Quarterly report pursuant to Section 13 or 15(d)

Description of the Transaction and Basis of the Pro Forma Presentation - Schedule of Excess Cash Contribution of Anticipated Adjustment (Details)

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Description of the Transaction and Basis of the Pro Forma Presentation - Schedule of Excess Cash Contribution of Anticipated Adjustment (Details) - Pro Forma [Member] - USD ($)
4 Months Ended
Apr. 16, 2021
Parent Cash, Cash Equivalents and Marketable Securities as of December 31, 2020 $ 35,336,407
Less: Net change year-to-date (4,279,566)
Less: Liabilities, less non-cash items (495,306)
Less: Estimated operating and other expenses (1,000,000)
Less: Available funds under the Bridge Loan
Less: Contribution and Assignment Agreement (1,500,000)
Less: Starwood Line-of-Credit Retirement (3,192,119)
Parent Net Cash, Cash Equivalents and Marketable Securities as of April 16, 2021 (24,869,416)
Minimum Parent Net Cash, per Merger Agreement 25,000,000
Less: Bridge Loan, actual (3,000,000)
Less: Available funds under the Bridge Loan
Less: Starwood Line-of-Credit Retirement (3,192,119)
Adjusted Minimum Parent Net Cash, per Merger Agreement 18,807,881
Excess Parent Net Cash Contribution 6,061,535
Excess Cash Factor Calculation: Excess Parent Net Cash 6,061,535
Excess Cash Factor Calculation: Divided by Valuation Peg $ 206,000,000
Excess Cash Factor, percentage 2.95%
Adjusted outstanding shares of the Company's common stock as of April 16, 2021 9,752,195
Divided by 20% plus the Excess Cash Factor 22.95%
Merger Shares of common stock of the combined company 42,493,817
Multiplied by 80% less the Excess Cash Factor 77.05%
Estimated shares of the Company's common stock issued to pre-Merger MyMD upon closing of the Merger 32,741,622