Quarterly report pursuant to Section 13 or 15(d)

Recent Developments, Liquidity and Management???s Plans (Tables)

v3.22.1
Recent Developments, Liquidity and Management’s Plans (Tables)
3 Months Ended
Mar. 31, 2022
Recent Developments Liquidity And Managements Plans  
Schedule of Net Assets Acquired to be Allocated to Goodwill

 

   

Valuation

Analysis

 
       
Total Consideration   $ 42,477,346  
Cash and Cash Equivalents     1,380,852  
Marketable Securities     29,480,524  
Other Receivables     3,026,137  
Prepaid Expenses     192,314  
Investment in Oravax, Inc.     1,500,000  
Trade and Other Payables     (3,601,020 )
Net Tangible Assets Acquired   $ 31,978,807  
Excess of Purchase Price Over Net Assets Acquired to be Allocated to Goodwill   $ 10,498,539  
Summary of Milestone Events Payment

 

Milestone Event   Milestone Payment
Market capitalization of the combined company for at least ten (10) trading days during any 20 consecutive trading day period during the Milestone Period is equal to or greater than $500,000,000 (the “First Milestone Event”).   $20,000,000
     
For every $250,000,000 incremental increase in market capitalization of the combined company after the First Milestone Event to the extent such incremental increase occurs for at least 10 trading days during any 20 consecutive trading day period during the Milestone Period, up to a $1,000,000,000 market capitalization of the combined company.   $10,000,000 per each incremental increase (it being understood, however, that, if such incremental increase results in market capitalization equal to $1,000,000,000, such $10,000,000 payment in respect of such incremental increase shall be payable without duplication of any amount payable in respect of a Second Milestone Event, as defined below).
     
Market capitalization of the combined company for at least 10 trading days during any 20 consecutive trading day period during the Milestone Period is equal to or greater than $1,000,000,000 (the “Second Milestone Event”)   $25,000,000
     
For every $1,000,000,000 incremental increase in market capitalization of the combined company after the Second Milestone Event to the extent such incremental increase occurs for at least 10 trading days during any 20 consecutive trading day period during the Milestone Period.   $25,000,000 per each incremental increase