Quarterly report pursuant to Section 13 or 15(d)

Note 2 - Sale and Deconsolidation of GMI and Discontinued Operations (Tables)

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Note 2 - Sale and Deconsolidation of GMI and Discontinued Operations (Tables)
 3 Months Ended
Mar. 31, 2024
Notes Tables  
Disposal Groups, Including Discontinued Operations, Consideration Received [Table Text Block]

Consideration

  

Amount

  

Description and Valuation Methodology

Cash at closing

   $ 935,974  

Cash received at closing less estimated value of transition services to be provided.

Cash after closing

     133,148  

Actual cash operating expenses of GMI from March 1 through March 17, 2023 (prior to the transfer of GMI to GMDC).

GMDC common stock

     581,000  

Based on Series A preferred stock issuance to other GMDC investors for $3,000,000 in cash and application of an option pricing model backsolve method and a minority interest discount to estimate the fair value of the common shares of GMDC.

Contingent payments

     682,000  

Estimated by applying a discount rate of 40.8% to the projected cash receipts expected over the 7-year horizon. (See Note 5).

Total consideration

   $ 2,332,122    
Disposal Groups, Including Discontinued Operations [Table Text Block]
   

Three Months Ended March 31,

  
   

2024

    

2023

  

Revenue

   $ -     $ -  

Cost of revenue

     -       74,223  

Excess of contract costs over revenue

     -       (74,223 )

Operating expenses -

                

Salaries and benefits

     -       484,249  

Intangibles amortization

     -       85,338  

Stock based compensation, before forfeitures

     -       65,487  

Forfeiture of stock options

     -       (407,322 )

Other operating expenses

     -       134,633  

Gain on disposal of business

     -       (100,615 )

Loss before income tax benefit

     -       (335,993 )

Income tax benefit

     -       -  

Net loss on discontinued operations

   $ -     $ (335,993 )