Financial Performance - Revenues for the three months ended June 30, 2024, were 117,142,asignificantincreasefrom6,109 for the same period in 2023[14]. - The net loss for the six months ended June 30, 2024, was 5,253,708,comparedtoanetlossof4,212,455 for the same period in 2023, indicating a decline in performance[14]. - The company reported a gross profit of 116,952forthethreemonthsendedJune30,2024,comparedtoagrosslossof66,872 for the same period in 2023[14]. - The net loss for the six months ended June 30, 2024, was 5,253,708,comparedtoanetlossof4,212,455 for the same period in 2023, representing an increase of approximately 24.7%[17]. - For the six months ended June 30, 2024, the Company reported a net loss of 5,253,708andaworkingcapitaldeficitof4,359,360[25]. - Net loss attributable to common stockholders for the three months ended June 30, 2024, was 1,012,645,comparedtoanetlossof2,263,511 for the same period in 2023, representing a 55.3% improvement[197]. - For the six months ended June 30, 2024, net loss attributable to common stockholders was 4,945,621,comparedto4,087,206 for the same period in 2023, indicating a 21% increase in losses[199]. Assets and Liabilities - Total current assets increased to 2,189,567asofJune30,2024,comparedto1,656,709 as of December 31, 2023, representing a growth of approximately 32%[11]. - Cash and cash equivalents increased to 124,296asofJune30,2024,from60,155 as of December 31, 2023, showing a growth of about 106%[11]. - Total liabilities rose to 6,805,409asofJune30,2024,comparedto6,361,627 as of December 31, 2023, marking an increase of approximately 7%[11]. - The accumulated deficit increased to (70,365,716)asofJune30,2024,from(65,420,095) as of December 31, 2023, indicating a worsening financial position[11]. - As of June 30, 2024, the Company's cash and cash equivalents amounted to 124,296,anincreasefrom60,155 as of December 31, 2023[37]. - The Company's restricted cash as of June 30, 2024, was 618,473,downfrom656,625 as of December 31, 2023[38]. Operating Expenses - Operating expenses for the three months ended June 30, 2024, totaled 1,093,593,downfrom2,126,970 in the same period of 2023, reflecting a reduction of approximately 48%[14]. - Cash used in operating activities decreased to 1,487,258forthesixmonthsendedJune30,2024,from2,397,460 in the prior year, indicating an improvement of about 37.9%[17]. - The total employee benefits expense for the three months ended June 30, 2024, was 3,759,000,comparedto2,455,000 for the same period in 2023, representing a 53.1% increase[81]. - Total employee stock-based compensation expenses for the six months ended June 30, 2024, were 2,122,756,comparedto0 for the same period in 2023[82]. - Total non-employee stock-based compensation expenses for the six months ended June 30, 2024, were 834,980,upfrom592,229 in 2023, reflecting a 41.0% increase[83]. Financing Activities - The company raised 1,544,706fromfinancingactivitiesduringthesixmonthsendedJune30,2024,comparedto2,175,000 in the same period of 2023[17]. - The Company executed a 1-for-10 reverse stock split to reduce the number of outstanding shares and increase the per-share trading value[31]. - The Company plans to raise additional capital through private or public offerings to improve operations and generate positive cash flows[26]. - The company entered into a secured, convertible note agreement with Lind Global Fund II, LP, for a principal amount of 3,704,167,convertibleataninitialpriceof10.5 per share[144]. - The company issued a secured, convertible note (the "2 Lind Note") with a principal amount of 1,200,000forapurchasepriceof1,000,000, convertible at a price of the lesser of 3.50or903,500,000 and royalties of 5% on net sales, up to 100million[24].−TheCompanyhasacontrollinginterestinAIBLfollowingthelicensingagreement,receiving23millionsharesofAIBLstockaspartofthedeal[24].−TheCompanyhasacollaborativeagreementwithBHKtodevelopBLI−1401−2forTripleNegativeBreastCancer,withdevelopmentcostsshared50/50[95].−TheCompanyenteredintoalicensingagreementwithForSeeConEyeCorporation,withatotallicensingfeeof33,500,000, including an upfront payment of 30,000,000[118].−TheCompanyiscurrentlyevaluatingtheimpactofASU2023−05onitsunauditedconsolidatedfinancialstatements,whichpertainstojointventureformations[94].ShareholderandRelatedPartyTransactions−TheoutstandingloanbalancetoRgenewas500,000 as of June 30, 2024, with accrued interest of 51,319[169].−TheCompanyexpectstoreceiverepaymentfromBioFirstwithinthenext12months,withanoutstandingloanbalanceof687,714 as of June 30, 2024[171]. - As of June 30, 2024, the total amount due to related parties was 326,298,anincreasefrom173,132 as of December 31, 2023, reflecting a significant rise in outstanding balances[179]. - The outstanding balance due to the Jiangs increased from 19,789to178,533, indicating a substantial reliance on their funding for working capital[179]. Impairments and Valuation - Goodwill impairment testing was completed as of June 30, 2024, indicating impairment due to the Company's current financial condition and uncertainty in generating future operating income[74]. - Deferred tax assets as of June 30, 2024, totaled 6,242,485,withavaluationallowanceofthesameamount,indicatingnonetdeferredtaxassetsrecognized[182].PropertyandEquipment−AsofJune30,2024,totalpropertyandequipment,net,amountedto7,929,121, a decrease from 7,969,278asofDecember31,2023,representingadeclineofapproximately0.537,000,000, resulting in an investment of 7,400,000,issuedas370,000sharesat20.0 per share[125]. - Depreciation expenses for the three months ended June 30, 2024, were 13,305,comparedto6,997 for the same period in 2023, indicating a significant increase of approximately 90.5%[126]. Market Conditions - The risk-free interest rate was reported at 2.79% for the year ended December 31, 2023[195]. - Expected volatility was noted at 83.86%, indicating a high level of uncertainty in the market[195].
