3. Acquisition of Concussion Assets

On December 28, 2023, the Company entered into an Asset Purchase Agreement with Odyssey Health, Inc. to purchase their intellectual property assets for their neurology products ONP-001 and ONP-002.

At the closing of the transaction the aggregate fair value of the transaction was $10,273,506, consisting of $1,000,000 cash, assumed accounts payable balances of $325,672, the Company’s Series F Preferred Shares (8,000,000 issued in the transaction).

Schedule of Acquisition of Assets 

The Company evaluated the acquisition transaction and determined that it should be accounted for as an asset purchase. Furthermore, it was determined that the assets acquired were in-process research and development and therefore the aggregate fair value of the purchase price was recorded in research and development expenses in 2023.