Annual report pursuant to Section 13 and 15(d)

Acquisition of Concussion Assets

Acquisition of Concussion Assets
12 Months Ended
Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]  
Acquisition of Concussion Assets

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).


    Fair Value  
Cash - Initial Payment   $ 1,000,000  
Assumed Liabilities     325,672
Equity - Preferred Stock     8,947,834  
Total Fair Value of Considerations   $ 10,273,506  


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.