassification of related party loan payable and accrued expenses to advance from related party 500,000
Issuance of common stock upon cashless exercise of stock warrants 4
Shares issued for adjustments for 1:15 reverse split $ 21

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