Annual report [Section 13 and 15(d), not S-K Item 405]

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

v3.25.1
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
12 Months Ended
Dec. 31, 2024
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES  
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

5.ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

Accrued liabilities consist of the following:

December 31, 

December 31, 

    

2024

    

2023

Legal

$

44,610

$

66,254

Deferred financing costs

99,883

Accounting

 

95,182

 

101,528

Research and development

 

223,559

 

691,908

Severance

38,328

518,704

Other

 

79,283

 

28,249

Accrued liabilities

$

480,962

$

1,506,526

In May 2023, the Company entered into an agreement with a vendor which gave the option to defer payment on approximately $5.4 million of current accounts payable and accrued liabilities until March 31, 2024. The outstanding balance of invoices due to the vendor accrued interest at an annual rate of 5.5%, paid monthly. As of December 31, 2023, the amount outstanding under the agreement recorded in accounts payable was $5.7 million. The Company made a cash payment of approximately $5.9 million to settle the entirety of the amount outstanding under the agreement in March 2024.