| Schedule of Discontinued Operations |
The assets and liabilities
of the discontinued operations have been reflected in the condensed consolidated balance sheet as of March 31, 2021 and consist of the
following:
| |
|
March 31,
2021
|
|
|
December 31,
2020
|
|
| |
|
|
|
|
|
|
| Current Assets: |
|
|
|
|
|
|
|
|
| Prepaid Expenses |
|
$ |
7,700 |
|
|
$ |
12,002 |
|
| Total Assets |
|
$ |
7,700 |
|
|
$ |
12,002 |
|
| |
|
|
|
|
|
|
|
|
| Current Liabilities |
|
|
|
|
|
|
|
|
| Trade and Other Payables |
|
$ |
38,308 |
|
|
$ |
59,393 |
|
| Total Liabilities |
|
$ |
38,308 |
|
|
$ |
59,393 |
|
The results from the discontinued
operations have been reflected in the condensed consolidated statements of operations for the three months ended March 31, 2021 and consist
of the following:
| |
|
For the |
|
| |
|
Three Months |
|
| |
|
Ended |
|
| |
|
March 31, |
|
| |
|
2021 |
|
| Product Revenue |
|
$ |
- |
|
| Product Cost of Sales |
|
|
2,340 |
|
| Gross Loss |
|
|
(2,340 |
) |
| |
|
|
|
|
| Administrative Expenses |
|
|
30,942 |
|
| Regulatory and Compliance Expenses |
|
|
2,110 |
|
| |
|
|
|
|
| Loss from Discontinued Operations |
|
$ |
(35,392 |
) |
As a result of the discontinued
operations, the previously presented 2020 financial statements have been revised to present the consolidated financial statements of the
continuing operations separate from the discontinued operations.
The effects on the Condensed Consolidated Statement
of Comprehensive Loss for the three months ended March 31, 2020 were as follows:
| |
|
For the Three Months Ended |
|
| |
|
March 31, 2020 |
|
| |
|
As Previously Reported |
|
|
Adjusted |
|
|
As Revised |
|
| Product Revenue |
|
$ |
363,515 |
|
|
$ |
363,515 |
|
|
$ |
- |
|
| Product Cost of Sales |
|
|
(172,871 |
) |
|
|
(172,871 |
) |
|
|
- |
|
| Gross Income |
|
|
190,644 |
|
|
|
190,644 |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Research and Development Expenses |
|
|
2,483,057 |
|
|
|
- |
|
|
|
2,483,057 |
|
| Administrative Expenses |
|
|
1,157,732 |
|
|
|
102,584 |
|
|
|
1,055,148 |
|
| Sales and Marketing Expenses |
|
|
14,463 |
|
|
|
8,213 |
|
|
|
6,250 |
|
| Compliance and Regulatory Expenses |
|
|
72,091 |
|
|
|
72,091 |
|
|
|
- |
|
| Amortization of Non-Current Assets |
|
|
8,874 |
|
|
|
8,874 |
|
|
|
- |
|
| Impairment of Intangible Assets |
|
|
2,952 |
|
|
|
2,952 |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Loss from Operations |
|
|
(3,548,525 |
) |
|
|
(4,070 |
) |
|
|
(3,544,455 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Other (Income) Expense |
|
|
|
|
|
|
|
|
|
|
|
|
| Gain on Investments |
|
|
36,714 |
|
|
|
- |
|
|
|
36,714 |
|
| Interest and Dividend Income |
|
|
(46,703 |
) |
|
|
- |
|
|
|
(46,703 |
) |
| Total Other Income |
|
|
(9,989 |
) |
|
|
- |
|
|
|
(9,989 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Loss from Continuing Operations |
|
|
(3,538,536 |
) |
|
|
- |
|
|
|
(3,534,466 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Loss from Discontinued Operations |
|
|
- |
|
|
|
(4,070 |
) |
|
|
(4,070 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Loss Before Income Taxes |
|
|
(3,538,536 |
) |
|
|
- |
|
|
|
(3,538,536 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Income Tax Benefit |
|
|
- |
|
|
|
- |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Net Loss |
|
|
(3,538,536 |
) |
|
|
- |
|
|
|
(3,538,536 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Other Comprehensive Loss |
|
|
|
|
|
|
|
|
|
|
|
|
| Net Unrealized Loss on Marketable Securities |
|
|
(240,937 |
) |
|
|
- |
|
|
|
(240,937 |
) |
| Total Other Comprehensive Loss |
|
|
(240,937 |
) |
|
|
- |
|
|
|
(240,937 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Comprehensive Loss |
|
$ |
(3,779,473 |
) |
|
$ |
- |
|
|
$ |
(3,779,473 |
) |
|