Quarterly report pursuant to Section 13 or 15(d)

Acquistion (Tables)

v3.22.2.2
Acquistion (Tables)
6 Months Ended
Jun. 30, 2022
Acquisition [Abstract]  
Schedule of fair values of the acquired assets and liabilities
Cash   $ 77,060  
Prepaid assets     49,380  
Fixed assets     19,551  
Goodwill     3,833,453  
Total assets acquired     3,979,444  
Accounts payable & accrued expenses     335,243  
Total liabilities assumed     335,243  
Consideration   $ 3,644,201  

 

Schedule of anticipated integration costs related to the acquired company
    Three Months Ended June 30, 2022  
    PASITHEA
THERAPEUTICS
CORP.
    ALPHA 5
INTEGRIN, LLC
    PRO FROMA
PASITHEA
THERAPEUTICS
CORP.
 
                   
Revenues   $ 13,581     $
-
    $ 13,581  
Cost of services     15,101      
-
      15,101  
Gross margin     (1,520 )    
-
      (1,520 )
                         
Operating expenses:                        
Selling, general and administrative     3,078,574       432,832       3,511,406  
Loss from operations     (3,080,094 )     (432,832 )     (3,512,926 )
                         
Other income:                        
Change in fair value of warrant liabilities     421,700      
-
      421,700  
Foreign currency exchange gain/(loss)    
-
      (173 )     (173 )
Gain on forgiveness of accounts payable    
-
     
-
     
-
 
Other income     421,700       (173 )     421,527  
Loss before income taxes     (2,658,394 )     (432,659 )     (3,091,053 )
Provision for income taxes    
-
     
-
         
Net loss   $ (2,658,394 )   $ (432,659 )   $ (3,091,053 )
Weighted-average common shares outstanding, basic and diluted                     23,373,347  
Basic and diluted net loss per common share                   $ (0.13 )

 

    Six Months Ended June 30, 2022  
    PASITHEA
THERAPEUTICS
CORP.
    ALPHA 5
INTEGRIN, LLC
    PRO FROMA
PASITHEA
THERAPEUTICS
CORP.
 
                   
Revenues   $ 27,239     $ -     $ 27,239  
Cost of services     28,038               28,038  
Gross margin     (799 )     -       (799 )
Operating expenses:                        
Selling, general and administrative     5,483,832       978,223       6,462,055  
Loss from operations     (5,484,631 )     (978,223 )     (6,462,854 )
                       
Other income:                      
Change in fair value of warrant liabilities     1,206,997       -       1,206,997  
Interest expense     -       -       -  
Interest income     -       -       -  
Foreign currency exchange gain/(loss)     -       (4,884 )     (4,884 )
Gain on forgiveness of accounts payable     45,000       -       45,000  
Other income     1,251,997       (4,884 )     1,247,113  
Loss before income taxes     (4,232,634 )     (983,107 )     (5,215,741 )
Provision for income taxes     -       -          
Net loss   $ (4,232,634 )   $ (983,107 )   $ (5,215,741 )
Weighted-average common shares outstanding, basic and diluted                     23,190,859  
Basic and diluted net loss per common share                   $ (0.22 )