Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

v3.24.1.1.u2
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Mar. 31, 2024
Dec. 31, 2023
Current assets    
Cash $ 83,342,907 $ 1,256,453
Restricted cash 9,080,202 9,080,202
Prepaid expenses 640,536 194,259
Other current assets 1,506,442 1,119,929
Total current assets 94,570,087 11,650,843
Property and equipment, net 36,076 43,276
Operating lease right-of-use asset 220,804 237,983
Other assets 8,309 8,309
Total assets 94,835,276 11,940,411
Current liabilities    
Accounts payable 1,095,134 1,155,785
Accrued interest - related party 124,658 126,027
Accrued payroll liabilities 353,462 888,381
Accrued interest - legal contingency 309,823 234,750
Other current liabilities 3,179,647 998,552
Estimate for legal contingency 6,053,468 6,053,468
Convertible note - related party, net of discount 4,609,203 4,371,998
Operating lease liability, current portion 75,535 72,038
Total current liabilities 15,800,930 13,900,999
Non-current liabilities    
Operating lease liability, net of current portion 150,953 171,230
Total liabilities 15,951,883 14,072,229
Commitments and contingencies (Note 9)
Stockholders’ equity (deficit)    
Preferred stock, $0.001 par value; 200,000 shares authorized at March 31, 2024 and December 31, 2023; no shares issued and outstanding at March 31, 2024 and December 31, 2023 0 0
Common stock, $0.001 par value; 100,000,000 shares authorized at March 31, 2024 and December 31, 2023; 28,062,907 and 12,349,243 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 28,063 12,349
Additional paid-in-capital 188,257,410 102,238,382
Accumulated deficit (109,402,080) (104,382,549)
Total stockholders’ equity (deficit) 78,883,393 (2,131,818)
Total liabilities and stockholders’ equity (deficit) $ 94,835,276 $ 11,940,411