Quarterly report pursuant to Section 13 or 15(d)

Subsequent Events (Tables)

v3.22.2
Subsequent Events (Tables)
6 Months Ended
Jun. 30, 2022
Subsequent Events [Abstract]  
Schedule of unaudited pro forma condensed consolidated balance sheet
          Pro Forma Adjustments        
    Historical     Dr.     Cr.     Pro Forma  
ASSETS                        
                         
CURRENT ASSETS:                        
Cash   $ 1,180,208     $
-
    $
-
    $ 1,180,208  
Rent receivable     24,778      
-
     
-
      24,778  
Rent receivable - related party     58,500      
-
     
-
      58,500  
Deferred financing costs, net     139,170      
-
     
-
      139,170  
Prepaid expenses and other current assets     250,302      
-
     
-
      250,302  
                                 
Total Current Assets     1,652,958      
-
     
-
      1,652,958  
                                 
NON-CURRENT ASSETS:                                
Rent receivable - noncurrent portion     147,964      
-
     
-
      147,964  
Deferred financing costs - noncurrent portion, net     74,937      
-
     
-
      74,937  
Deferred leasing costs     97,216      
-
     
-
      97,216  
Operating lease right-of-use assets, net     74,348      
-
     
-
      74,348  
Property and equipment, net     265,709      
-
     
-
      265,709  
Investment in real estate, net     7,444,428      
-
     
-
      7,444,428  
Equity method investment     517,442      
-
     
-
      517,442  
                                 
Total Non-current Assets     8,622,044      
-
     
-
      8,622,044  
                                 
Total Assets   $ 10,275,002     $
-
    $
-
    $ 10,275,002  
                                 
LIABILITIES AND STOCKHOLDERS' EQUITY                                
                                 
CURRENT LIABILITIES:                                
Accounts payable   $ 376,386     $
-
    $
-
    $ 376,386  
Accrued professional fees     1,485,695      
-
     
-
      1,485,695  
Accrued research and development fees     609,222      
-
     
-
      609,222  
Accrued payroll liability and directors' compensation     374,601      
-
     
-
      374,601  
Accrued settlement of lawsuit     900,000      
-
     
-
      900,000  
Accrued liabilities and other payables     344,352       7,204      
-
      337,148  
Accrued liabilities and other payables - related parties     539,974       439,974      
-
      100,000  
Operating lease obligation     74,348      
-
     
-
      74,348  
Convertible note payable, net     492,550       3,718,943       3,226,393      
-
 
Derivative liability     2,013,300       2,013,300      
-
     
-
 
                                 
Total Current Liabilities     7,210,428       6,179,421       3,226,393       4,257,400  
                                 
NON-CURRENT LIABILITIES:                                
Accrued settlement of lawsuit - noncurrent portion     450,000      
-
     
-
      450,000  
Loan payable - related party     2,440,262       2,440,262      
-
     
-
 
                                 
Total Non-current Liabilities     2,890,262       2,440,262      
-
      450,000  
                                 
Total Liabilities     10,100,690       8,619,683       3,226,393       4,707,400  
                                 
STOCKHOLDERS' EQUITY:                                
Preferred stock, $0.0001 par value; 10,000,000 shares authorized; no shares issued and outstanding    
-
     
-
     
-
     
-
 
Common stock, $0.0001 par value; 490,000,000 shares authorized; 89,554,766 shares issued and 89,034,766 shares outstanding; 99,735,208 pro forma shares issued and 99,215,208 pro forma shares outstanding     8,955      
-
      1,016       9,971  
Additional paid-in capital     56,118,913      
-
      8,618,667       64,737,580  
Less: common stock held in treasury, at cost; 520,000 shares     (522,500 )    
-
     
-
      (522,500 )
Accumulated deficit     (55,230,886 )     3,226,393      
-
      (58,457,279 )
Statutory reserve     6,578      
-
     
-
      6,578  
Accumulated other comprehensive loss     (206,748 )    
-
     
-
      (206,748 )
                                 
Total Stockholders' Equity     174,312       3,226,393       8,619,683       5,567,602  
                                 
Total Liabilities and Stockholders' Equity   $ 10,275,002     $ 11,846,076     $ 11,846,076     $ 10,275,002  

Schedule of unaudited pro forma adjustment reflects the following four transactions
Derivative liability     2,013,300                 
Additional paid-in capital             2,013,300  

 

Interest expense     3,226,393                
Discount on convertible note payable             3,226,393  

 

Convertible note payable     3,718,943                
Interest payable     7,204          
Common stock             573  
Additional paid-in capital             3,725,574  

 

Loan payable - related party     2,440,262                  
Accrued liabilities and other payables - related parties     439,974          
Common stock             443  
Additional paid-in capital             2,879,793