Quarterly report pursuant to Section 13 or 15(d)

Accrued Expenses

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Accrued Expenses
 6 Months Ended
Jun. 30, 2024
Accrued Expenses [Abstract]  
ACCRUED EXPENSES

NOTE 5 - ACCRUED EXPENSES

 

Accrued expenses consist of the following as of June 30, 2024 and December 31, 2023:

 

    June 30,     December 31,  
    2024     2023  
Consulting fees   $ 86,887     $ 645,081  
Professional fees    
-
       184,846  
Litigation accrual    
-
       49,999  
Employee and director compensation     99,125       530,383  
Research and development fees     311,588       378,683  
Interest     53,470       70,923  
Other     8,663       9,899  
    $ 559,733     $ 1,869,814  

 

During the six months ended June 30, 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.