Quarterly report pursuant to Section 13 or 15(d)

Accrued Expenses

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Accrued Expenses
 3 Months Ended
Mar. 31, 2024
Accrued Expenses [Abstract]  
ACCRUED EXPENSES

NOTE 5 – ACCRUED EXPENSES

 

Accrued expenses consist of the following as of March 31, 2024 and December 31, 2023:

 

    March 31,     December 31,  
    2024     2023  
Consulting fees   $ 121,862     $ 645,081  
Professional fees     127,522       184,846  
Litigation accrual     49,999       49,999  
Employee and director compensation     667,493       530,383  
Research and development fees     361,711       378,683  
Interest     76,659       70,923  
Other     11,544       9,899  
    $ 1,416,790     $ 1,869,814  

  

During the three months ended March 31, 2024, the Company had amounts due to contractors related to certain R&D programs that were forgiven; as a result, the Company reduced its accounts payable and accrued liabilities accounts by $588,506 and $450,859, respectively, during the period and recorded the forgiven amounts as other income for a total of $1,039,364 on the income statement.