| Summary of Significant Accounting Policies (Policies) | 3 Months Ended | 12 Months Ended |
| Mar. 31, 2024 | Dec. 31, 2023 |
| Restructuring Cost and Reserve [Line Items] | | |
| Nature of Business | | Nature
of Business Serina
Therapeutics, Inc. (the “Company” or “Serina”) is a privately-held clinical-stage biotechnology company developing
a pipeline of wholly owned drug product candidates to treat neurological diseases and pain. Serina’s POZ drug delivery technology
is designed to enable certain existing drugs and novel drug candidates to be modified in a way that may provide an increase in efficacy
and safety of the resulting polymeric drug conjugate. Serina’s proprietary POZ technology is based on a synthetic, water soluble,
low viscosity polymer called poly(2-oxazoline). Serina’s POZ technology is engineered to provide greater control in drug loading
and more precision in the rate of release of attached drugs delivered via subcutaneous injection. Serina is headquartered in Huntsville,
Alabama. |
| Basis of Accounting | | Basis
of Accounting The
accompanying financial statements reflect the operations of the Company and have been prepared in conformity with accounting principles
generally accepted in the United States of America (“GAAP”). Any reference in these notes to applicable guidance is meant
to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update
(“ASU”) of the Financial Accounting Standards Board (“FASB”). |
| Plan of Merger | | Plan
of Merger As
described in Note 17, on August 29, 2023, the Company entered into the Agreement and Plan of Merger and Reorganization with AgeX Therapeutics,
Inc. and Canaria Transaction Corporation (the “Plan of Merger”). Pursuant to the Plan of Merger, AgeX Therapeutics, Inc.
will merge with and into the Company, Canaria Transaction Corporation will cease to exists, and the Company will become a direct, wholly
owned subsidiary of AgeX Therapeutics, Inc. (“AgeX”). Subject to the Plan of Merger, at the effective time of the Merger,
AgeX will issue shares of its common stock to the Company’s former shareholders, representing approximately 75 |
| Use of Estimates | Use
of estimates The
preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that
affect (i) the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated
financial statements, and (ii) the reported amounts of revenues and expenses during the reporting period, in each case with consideration
given to materiality. Significant estimates and assumptions which are subject to significant judgment include those related to going
concern assessment of consolidated financial statements, useful lives associated with long-lived assets, including evaluation of asset
impairment, allowances for uncollectible accounts receivables, loss contingencies, deferred income taxes and tax reserves, including
valuation allowances related to deferred income taxes, determining the fair value of the Company’s embedded derivatives in the
convertible notes payable and receivable, and assumptions used to value stock-based awards or other equity instruments and liability
classified warrants. Actual results could differ materially from those estimates. To the extent there are material differences between
the estimates and actual results, the Company’s future results of operations will be affected. | Use
of Estimates The
preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the
reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
| Liquidity | | Liquidity The
Company recognized net income of approximately $ 5,300,000 2,400,000 The
Company had cash on hand of approximately $ 6,900,000 10,100,000 3,000,000 15 SERINA
THERAPEUTICS, INC. NOTES
TO FINANCIAL STATEMENTS DECEMBER
31, 2023 AND 2022 The
Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry, including, but not limited
to, technical risks associated with the successful research, development and manufacturing of therapeutic candidates, development by
competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, compliance with government
regulations, and the ability to secure additional capital to fund operations. Therapeutic candidates currently under development will
require significant additional research and development efforts, including extensive preclinical and clinical testing and regulatory
approval prior to commercialization. These efforts will require significant amounts of additional capital, adequate personnel, and infrastructure.
Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will realize revenue
from product sales. The Company largely relies on raising capital from equity investors for funding its operations. Some funding is obtained
through licensing agreements or other arrangements with commercial entities. As
a result of recurring losses from operations and recurring negative cash flows from operations, there is substantial doubt regarding
the Company’s ability to maintain liquidity sufficient to operate its business effectively. If sufficient capital is not available,
the Company would be required to delay, limit, reduce, or terminate its product development or future commercialization efforts or grant
rights to develop and market therapeutic candidates to other entities. There can be no assurance that the Company will be able to raise
additional funds or that the terms and conditions of any future financings will be workable or acceptable to the Company or its shareholders.
The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or
the amounts and classifications of liabilities that might be necessary should the Company be unable to continue as a going concern. |
| Cash and Cash Equivalents | | Cash
and Cash Equivalents Cash
and cash equivalents includes funds held in readily available checking and money market type accounts. |
| Revenue Recognition | | Contract
Liabilities Contract
liabilities include billings in excess of revenue recognized. Contract liabilities are classified as current based on the Company’s
contract operating cycle and reported on a contract-by-contract basis, net of revenue recognized, at the end of each reporting period. |
| Property and Equipment | Property
and equipment, net Property
and equipment are carried at cost less accumulated depreciation. The costs of additions and betterments are capitalized and expenditures
for repairs and maintenance are expensed as incurred. When items of property and equipment are sold or retired, the related costs and
accumulated depreciation are removed from the accounts and any gain or loss is included in the statements of operations. Depreciation
of property and equipment is provided utilizing the straight-line method over the range of lives used of the respective assets, which
is 3
- 10
years. | Property
and Equipment Property
and equipment are carried at cost less accumulated depreciation. The costs of additions and betterments are capitalized and expenditures
for repairs and maintenance are expensed as incurred. When items of property and equipment are sold or retired, the related costs and
accumulated depreciation are removed from the accounts and any gain or loss is included in the statements of operations. Depreciation
of property and equipment is provided utilizing the straight-line method over the range of lives used of the respective assets, which
is 3 10 Long-lived
assets to be held and used are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount
of an asset may not be recoverable. The carrying amount of a long-lived asset is not recoverable if its carrying amount exceeds the sum
of the undiscounted cash flows expected to result from the use and eventual disposal of the asset. Long-lived assets to be disposed of
are reported at the lower of carrying amount or fair value less cost to sell. No |
| Revenue Recognition | Revenue
recognition The
Company recognizes revenue in a manner that depicts the transfer of control of a product or a service to a customer and reflects the
amount of the consideration it expects to receive in exchange for such product or service. In doing so, the Company follows a five-step
approach: (i) identify the contract with a customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction
price, (iv) allocate the transaction price to the performance obligations, and (v) recognize revenue when (or as) the customer obtains
control of the product or service. The Company considers the terms of a contract and all relevant facts and circumstances when applying
the revenue recognition standard. The Company applies the revenue recognition standard, including the use of any practical expedients,
consistently to contracts with similar characteristics and in similar circumstances. Grant
revenues – Research and Development Arrangements. In
applying the provisions of Topic 606, the Company has determined that government grants are out of the scope of Topic 606 because the
government entities do not meet the definition of a “customer”, as defined by Topic 606, as there is not considered to be
a transfer of control of good or services to the government entities funding the grant. In the absence of applicable guidance under U.S.
GAAP, our policy is to recognize grant revenue when the related costs are incurred, provided that the applicable conditions under the
government contracts have been met. Only costs that are allowable under the grant award, certain government regulations and the National
Institutes of Health’s supplemental policy and procedure manual may be claimed for reimbursement, and the reimbursements are subject
to routine audits from governmental agencies from time to time. Costs incurred are recorded in research and development expenses on the
accompanying consolidated statements of operations. The
Company believes the recognition of revenue as costs are incurred and amounts become realizable is analogous to the concept of transfer
of control of a service over time under ASC 606. License
revenues - The
Company accounts for a contract after it has been approved by all parties to the arrangement, the rights of the parties are identified,
payment terms are identified, the contract has commercial substance, and collection is probable. Each
contract is assessed at inception to determine whether it should be combined with other contracts. When making this determination, factors
such as whether two or more contracts were negotiated or executed at or near the same time or were negotiated with an overall profit
objective. If combined, the Company treats the combined contracts as a single contract for revenue recognition purposes. The
Company evaluates the services promised in each contract at inception to determine whether the contract should be accounted for as having
one or more performance obligations. The services in the contracts are typically not distinct from one another due to the requirements
to perform under the contract. Accordingly, the contracts are typically accounted for as one performance obligation. However, if a contract
has multiple distinct performance obligations, the transaction price is allocated to each performance obligation based on the estimated
standalone selling price of the service underlying each performance obligation. Revenue is recognized as performance obligations are
satisfied and the customer obtains control of the service. For performance obligations in which control does not continuously transfer
to the customer, revenue is recognized at the point in time that each performance obligation is fully satisfied. The
Company determines the transaction price for each contract based on the consideration expected to be received for the services being
provided under the contract. For contracts where a portion of the price may vary, the Company estimates variable consideration at the
most likely amount, which is included in the transaction price to the extent it is probable that a significant reversal of cumulative
revenue recognized will not occur. The Company analyzes the risk of a significant reversal and, if necessary, constrains the amount of
variable consideration recognized in order to mitigate the risk. At inception of a contract, the transaction price is estimated based
on current rights, and does not contemplate future modifications (including unexercised options) or follow-on contracts until they become
legally enforceable. Depending on the nature of the modification, the Company considers whether to account for the modification as an
adjustment to the existing contract or as a separate contract. Milestone
payments are recognized as licensing revenue upon the achievement of specified milestones if (i) the milestone is substantive in nature
and the achievement of the milestone was not probable at the inception of the agreement; and (ii) the Company has a right to payment.
Any milestone payments received prior to satisfying these revenue recognition criteria are recorded as deferred revenue. | Revenue
Recognition The
Company recognizes revenue under a grant contract with a commercial entity under federal funding in accordance with ASC 606, Revenue
from Contracts with Customers. Under the commercial grant, the Company received substantially all funding upon award of the grant, and
recognizes revenue as eligible expenses under the grant are incurred. The Company has concluded that it is a principal in the grant contract
and, accordingly, recognizes revenue in the gross amount of consideration to which it is entitled from the agency in exchange for the
services provided. The
Company also recognizes revenue under licensing agreements with commercial entities in accordance with ASC 606, Revenue from Contracts
with Customers. Under revenue sharing licensing agreements, the Company receives reimbursement for eligible costs as well as payments
upon the achievement of certain milestones as defined by the contract. These licensing agreements provide for the Company to receive
a certain percentage of revenue from sales of their product. The
Company accounts for a contract after it has been approved by all parties to the arrangement, the rights of the parties are identified,
payment terms are identified, the contract has commercial substance, and collection is probable. Each
contract is assessed at inception to determine whether it should be combined with other contracts. When making this determination, factors
such as whether two or more contracts were negotiated or executed at or near the same time or were negotiated with an overall profit
objective. If combined, the Company treats the combined contracts as a single contract for revenue recognition purposes. SERINA
THERAPEUTICS, INC. NOTES
TO FINANCIAL STATEMENTS DECEMBER
31, 2023 AND 2022 The
Company evaluates the services promised in each contract at inception to determine whether the contract should be accounted for as having
one or more performance obligations. The services in the contracts are typically not distinct from one another due to the requirements
to perform under the contract. Accordingly, the contracts are typically accounted for as one performance obligation. The
Company determines the transaction price for each contract based on the consideration expected to be received for the services being
provided under the contract. For contracts where a portion of the price may vary, the Company estimates variable consideration at the
most likely amount, which is included in the transaction price to the extent it is probable that a significant reversal of cumulative
revenue recognized will not occur. The Company analyzes the risk of a significant reversal and if necessary, constrains the amount of
variable consideration recognized in order to mitigate the risk. At inception of a contract, the transaction price is estimated based
on current rights and do not contemplate future modifications (including unexercised options) or follow-on contracts until they become
legally enforceable. Depending on the nature of the modification, the Company considers whether to account for the modification as an
adjustment to the existing contract or as a separate contract. For
contracts with multiple performance obligations, the transaction price is allocated to each performance obligation based on the estimated
standalone selling price of the service underlying each performance obligation. Revenue is recognized as performance obligations are
satisfied and the customer obtains control of the service. For
performance obligations in which control does not continuously transfer to the customer, revenue is recognized at the point in time that
each performance obligation is fully satisfied. Milestone
payments are recognized as licensing revenue upon the achievement of specified milestones if (i) the milestone is substantive in nature
and the achievement of the milestone was not probable at the inception of the agreement; and (ii) the Company has a right to payment.
Any milestone payments received prior to satisfying these revenue recognition criteria are recorded as deferred revenue. Various
economic factors affect revenues and cash flows. Services are primarily provided under grants from U.S. Government agencies and a licensing
agreement with a commercial entity, with amounts invoiced quarterly or upon the achievement of a milestone and typically being collected
within one month. |
| Research and Development | Research
and development Research
and development costs are expensed as they are incurred and include compensation for scientists, support personnel, outside contracted
services, and material costs associated with product development. The Company continually evaluates new product opportunities and engages
in intensive research and product development efforts. Research and development expenses include both direct costs tied to a specific
contract or grant, and indirect costs. Research and development expenses incurred and reimbursed by grants from third parties or governmental
agencies, if any and as applicable, approximate the respective revenues recognized in the condensed consolidated statements of operations. | Research
and Development Research
and development costs are expensed as they are incurred and include compensation for scientists, support personnel, outside contracted
services, and material costs associated with product development. The Company continually evaluates new product opportunities and engages
in intensive research and product development efforts. Research and development expenses include both direct costs tied to a specific
contract or grant, and indirect costs. |
| Concentrations of Credit Risk | Concentration
of credit risk and other risks and uncertainties Financial
instruments that potentially subject the Company to concentrations of risk consist principally of cash equivalents. The Company maintains
its cash deposits in Federal Deposit Insurance Corporation (“FDIC”) insured financial institutions and may at times hold
investments at Securities Investor Protection Corporation (“SIPC”) insured broker-dealers. At
times, the balances in these accounts may be in excess of FDIC and SIPC insured limits. At March 31, 2024 and December 31, 2023, cash
and cash equivalents deposits in excess of FDIC limits were approximately $ 2.6 million and $ 0 respectively, and investments and deposits
in excess of SIPC limits were $ 5.4 and
$ 7.3 million,
respectively. For
the periods ended March 31, 2024 and 2023, 100%
of the Company’s revenue for the
periods presented are related to a single grant from U.S. Government agency. See Note 4, Grant Revenues, Product
candidates developed by the Company and its subsidiaries will require approvals or clearances from the United States Food and Drug Administration
(“FDA”) or foreign regulatory agencies prior to commercial sales. There can be no assurance that any of the product candidates
being developed or planned to be developed by the Company or its subsidiaries will receive any of the required approvals or clearances.
If regulatory approval or clearance were to be denied or any such approval or clearance was to be delayed, it would have a material adverse
impact on the Company. | Concentrations
of Credit Risk Financial
instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents, and
accounts receivable. The Company maintains cash and cash equivalents in accounts with high quality, federally insured financial institutions.
At times, the balances in these accounts may be in excess of federally insured limits, including the Federal Deposit Insurance Corporation
(FDIC) and the Securities Investor Protection Corporation (SIPC). At December 31, 2023 and 2022, cash and cash equivalents in excess
of FDIC limits was $ 0 282,000 7,300,000 0 For
the year ended December 31, 2023, 95 85 |
| Fair Value Measurements of Financial Instruments | Fair
value measurements of financial instruments The
Company has adopted ASC Topic 820, Fair Value Measurement The
hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements)
and the lowest priority to unobservable inputs (level 3 measurements). The
three levels of inputs that may be used to measure fair value are as follows:
● Level
1: Quoted prices in active markets for identical assets or liabilities.
● Level
2: Observable inputs other than Level 1 prices, such as quoted prices for similar assets
or liabilities, quoted prices in markets with insufficient volume or infrequent transactions
(less active markets), or model-derived valuations in which all significant inputs are observable
or can be derived principally from or corroborated with observable market data for substantially
the full term of the assets or liabilities. Level 2 inputs also include non-binding market
consensus prices that can be corroborated with observable market data, as well as quoted
prices that were adjusted for security-specific restrictions.
● Level
3: Unobservable inputs to the valuation methodology are significant to the measurement of
the fair value of assets or liabilities. Level 3 inputs also include non-binding market consensus
prices or non-binding broker quotes that we were unable to corroborate with observable market
data. | Fair
Value of Financial Instruments The
Company has adopted ASC Topic 820 for certain financial instruments measured as fair value on a recurring basis. ASC Topic 820 defines
fair value, establishes a framework for measuring fair value in accordance with accounting principles generally accepted in the United
States, and expands disclosures about fair value measurements. Fair value is defined as the price that would be received to sell an asset
or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic 820 establishes
a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value. SERINA
THERAPEUTICS, INC. NOTES
TO FINANCIAL STATEMENTS DECEMBER
31, 2023 AND 2022 The
hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements)
and the lowest priority to unobservable inputs (level 3 measurements). The
three levels of inputs that may be used to measure fair value are as follows:
●
Level
1: Quoted prices in active markets for identical assets or liabilities.
● Level
2: Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets
with insufficient volume or infrequent transactions (less active markets), or model-derived valuations in which all significant inputs
are observable or can be derived principally from or corroborated with observable market data for substantially the full term of
the assets or liabilities. Level 2 inputs also include non-binding market consensus prices that can be corroborated with observable
market data, as well as quoted prices that were adjusted for security-specific restrictions.
●
Level
3: Unobservable inputs to the valuation methodology are significant to the measurement of the fair value of assets or liabilities.
Level 3 inputs also include non-binding market consensus prices or non-binding broker quotes that we were unable to corroborate with
observable market data. The
Company has elected to measure the convertible promissory notes at fair value on a recurring basis. |
| Redeemable Convertible Preferred Stock | Redeemable
convertible preferred stock The
Company recorded redeemable convertible preferred stock at fair value upon issuance, net of any issuance costs. As of December 31, 2023,
the Company classified stock that was redeemable in circumstances outside of the Company’s control outside of permanent equity.
The redeemable preferred stock were converted to common stock on March 26, 2024 upon consummation of the Merger. | Redeemable
Convertible Preferred Stock The
Company recorded redeemable convertible preferred stock at fair value upon issuance, net of any issuance costs. The Company classified
stock that was redeemable in circumstances outside of the Company’s control outside of permanent equity. |
| Income Taxes | Income
taxes Income
taxes are provided for the tax effects of transactions reported in the financial statements and consist of taxes currently due plus deferred
taxes related primarily to differences between the basis of loss carryovers and depreciation differences for financial and income tax
reporting. Deferred taxes represent the future tax return consequences of those differences, which will either be taxable or deductible
when the assets and liabilities are recovered or settled. Deferred tax assets and liabilities are measured using enacted tax rates expected
to apply to taxable income in the years in which the differences are expected to be recovered or settled. The
Company only recognizes tax benefits from an uncertain tax position if it is more likely than not that the tax position will be sustained
on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial
statement from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized
upon ultimate resolution. To date, the Company has not recognized such tax benefits in its financial statements. | Income
Taxes Income
taxes are provided for the tax effects of transactions reported in the financial statements and consist of taxes currently due plus deferred
taxes related primarily to differences between the basis of loss carryovers and depreciation differences for financial and income tax
reporting. Deferred taxes represent the future tax return consequences of those differences, which will either be taxable or deductible
when the assets and liabilities are recovered or settled. Deferred tax assets and liabilities are measured using enacted tax rates expected
to apply to taxable income in the years in which the differences are expected to be recovered or settled. The
Company only recognizes tax benefits from an uncertain tax position if it is more likely than not that the tax position will be sustained
on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial
statement from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized
upon ultimate resolution. To date, the Company has not recognized such tax benefits in its financial statements. |
| Basic and Diluted Net Loss per Share Attributable to Common Stockholders | Basic
and diluted net earnings (loss) per share attributable to common stockholders Basic
earnings (loss) per share (“EPS”) of common stock is computed by dividing net income (loss) available to common stockholders
(numerator) by the weighted average number of shares of common stock outstanding (denominator) during the period. Diluted
EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method for stock options
and warrants and the if-converted method for redeemable, convertible preferred stock and convertible promissory notes. In computing diluted
EPS, the average stock price for the period is used to determine the number of shares assumed to be purchased from the exercise of stock
options and/or warrants. Diluted EPS excluded all dilutive potential shares if their effect is anti-dilutive. | Earnings
(Loss) Per Share Basic
earnings (loss) per share (“EPS”) of common stock is computed by dividing net income (loss) available to common shareholders
(numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted
EPS give effect to all dilutive potential common shares outstanding during the period using the treasury stock method for stock options
and warrants and the if-converted method for redeemable, convertible preferred stock and convertible promissory notes. In computing diluted
EPS, the average stock price for the period is used to determine the number of shares assumed to be purchased from the exercise of stock
options and/or warrants. Diluted EPS excluded all dilutive potential shares if their effect is anti-dilutive. Basic
loss per common share is computed based on the weighted average number of shares outstanding during the period. Diluted loss per share
is computed in a manner similar to the basic loss per share, except the weighted-average number of shares outstanding is increased to
include all common shares, including those with the potential to be issued by virtue of convertible debt and other such convertible instruments.
Diluted loss per share contemplates a complete conversion to common shares of all convertible instruments only if they are dilutive in
nature with regards to earnings per share. SERINA
THERAPEUTICS, INC. NOTES
TO FINANCIAL STATEMENTS DECEMBER
31, 2023 AND 2022 |
| Segments | Segment
reporting Operating
segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation
by the chief operating decision maker, the Chief Executive Officer, in making decisions regarding resource allocation and assessing performance.
The Company views its operations and manages its business as one operating segment in the United States of America. | Segment
Reporting Operating
segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation
by the chief operating decision maker, the Chief Executive Officer, in making decisions regarding resource allocation and assessing performance.
The Company views its operations and manages its business as one operating segment in the United States of America. |
| Restricted Cash | Cash,
cash equivalents, and restricted cash In
accordance with Accounting Standards Update (“ASU”) 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash Schedule
of Cash, Cash Equivalents and Restricted Cash
March
31, 2024 December
31, 2023
Cash and cash equivalents $ 8,706 $ 7,619
Restricted
cash (1) 50 -
Cash, cash equivalents, and restricted cash as shown in the condensed consolidated
statements of cash flows $ 8,756 $ 7,619
(1) Restricted
cash entirely represents the deposit required to maintain the Company’s corporate credit card program. | |
| Long-Lived Intangible Assets, Net | Intangible
assets, net Intangible
assets, consisting primarily of acquired in-process research and development (“IPR&D”) with alternative future use and
patents, is stated at acquired cost, less accumulated amortization. Amortization expense is computed using the straight-line method over
the estimated useful life of 10 years.
See Note 3, Selected Balance Sheet Components | |
| Impairment of Long-Lived Assets | Impairment
of long-lived assets The
Company assesses the impairment of long-lived assets whenever events or changes in circumstances indicate that such assets might be impaired
and the carrying value may not be recoverable. The Company’s long-lived assets consists entirely of intangible assets. If events
or changes in circumstances indicate that the carrying amount of an asset may not be recoverable and the expected undiscounted future
cash flows attributable to the asset are less than the carrying amount of the asset, an impairment loss, equal to the excess of the carrying
value of the asset over its fair value, is recorded. There has been no impairment of long-lived assets for the accounting periods presented. | |
| Leases | Leases The
Company accounts for leases in accordance with ASU 2016-02, Leases Codification Improvements to Topic 842, Leases, Leases (Topic
842): Targeted Improvements, (i)
75% or greater to determine whether the lease term is a major part of the remaining economic life of the underlying asset and (ii) 90%
or greater to determine whether the present value of the sum of lease payments is substantially all of the fair value of the underlying
asset. Under the available practical expedients,
and as applicable, the Company accounts for the lease and non-lease components as a single lease component. The Company recognizes right-of-use
(“ROU”) assets and lease liabilities for leases with terms greater than twelve months in the consolidated balance sheet. ROU
assets represent an entity’s right to use an underlying asset during the lease term and lease liabilities represent an entity’s
obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date
based on the present value of lease payments over the lease term. If the lease agreement does not provide an implicit rate in the contract,
the lessee uses its incremental borrowing rate based on the information available at commencement date in determining the present value
of lease payments. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. For such purposes,
the lease term applied may include options to extend or terminate the lease when it is reasonably certain that the Company or a subsidiary
will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Company does
not capitalize leases that have terms of twelve months or less. The
Company entered into five long-term, non-cancelable operating leases, of which four are related to laboratory and office facilities located
in Huntsville, Alabama and one for a laboratory equipment. The leases expire on various dates from September 2024 through January 2028.
In the normal course of business, it is expected that these leases will be renewed or replaced by leases on other properties. The Company
also leases two pieces of equipment for various terms under long-term, non-cancelable finance lease agreements which expire in September
2024 and February 2025. The Company has elected to combine lease and non lease components as a single component. As required under ASC
842, operating leases are recognized on the consolidated balance sheet as ROU lease assets, current lease liabilities, and non-current
lease liabilities. Fixed rents are included in the calculation of the lease balances, while variable costs paid for certain operating
and pass through costs are excluded. Lease expense is recognized over the expected term on a straight-line basis. | |
| Accounting for Warrants | Accounting
for warrants The
Company determines the accounting classification of warrants it issues, as either liability or equity, by first assessing whether the
warrants meet liability classification in accordance with ASC 480-10, Accounting for Certain Financial Instruments with Characteristics
of both Liabilities and Equity Accounting for Derivative Financial Instruments Indexed to,
and Potentially Settled in, a Company’s Own Stock Related Party
Transactions Fair Value Measurements | |
| General and Administrative | General
and administrative General
and administrative expenses consist primarily of compensation and related benefits, including stock-based compensation, for executive
and corporate personnel, and professional and consulting fees. | |
| Recently Adopted Accounting Pronouncements | Recently
adopted accounting pronouncements In
August 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-05,
Business Combinations—Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement In
December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to income Tax Disclosures | |
| Recently Issued Accounting Pronouncements Not Yet Adopted | Recently
Issued Accounting Pronouncements Not Yet Adopted In
March 2024, the FASB issued ASU 2024-02, Codification Improvements—Amendments to Remove References to the Concepts Statements (ASU
2024-02). ASU 2024-02 removes various references to the FASB’s Concepts Statements from the FASB’s Accounting Standards Codification
(Codification or GAAP). The Concepts Statements are non-authoritative guidance issued by the FASB that provide the objectives, qualitative
characteristics and other concepts that govern the development of accounting principles by the FASB. The ASU indicates that the goal
of the amendments is to simplify the Codification and distinguish between nonauthoritative and authoritative guidance (since, unlike
the Codification, the concepts statements are nonauthoritative). This ASU is effective for the Company beginning January 1, 2025 and
is not expected to have a material impact on the condensed consolidated interim financial statements. | |
| Agex Therapeutics Inc [Member] | | |
| Restructuring Cost and Reserve [Line Items] | | |
| Use of Estimates | | Use
of Estimates The
preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that
affect (i) the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated
financial statements and (ii) the reported amounts of revenues and expenses during the reporting period with consideration given to materiality.
Significant estimates and assumptions which are subject to significant judgment include those related to going concern assessment of
consolidated financial statements, allocations and adjustments necessary for carve-out basis of presentation, including the separate
return method for income taxes, useful lives associated with long-lived assets, including evaluation of asset impairment, allowances
for uncollectible accounts receivables, loss contingencies, deferred income taxes and tax reserves, including valuation allowances related
to deferred income taxes, and assumptions used to value stock-based awards or other equity instruments and liability classified warrants.
Actual results could differ materially from those estimates. To the extent there are material differences between the estimates and actual
results, AgeX’s future results of operations will be affected. See Note 6, Warrant Liability See
Note 6, Warrant Liability |
| Cash and Cash Equivalents | | Cash
and Cash Equivalents AgeX
considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. As of December
31, 2023 and 2022, AgeX’s cash balances totaled $ 0.3 0.6 |
| Revenue Recognition | | Revenue
Recognition AgeX
recognizes revenue in a manner that depicts the transfer of control of a product or a service to a customer and reflects the amount of
the consideration it expects to receive in exchange for such product or service. In doing so, AgeX follows a five-step approach: (i)
identify the contract with a customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price,
(iv) allocate the transaction price to the performance obligations, and (v) recognize revenue when (or as) the customer obtains control
of the product or service. AgeX considers the terms of a contract and all relevant facts and circumstances when applying the revenue
recognition standard. AgeX applies the revenue recognition standard, including the use of any practical expedients, consistently to contracts
with similar characteristics and in similar circumstances. In
the applicable paragraphs below, AgeX has summarized its revenue recognition policies for its various revenue sources in accordance with
Topic 606. Revenue
recognition by source and geography The
following table presents AgeX’s consolidated revenues disaggregated by source for operations (in thousands): Schedule
of Disaggregated of Revenues
REVENUES: 2023 2022
Year Ended December 31,
REVENUES: 2023 2022
Grant revenues $ 77 $ -
Other revenues 65 34
Total revenues $ 142 $ 34 The
following table presents consolidated revenues for operations (in thousands), disaggregated by geography, based on the billing addresses
of customers: Schedule
of Disaggregated Geographical Revenue
REVENUES: 2023 2022
Year Ended December 31,
REVENUES: 2023 2022
United States $ 90 $ 10
Foreign 52 24
Total revenues $ 142 $ 34 Grant
revenues – Research
and Development Arrangements. In
applying the provisions of Topic 606, AgeX has determined that government grants are out of the scope of Topic 606 because the government
entities do not meet the definition of a “customer”, as defined by Topic 606, as there is not considered to be a transfer
of control of good or services to the government entities funding the grant. In the absence of applicable guidance under U.S. GAAP, our
policy is to recognize grant revenue when the related costs are incurred, provided that the applicable conditions under the government
contracts have been met. Only costs that are allowable under the grant award, certain government regulations and the National Institutes
of Health’s supplemental policy and procedure manual may be claimed for reimbursement, and the reimbursements are subject to routine
audits from governmental agencies from time to time. Costs incurred are recorded in research and development expenses on the accompanying
consolidated statements of operations. In
applying the provisions of Topic 606, AgeX has determined that government grants are out of the scope of Topic 606 because the government
entities do not meet the definition of a “customer”, as defined by Topic 606, as there is not considered to be a transfer
of control of good or services to the government entities funding the grant. In the absence of applicable guidance under U.S. GAAP, our
policy is to recognize grant revenue when the related costs are incurred, provided that the applicable conditions under the government
contracts have been met. Only costs that are allowable under the grant award, certain government regulations and the National Institutes
of Health (“NIH”) supplemental policy and procedure manual may be claimed for reimbursement, and the reimbursements are subject
to routine audits from governmental agencies from time to time. Costs incurred are recorded in research and development expenses on the
accompanying consolidated statements of operations. AgeX
believes the recognition of revenue as costs are incurred and amounts become realizable is analogous to the concept of transfer of control
of a service over time under ASC 606. In
August 2023, AgeX was awarded a grant of up to approximately $ 341,000 77,000 ESI
BIO research products – Arrangements
with multiple performance obligations – |
| Research and Development | | Research
and Development Research
and development expenses consist primarily of personnel costs and related benefits, including stock-based compensation, amortization
of intangible assets, outside consultants and contractors, sponsored research agreements with certain universities, and suppliers, and
license fees paid to third parties to acquire patents or licenses to use patents and other technology. Research and development expenses
incurred and reimbursed by grants from third parties or governmental agencies if any and as applicable, approximate the respective revenues
recognized in the consolidated statements of operations. |
| Concentrations of Credit Risk | | Concentrations
of Credit Risk Financial
instruments that potentially subject AgeX to significant concentrations of credit risk consist primarily of cash and cash equivalents.
AgeX limits the amount of credit exposure of cash balances by maintaining its accounts in high credit quality financial institutions.
Cash equivalent deposits with financial institutions may occasionally exceed the limits of insurance on bank deposits; however, AgeX
has not experienced any losses on such accounts. |
| Fair Value Measurements of Financial Instruments | | Fair
Value Measurements of Financial Instruments Fair
value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between
market participants at the measurement date. Fair value estimates discussed herein are based upon certain market assumptions and pertinent
information available to management as of the financial statement presentation date. The
carrying values of cash equivalents, accounts receivable and accounts payable are carried at, or approximate, fair value as of the reporting
date because of their short-term nature. Fair values for AgeX’s warrant liabilities are estimated by utilizing valuation models
that consider current and expected stock prices, volatility, dividends, market interest rates, forward yield curves and discount rates.
Such amounts and the recognition of such amounts are subject to significant estimates that may change in the future. To
increase the comparability of fair value measures, the following hierarchy prioritizes the inputs to valuation methodologies used to
measure fair value (ASC 820-10-50, Fair Value Measurements and Disclosures
● Level
1 – Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.
● Level
2 – Inputs to the valuation methodology include quoted prices for similar assets or liabilities in active markets, and inputs
that are observable for the assets or liabilities, either directly or indirectly, for substantially the full term of the financial
instruments.
● Level
3 – Inputs to the valuation methodology are unobservable; that reflect management’s own assumptions about the assumptions
market participants would make and significant to the fair value. In
determining fair value, AgeX utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable
inputs to the extent possible, and also considers counterparty credit risk in its assessment of fair value. For the periods presented,
AgeX has no financial assets recorded at fair value on a recurring basis, except for cash and cash equivalents primarily consisting of
money market funds. These assets are measured at fair value using the period-end quoted market prices as a Level 1 input. The carrying
amounts of accounts receivable, net, prepaid expenses and other current assets, related party amounts due to affiliates, accounts payable,
accrued liabilities and other current liabilities approximate fair values because of the short-term nature of these items. The discounted
conversion prices triggered by certain qualified events in the Serina Note and the 2023 Secured Note are Level 3 on the fair value hierarchy
and subject to fair valuation at inception and remeasurement at each reporting period. The fair value of the discounted conversion prices
under both notes were determined to have an immaterial value at inception and life to date of the notes, as the probability of a future
qualifying event is remote. The likelihood of the future qualifying event will be evaluated at the end of each reporting period. For
additional information regarding the convertible notes and derivatives, see Notes 4, Convertible Note Receivable Related
Party Transactions The
accounting guidance establishes a hierarchy which requires an entity to maximize the use of quoted market prices and minimize the use
of unobservable inputs. An asset or liability’s level is based on the lowest level of input that is significant to the fair value
measurement. Fair value estimates are reviewed at the origination date and again at each applicable measurement date and interim or annual
financial reporting dates, as applicable for the financial instrument, and are based upon certain market assumptions and pertinent information
available to management at those times. The
methods and significant inputs and assumptions utilized in estimating the fair value of the warrant liabilities, as well as the respective
hierarchy designations are discussed further in Note 6, Warrant Liability See
Note 6, Warrant Liability |
| Income Taxes | | Income
Taxes AgeX
accounts for income taxes in accordance with ASC 740, which prescribes the use of the asset and liability method, whereby deferred tax
asset or liability account balances are calculated at the balance sheet date using current tax laws and enacted rates in effect. Valuation
allowances are established when necessary to reduce deferred tax assets when it is more likely than not that a portion or all of the
deferred tax assets will not be realized. AgeX’s judgments, estimates and projections regarding future taxable income may change
over time due to changes, among other factors, in market conditions, changes in tax laws, and tax planning strategies. If AgeX’s
assumptions and consequently its estimates change in the future, the valuation allowance may be increased or decreased, which may have
a material impact on AgeX’s consolidated financial statements. The
guidance also prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement
of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not
sustainable upon examination by taxing authorities. AgeX recognizes accrued interest and penalties related to unrecognized tax benefits
as income tax expense. No unrecognized tax benefits have been recorded and no amounts were accrued for the payment of interest and penalties
as of December 31, 2023 and 2022. AgeX does not expect that the total amount of unrecognized tax benefits will materially change over
the next twelve months. AgeX is currently unaware of any tax issues under review. |
| Basic and Diluted Net Loss per Share Attributable to Common Stockholders | | Basic
and Diluted Net Loss per Share Attributable to Common Stockholders Basic
loss per share is calculated by dividing net loss attributable to AgeX common stockholders by the weighted average number of shares of
common stock outstanding, net of unvested restricted stock or restricted stock units, subject to repurchase by AgeX, if any, during the
period. Diluted loss per share is calculated by dividing the net income attributable to AgeX common stockholders, if any, by the weighted
average number of shares of common stock outstanding, adjusted for the effects of potentially dilutive common stock issuable under outstanding
stock options, warrants, and restricted stock units, using the treasury-stock method, and convertible preferred stock, if any, using
the if-converted method, and treasury stock held by subsidiaries, if any. For
the years ended December 31, 2023 and 2022, because AgeX reported a net loss attributable to common stockholders, all potentially dilutive
common stock, comprised of stock options, restricted stock units and warrants, is antidilutive. The
following weighted-average common stock equivalents were excluded from the computation of diluted net loss per share of common stock
for the periods presented because including them would have been antidilutive (in thousands): Schedule
of Antidilutive Securities Excluded from Computation of Earnings Per Share
Year Ended December 31,
2023 2022
Stock options 91 94
Warrants (1) 352 272
Restricted stock units - -
(1) As
of December 31, 2023 and 2022, warrants to purchase 320,115 344,875 Related Party Transactions |
| Segments | | Segments AgeX’s
executive management team, as a group, represents the entity’s chief operating decision makers. To date, AgeX’s executive
management team has viewed AgeX’s operations as one segment that includes the research and development of regenerative medicine
technologies targeting the diseases of aging and metabolic disorders, oncology, and neurological diseases and disorders, blood and vascular
system diseases and disorders, and pluripotent cell technologies. As a result, the financial information disclosed materially represents
all of the financial information related to AgeX’s sole operating segment. |
| Going Concern Assessment | | Going
Concern Assessment AgeX
assesses going concern uncertainty for its consolidated financial statements to determine if AgeX has sufficient cash and cash equivalents
on hand and working capital to operate for a period of at least one year from the date the consolidated financial statements are issued
or are available to be issued, which is referred to as the “look-forward period” as defined by Financial Accounting Standards
Board (“FASB”) Accounting Standards Update (“ASU”) No. 2014-15. As part of this assessment, based on conditions
that are known and reasonably knowable to AgeX, AgeX will consider various scenarios, forecasts, projections, and estimates, and AgeX
will make certain key assumptions, including the timing and nature of projected cash expenditures or programs, and its ability to delay
or curtail those expenditures or programs, if necessary, among other factors. Based on this assessment, as necessary or applicable, AgeX
makes certain assumptions concerning its ability to curtail or delay research and development programs and expenditures within the look-forward
period in accordance with ASU No. 2014-15 (see Note 1, Organization, Basis of Presentation and Liquidity |
| Transactions with Noncontrolling Interests of Subsidiaries | | Transactions
with Noncontrolling Interests of Subsidiaries AgeX
accounts for a change in ownership interests in its subsidiaries that does not result in a change of control of the subsidiary under
the provisions of ASC 810-10-45-23, Consolidation – Other Presentation Matters, |
| Restricted Cash | | Restricted
Cash In
accordance with ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash Schedule
of Cash, Cash Equivalents and Restricted Cash
2023 2022
December 31,
2023 2022
Cash and cash equivalents $ 345 $ 645
Restricted cash (1) 50 50
Cash, cash equivalents, and restricted cash as shown in the consolidated statements of cash flows $ 395 $ 695
(1) Restricted
cash entirely represents the deposit required to maintain AgeX’s corporate credit card
program. |
| Accounts Receivable, Net | | Accounts
Receivable, Net AgeX
establishes an allowance for doubtful accounts based on the evaluation of the collectability of its receivables after considering a variety
of factors, including the length of time receivables are past due, significant events that may impair the customer’s ability to
pay, such as a bankruptcy filing or deterioration in the customer’s operating results or financial position, and historical experience.
If circumstances related to customers change, estimates of the recoverability of receivables would be further adjusted. There were no
amounts reserved for doubtful accounts as of December 31, 2023 and 2022. |
| Long-Lived Intangible Assets, Net | | Long-Lived
Intangible Assets, Net Long-lived
intangible assets, consisting primarily of acquired in-process research and development (“IPR&D”) and patents, are stated
at acquired cost, less accumulated amortization. Amortization expense is computed using the straight-line method over the estimated useful
life of 10 Selected Balance Sheet Components |
| Impairment of Long-Lived Assets | | Impairment
of Long-Lived Assets AgeX
assesses the impairment of long-lived assets whenever events or changes in circumstances indicate that such assets might be impaired
and the carrying value may not be recoverable. AgeX’s long-lived assets consist entirely of intangible assets. If events or changes
in circumstances indicate that the carrying amount of an asset may not be recoverable and the expected undiscounted future cash flows
attributable to the asset are less than the carrying amount of the asset, an impairment loss, equal to the excess of the carrying value
of the asset over its fair value, is recorded. As of December 31, 2023, there has been no impairment of long-lived assets. |
| Leases | | Leases AgeX
accounts for leases in accordance with ASU 2016-02, Leases Codification Improvements to Topic 842, Leases, Leases (Topic 842):
Targeted improvements, (i) 75% or greater to
determine whether the lease term is a major part of the remaining economic life of the underlying asset and (ii) 90% or greater to determine
whether the present value of the sum of lease payments is substantially all of the fair value of the underlying asset. ROU
assets represent an entity’s right to use an underlying asset during the lease term and lease liabilities represent an entity’s
obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date
based on the present value of lease payments over the lease term. If the lease agreement does not provide an implicit rate in the contract,
an entity uses its incremental borrowing rate based on the information available at commencement date in determining the present value
of lease payments. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. The lease terms
may include options to extend or terminate the lease when it is reasonably certain that the entity will exercise that option. Lease expense
for lease payments is recognized on a straight-line basis over the lease term. AgeX does not capitalize leases that have terms of twelve
months or less. AgeX
leased office space in Alameda, California. For 2022 base monthly rent was $ 1,074 844 |
| Accounting for Warrants | | Accounting
for Warrants AgeX
determines the accounting classification of warrants it issues, as either liability or equity, by first assessing whether the warrants
meet liability classification in accordance with ASC 480-10, Accounting for Certain Financial Instruments with Characteristics of
both Liabilities and Equity Accounting for Derivative Financial Instruments Indexed to, and
Potentially Settled in, a Company’s Own Stock Related Party Transactions Warrant Liability |
| Stock-Based Compensation | | Stock-Based
Compensation AgeX
recognizes compensation expense related to employee option grants and restricted stock grants, if any, in accordance with ASC 718, Compensation
– Stock Compensation AgeX
uses the Black-Scholes option pricing model for estimating the fair value of options granted under AgeX’s 2017 Equity Incentive
Plan (the “Incentive Plan”). The fair value of each restricted stock grant, if any, is determined based on the value of the
common stock granted or sold. AgeX has elected to treat stock-based payment awards with time-based service conditions as a single award
and recognizes stock-based compensation on a straight-line basis over the requisite service period. Compensation
expense for non-employee stock-based awards is recognized in accordance with ASC 718. Stock option awards issued to non-employees, principally
consultants or outside contractors, as applicable, are accounted for at fair value using the Black-Scholes option pricing model. Management
believes that the fair value of the stock options and restricted stock units can more reliably be measured than the fair value of services
received. AgeX records compensation expense based on the then-current fair values of the stock options and restricted stock units at
the grant date. Compensation expense for non-employee grants is recorded on a straight-line basis in the consolidated statements of operations. The
Black-Scholes option pricing model requires AgeX to make certain assumptions including the fair value of the underlying common stock,
the expected term, the expected volatility, the risk-free interest rate and the dividend yield (see Note 8, Stock-Based Awards The
fair value of the shares of common stock underlying the stock options is determined in accordance with the Incentive Plan and is based
on prevailing market prices on the NYSE American where AgeX common stock is traded. The
expected term of employee stock options represents the weighted-average period that the stock options are expected to remain outstanding.
AgeX estimates the expected term of options granted using the “simplified method” provided under Staff Accounting Bulletin
Topic 14, or SAB Topic 14. Because
AgeX’s common stock has public trading history of fewer than five years, AgeX has estimated the expected volatility using its own
stock price volatility to the extent applicable or a combination of its stock price volatility and the stock price volatility of peer
companies, for a period equal to the expected term of the options, which may exceed five years. The peer companies used include selected
public companies within the biotechnology industry with comparable characteristics to AgeX, including similarity in size, lines of business,
market capitalization, revenue and financial leverage. The
risk-free interest rate assumption is based upon observed interest rates on the United States government securities appropriate for the
expected term of AgeX’s stock options. The
dividend yield assumption is based on AgeX’s history and expectation of dividend payouts. AgeX has never declared or paid any cash
dividends on its common stock, and AgeX does not anticipate paying any cash dividends in the foreseeable future. All
excess tax benefits and tax deficiencies from stock-based compensation awards accounted for under ASC 718 are recognized as an income
tax benefit or expense, respectively, in the consolidated statements of operations. An excess income tax benefit arises when the tax
deduction of a share-based award for income tax purposes exceeds the compensation cost recognized for financial reporting purposes and,
a tax deficiency arises when the compensation cost exceeds the tax deduction. Stock-based
compensation expense for the years ended December 31, 2023 and 2022 consists of stock-based compensation under the AgeX Incentive Plan
(see Note 8, Stock-Based Awards Certain
of AgeX’s consolidated subsidiaries have had their own share-based compensation plans; however, there are no awards granted and
outstanding under those plans as of December 31, 2023 and 2022. For share-based compensation awards granted by privately held consolidated
subsidiaries under their respective equity plans, AgeX determines the fair value of the options granted under those plans using similar
methodologies and assumptions AgeX used for its stock options discussed above. Although
the fair value of stock options and restricted stock units is determined in accordance with FASB guidance, changes in the assumptions
and allocations can materially affect the estimated value and therefore the amount of compensation expense recognized in the consolidated
financial statements. |
| General and Administrative | | General
and Administrative General
and administrative expenses consist primarily of compensation and related benefits, including stock-based compensation, for executive
and corporate personnel, and professional and consulting fees. |
| Recently Adopted Accounting Pronouncements | | Recently
Adopted Accounting Pronouncements In
June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial
Instruments In
March 2022, the FASB issued ASU 2022-01, Derivatives and Hedging (Topic 815): Fair Value Hedging – Portfolio Layer Method In
March 2022, the FASB issued ASU 2022-02, Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and
Vintage Disclosures On
July 14, 2023, the FASB issued ASU 2023-03, P resentation of Financial Statements (Topic 205), Income Statement – Reporting
Comprehensive Income (Topic 220), Distinguishing Liabilities from Equity (Topic 480), Equity (Topic 505), and Compensation – Stock
Compensation |
| Recently Issued Accounting Pronouncements Not Yet Adopted | | Recently
Issued Accounting Pronouncements Not Yet Adopted In
August 2023, the FASB issued ASU 2023-05, Business Combinations—Joint Venture Formations (Subtopic 805-60): Recognition and
Initial Measurement In
December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to income Tax Disclosures |
