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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended March 31, 2022

 

OR

 

TRANSITION REPORT UNDER SECTION 13 OF 15(d) OF THE EXCHANGE ACT OF 1934

 

From the transition period from ___________ to ____________

 

Commission File Number 000-54933

 

IMMUNE THERAPEUTICS, INC.

(Exact name of small business issuer as specified in its charter)

 

Florida   59-3226705

(State or other jurisdiction

of incorporation or organization)

 

(IRS Employer

Identification No.)

 

2431 Aloma Ave., Suite 124, Winter Park, FL 32792

(Address of principal executive offices)

888-613-8802

(Issuer’s telephone number)

 

(Former name, former address and former fiscal year, if changed since last report)

 

Securities registered pursuant to Section 12(b) of the Act: None

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days: Yes ☒ No ☐

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐

 

Indicate by a check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

 

Large Accelerated Filer ☐ Accelerated Filer ☐
Non-Accelerated Filer Smaller Reporting Company
  Emerging growth Company

 

Indicate by a check mark whether the company is a shell company (as defined by Rule 12b-2 of the Exchange Act: Yes ☐ No

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
None   N/A   N/A

 

APPLICABLE ONLY TO CORPORATE ISSUERS:

 

Indicate the number of shares of outstanding of each of issuer’s class of common stock, as of the latest practicable date:

 

As of May 3, 2022, there were 483,714 shares of Common Stock $0.0001 par value shares outstanding.

 

 

 

 

 

 

TABLE OF CONTENTS

 

  PART I – FINANCIAL STATEMENTS  
     
Item 1. Financial Statements 5
     
Item 2. Management’s Discussion and Analysis of Financial Conditions and Results of Operations 16
     
Item 3. Quantitative and Qualitative Disclosures About Market Risk 19
     
Item 4. Controls and Procedures 19
     
  PART II – OTHER INFORMATION  
     
Item 1. Legal Proceedings 20
     
Item 1A. Risk Factors 20
     
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 20
     
Item 3. Default upon Senior Securities 20
     
Item 4. Mine Safety Disclosures 20
     
Item 5. Other Information 20
     
Item 6. Exhibits 21

 

2

 

 

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

 

Certain statements contained or incorporated by reference in this Quarterly Report on Form 10-Q are considered forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995) concerning our business, results of operations, economic performance and/or financial condition, based on management’s current expectations, plans, estimates, assumptions, and projections. Forward-looking statements are included, for example, in the discussions about:

 

  strategy;
  new product discovery and development;
  current or pending clinical trials;
  our products’ ability to demonstrate efficacy or an acceptable safety profile;
  actions by the FDA and other regulatory authorities;
  product manufacturing, including our arrangements with third-party suppliers;
  product introduction and sales;
  royalties and contract revenues;
  expenses and net income;
  credit and foreign exchange risk management;
  liquidity;
  asset and liability risk management;
  the outcome of litigation and other proceedings;
  intellectual property rights and protection;
  economic factors;
  competition; and
  legal risks.

 

Any statements contained in this report that are not statements of historical fact may be deemed forward-looking statements. Forward-looking statements generally are identified by the words “expects,” “anticipates,” “believes,” “intends,” “estimates,” “aims,” “plans,” “may,” “could,” “will,” “will continue,” “seeks,” “should,” “predict,” “potential,” “outlook,” “guidance,” “target,” “forecast,” “probable,” “possible” or the negative of such terms and similar expressions. Forward-looking statements are subject to change and may be affected by risks and uncertainties, most of which are difficult to predict and are generally beyond our control. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update any forward-looking statement in light of new information or future events, except as required by law, although we intend to continue to meet our ongoing disclosure obligations under the U.S. securities laws and other applicable laws.

 

We caution you that several important factors could cause actual results or outcomes to differ materially from those expressed in, or implied by, the forward-looking statements, and therefore you should not place too much reliance on them. These factors include, among others, those described herein, and elsewhere in this Quarterly Report and in our other public reports filed with the Securities and Exchange Commission. It is not possible to predict or identify all such factors, and therefore the factors that are noted are not intended to be a complete discussion of all potential risks or uncertainties that may affect forward-looking statements. If these or other risks and uncertainties materialize, or if the assumptions underlying any of the forward-looking statements prove incorrect, our actual performance and future actions may be materially different from those expressed in, or implied by, such forward-looking statements. We can offer no assurance that our estimates or expectations will prove accurate or that we will be able to achieve our strategic and operational goals.

 

Forward-looking statements are based on information we have when those statements are made or management’s good faith belief as of that time with respect to future events and are subject to significant risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements.

 

3

 

 

Important factors that could cause such differences include, but are not limited to:

 

  our lack of operating history;
  our current and future capital requirements and our ability to satisfy our capital needs;
  our inability to keep up with industry competition;
  interpretations of current laws and the passages of future laws;
  acceptance of our business model by investors and our ability to raise capital;
  our drug discovery and development activities may not result in products that are approved by the applicable regulatory authorities. Even if our drug candidates do obtain regulatory approval, they may never achieve market acceptance or commercial success;
  our reliance on key personnel and collaborative partners, including our ability to attract and retain scientists;
  our reliance on third party manufacturing to supply drugs for clinical trials and sales;
  our limited distribution organization with no sales and marketing staff;
  our being subject to product liability claims;
  legislation or regulation that may increase the cost of our business or limit our service and product offerings;
  risks related to our intellectual property, including our ability to adequately protect intellectual property rights;
  risks related to government regulation, including our ability to obtain approvals for the commercialization of some or all of our drug candidates, and ongoing regulatory obligations and continued regulatory review which may result in significant additional expense and subject us to penalties if we fail to comply with applicable regulatory requirements; and
  our ability to obtain regulatory approvals to allow us to market our products internationally.

 

Moreover, new risks regularly emerge, and it is not possible for our management to predict or articulate all risks we face, nor can we assess the impact of all risks on our business or the extent to which any risk, or combination of risks, may cause actual results to differ from those contained in any forward-looking statements. All forward-looking statements included in this prospectus are based on information available to us on the date of this periodic report. Except to the extent required by applicable laws or rules, we undertake no obligation to publicly update or revise any forward-looking statement, whether because of new information, future events or otherwise. All subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements contained above and throughout this report.

 

4

 

 

PART 1 – FINANCIAL INFORMATION

 

ITEM 1. FINANCIAL STATEMENTS

 

IMMUNE THERAPEUTICS INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEET

 

    March 31, 2022     December 31, 2021  
    (Unaudited)        
ASSETS                
                 
Current Assets:                
Cash   $ 436,888     $ 493,885  
Investment in common stock     362,250       2,645,000  
Total current assets     799,138       3,138,885  
                 
Total Assets   $ 799,138     $ 3,138,885  
                 
LIABILITIES AND STOCKHOLDERS’ DEFICIT                
                 
Current Liabilities:                
Accounts payable   $ 2,171,020     $ 2,184,848  
Accrued payroll     3,425,796       3,421,176  
Notes payable, net of debt discount     3,070,208       3,070,208  
Net due to related parties     981,421       891,420  
Undocumented investor advances     715,631       715,631  
Accrued interest     656,484       564,300  
Accrued liabilities     283,384       239,558  
Total current liabilities     11,303,944       11,087,141  
                 
Total Liabilities     11,303,944       11,087,141  
                 
Commitments and Contingencies     -       -  
                 
Stockholders’ Deficit:                
Common stock – par value $0.0001; 750,000,000 and 500,000,000 shares authorized, respectively; 483,714 shares issued and outstanding     49       49  
Additional paid in capital     371,473,810       371,473,810  
Stock issuances due     10,303       10,303  
Accumulated deficit     (381,988,968 )     (379,432,418 )
                 
Total stockholders’ deficit     (10,504,806 )     (7,948,256 )
Total Liabilities and Stockholders’ Deficit   $ 799,138     $ 3,138,885  

 

The accompanying notes are an integral part of these consolidated financial statements.

 

5

 

 

IMMUNE THERAPEUTICS INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

(Unaudited)

 

    March 31, 2022     March 31, 2021  
    Three Months Ended  
    March 31, 2022     March 31, 2021  
Operating expenses:                
Selling, general and administrative   $ 181,616     $ 138,726  
Research and development expense     -       148,693  
Total operating expenses     181,616     287,419
                 
Loss from operations     (181,616 )     (287,419 )
                 
Other (expense) income:                
Decrease in carrying value of common shares     (2,282,750 )     -  
Interest expense     (92,184 )     (100,404 )
Gain on derivative liability revaluation     -       1,178,230  
Total other (expense) income     (2,374,934 )     1,077,826  
Net (loss) income   $ (2,556,550 )   $ 790,407  
                 
Basic (loss) income per share attributable to common shareholders   $ (5.29 )   $ 1.65  
Diluted (loss) income per share to common shareholders   $ (5.29 )   $ 0.05  
                 
Basic weighted average number of shares outstanding     483,714       478,305  
Diluted weighted average number of shares outstanding     483,714       16,594,895  

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

6

 

 

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY/(DEFICIT)

FOR THE PERIODS ENDED MARCH 31, 2022 AND 2021

(Unaudited)

 

    Shares     Amount     Capital     Issued     Deficit     Total  
    Common Stock     Additional
Paid-in
    Stock To
Be
    Accumulated        
    Shares     Amount     Capital     Issued     Deficit     Total  
Balance December 31, 2020     476,504     $ 48     $ 371,341,120     $ 10,303     $ (383,018,452 )   $ (11,666,981 )
                                                 
Issuance of common stock upon conversion of debt     5,402       1       56,479       -       -       56,480  
Extinguishment of derivative liability upon conversion of debt     -       -       76,211       -       -       76,211  
Net income     -       -       -       -       790,407       790,407  
                                                 
Balance March 31, 2021     481,906     $ 49     $ 371,473,810     $ 10,303     $ (382,228,045 )   $ (10,743,883 )
                                                 
Balance, December 31, 2021     483,714     $ 49     $ 371,473,810     $ 10,303       (379,432,418 )   $ (7,948,256 )
                                                 
Net loss     -       -       -       -       (2,556,550 )     (2,556,550 )
                                                 
Balance March 31, 2022     483,714     $ 49     $ 371,473,810     $ 10,303     $ (382,351,800 )   $ (10,867,056 )

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

7

 

 

IMMUNE THERAPEUTICS INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

(Unaudited)

 

    March 31, 2022     March 31, 2021  
    Three Months Ended  
    March 31, 2022     March 31, 2021  
CASH FLOWS FROM OPERATING ACTIVITIES                
Net (loss) income   $ (2,556,550 )   $ 790,407  
Adjustments to reconcile net (loss) income to net cash flows used in operating activities:                
Decrease in carrying value of common shares     2,282,750       -  
Change in value of derivative     -       (1,178,230 )
Amortization of debt discount     -       34,789  
                 
Changes in operating assets and liabilities:                
Deposits     -       53  
Accounts payable     (13,828 )     147,965  
Accrued payroll     4,620       -  
Accrued interest     92,184       65,613  
Accrued liabilities     43,826       46,500  
Due to related parties     90,001       94,590  
                 
Net cash from operating activities     (56,997 )     1,687  
                 
Net increase in cash and cash equivalents     (56,997 )     1,687  
Cash and cash equivalents at beginning of period     493,885       9,971  
Cash and cash equivalents at end of period   $ 436,888     $ 11,658  
SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES:                
Conversion of debt and accrued interest to common stock   $ -       56,480  

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

8

 

 

Immune Therapeutics, Inc.

Notes to the Condensed Consolidated Financial Statements

March 31, 2022

(Unaudited)

 

1. Company Overview

 

Immune Therapeutics Inc. (the “Company” or “IMUN”) is a Florida Public Company trading on the OTC-Pink. The Company has been inactive for the last year due to a lack of funding, and with the Company’s current structure, it is impossible to move forward until a restructuring of the Company is completed.

 

Going Concern

 

As of March 31, 2022, the Company had $436,888 in cash on hand, negative working capital of $10,867,056 and a stockholders’ deficit of $10,504,806. For the first quarter ended March 31, 2022, the Company reported a net loss attributable to common shareholders of $2,556,550. For the three months ended March 31, 2021, the Company reported net income attributable to common shareholders of $790,407. Included in net income for the first quarter of 2021 was a non-cash non-operating gain of $1,178,230 resulting from elimination of a derivative liability upon the satisfaction of the underlying debt instrument.

 

Historically the Company has relied on the funding of operations through private equity financings and management expects operating losses and negative cash flows to continue at more significant levels in the future. As the Company continues to incur losses, transition to profitability is dependent upon the successful development, approval, and commercialization of product candidates as they become available and the achievement of a level of revenues adequate to support the Company’s cost structure. The Company may never achieve profitability, and unless and until it does, the Company will continue to need to raise additional cash. Management intends to fund future operations through additional private or public debt or equity offerings and may seek additional capital through arrangements with strategic partners or from other sources.

 

Working capital on March 31, 2022 is not sufficient to meet the cash requirements to fund planned operations through the next twelve months without additional sources of cash. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying financial statements have been prepared assuming that the Company will continue as a going concern and do not include adjustments that might result from the outcome of this uncertainty. This basis of accounting contemplates the recovery of the Company’s assets and the satisfaction of liabilities in the normal course of business.

 

Management is developing as a strategy to re-capitalize the Company and position it for future growth. Key steps to this process include:

 

  Improve the condition of the balance sheet via license arrangements and capital infusions
  Identify and acquire late-stage assets for commercialization
  Build out operational infrastructure to generate revenue opportunities to grow shareholder value.

 

There can be no guaranties that the Company will be successful in securing adequate capital to continue operations and in identifying and acquiring assets for future development. If the Company is unable to secure new working capital, other alternatives strategies will be required.

 

Historically, the Company has been able to acquire and develop assets, spin them out and retain both an equity stake and royalties and milestone payments. In so doing, the Company has acted as an incubator for late-stage drug development. Management believes that this strategy can continue to be successful. At this time, the Company is reviewing several opportunities which it may pursue as soon as funding is available. At present no definitive actions have been taken.

 

There can be no guaranties that the Company will be successful in:

 

  Executing its restructuring plan
  Securing adequate capital to continue operations.
  Identifying and acquiring assets for future development.

 

9

 

 

Company History

 

Immune Therapeutics, Inc. (“the Company”, “Immune”) was initially incorporated in Florida on December 2, 1993, as Resort Clubs International, Inc. (“Resort Clubs”). It was formed to manage and market golf course properties in resort markets throughout the United States. Galliano International Ltd. (“Galliano”) was incorporated in Delaware on May 27, 1998, and began trading in November 1999 through the filing of a 15C-211. On November 10, 2004, Galliano merged with Resort Clubs. Resort Clubs was the surviving corporation. On August 23, 2010, Resort Clubs changed its name to pH Environmental Inc. (“pH Environmental”). On April 23, 2012, pH Environmental completed a name change to TNI BioTech, Inc., and on April 24, 2012, we executed a share exchange agreement for the acquisition of all the outstanding shares of TNI BioTech IP, Inc. On September 4, 2014, a majority of our shareholders approved an amendment to our Amended and Restated Articles of Incorporation, as amended, to change our name to Immune Therapeutics, Inc. We filed our name change amendment with the Secretary of State of Florida on October 27, 2014, changing our name to Immune Therapeutics, Inc.

 

2. Summary of Significant Accounting Policies

 

Basis of Presentation

 

The condensed consolidated financial statements included herein have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles have been omitted. However, in the opinion of management, all adjustments (which include only normal recurring adjustments, unless otherwise indicated) necessary to present fairly the financial position and results of operations for the periods presented have been made. The results for interim periods are not necessarily indicative of trends or of results to be expected for the full year. These financial statements should be read in conjunction with the financial statements of the Company for the year ended December 31, 2021 (including the notes thereto) set forth in Form 10- K.

 

We have identified the policies below as critical to our business operations and the understanding of its results of operations. The Company’s senior management has reviewed these critical accounting policies and related disclosures with the Company’s Board of Directors. The impact and any associated risks related to these policies on our business operations are discussed throughout this section where such policies affect our reported and expected financial results.

 

Use of Estimates

 

The preparation of the Company’s financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from such estimates.

 

Cash, Cash Equivalents, and Short-Term Investments

 

The Company considers all highly liquid investments with original maturities at the date of purchase of three months or less to be cash equivalents. Cash and cash equivalents include bank demand deposits, marketable securities with maturities of three months or less at purchase, and money market funds that invest primarily in certificates of deposits, commercial paper and U.S. government and U.S. government agency obligations. Cash equivalents are reported at fair value.

 

Concentration of Credit Risk

 

Financial instruments that potentially subject the Company to concentrations of credit risk are primarily cash and cash equivalents. The Company is exposed to credit risk, subject to federal deposit insurance, in the event of a default by the financial institutions holding its cash and cash equivalents to the extent of amounts recorded on the condensed consolidated balance sheets. The cash accounts are insured by the Federal Deposit Insurance Corporation up to $250,000.

 

Segment and Geographic Information

 

Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company views its operations and manages its business in one operating segment and does not segment the business for internal reporting or decision making.

 

10

 

 

Fair Value of Financial Instruments

 

In accordance with the reporting requirements of Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 825, “Financial Instruments”, the Company calculates the fair value of its assets and liabilities which qualify as financial instruments under this standard and includes this additional information in the notes to the financial statements when the fair value is different than the carrying value of those financial instruments.

 

Cash, cash equivalents and accounts payable are accounted for at cost which approximates fair value due to the relatively short maturity of these instruments. The carrying value of the Company’s investment in the common stock of Statera BioPharma, Inc. (“STAB”) has been measured based on the quoted per share price as reported on NASDAQ and reflects an impairment loss as of March 31, 2022. The carrying value of notes payable approximate fair value since they bear market rates of interest and other terms. None of these instruments are held for trading purposes.

 

Research and Development Costs

 

Research and development costs are charged to expense as incurred and are typically comprised of expenses associated with advancing the commercialization of our technologies.

 

Income Taxes

 

The Company follows ASC Topic 740, Income Taxes, which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are based on the differences between the financial statements and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the asset will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled.

 

The standard addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under ASC Topic 740, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the tax authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. ASC Topic 740 also provides guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures. At the date of adoption, and as of March 31, 2022 and 2021, the Company does not have a liability for unrecognized tax uncertainties.

 

The Company’s policy is to record interest and penalties on uncertain tax positions as income tax expense. As of March 31, 2022, and 2021, the Company does not have any interest or penalties related to uncertain tax positions.

 

Stock-Based Compensation and Issuance of Stock for Non-Cash Consideration

 

The Company did not grant any stock-based compensation awards during the three months ended March 31, 2022 and 2021.

 

The Company measures and recognizes compensation expense for share-based awards based on estimated fair values equalling either the market value of the shares issued, or the value of consideration received, whichever is more readily determinable. Generally, the non-cash consideration pertains to services rendered by consultants and others and has been valued at the fair value of the Company’s common stock at the date of the agreement.

 

11

 

 

The Company’s accounting policy for equity instruments issued to consultants and vendors in exchange for goods and services follows the provisions of ASC Topic 718, “Compensation-Stock Compensation.” The measurement date for the fair value of the equity instruments issued is determined at the earlier of (i) the date at which a commitment for performance by the consultant or vendor is reached or (ii) the date at which the consultant or vendor’s performance is complete.

 

Net (Loss) Income per Share

 

For the three months ended March 31, 2022, basic net loss per share is calculated by dividing the net loss attributable to common stockholders by the weighted average number of common shares outstanding for the period, without consideration for common stock equivalents.

 

Diluted net loss per share is calculated by dividing the net loss by the weighted-average number of common share equivalents outstanding for the period determined using the treasury-stock method and the if-converted method. For the three months ended March 31, 2022, there is no difference in the number of shares used to calculate basic and diluted shares outstanding due to the Company’s net loss position. The Company’s potential dilutive securities, which include stock warrants, have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share.

 

For the three-month ended March 31, 2021, basic net income per share was calculated by dividing the net income attributable to common stockholders by the weighted average number of common shares outstanding for the period, without consideration for common stock equivalents. Diluted income per share, for the three-month period ended March 31, 2021, was calculated by dividing the net income by the weighted-average number of common shares outstanding for the period determined using the treasury-stock method and the if-converted method.

 

A reconciliation for the three-month period ended March 31, 2021 of the weighted average shares outstanding used in basic and diluted earnings per share computation is as follows:

 

    Net Income
(Numerator)
    Weighted Average
Common Shares
(Denominator)
    Per Share Amount  
Basic EPS                        
Income available to common stockholders   $ 790,407       478,305     $ 1.65  
Diluted EPS                        
Effect of warrants convertible into common stock     -       20,012,083       -  
Potential shares purchasable using proceeds of warrants     -       (3,925,915 )     -  
Effect of convertible debt     -       30,422       -  
Income available to common stockholders   $ 790,407       16,594,895     $ 0.05  

 

Recent Accounting Standards

 

The Company has reviewed the accounting pronouncements issued by the Financial Accounting Standards Board during the first quarter 2022. Applicable pronouncements will be adopted by the Company in accordance with the accounting guidance and definition. Management does not believe the adoption of any of these accounting pronouncements has had or will have a material impact on the Company’s consolidated financial statements.

 

Note 3. Investment in Common Stock

 

In 2021, Cytocom, Inc., a former subsidiary of the Company (“Cytocom”), announced the completion of its merger with Cleveland BioLabs, Inc. (“CBLI”) which resulted in the Company’s receipt of 1,150,000 common shares of CBLI, reflecting the Company’s retained minority interest in Cytocom. Subsequent to the merger, CBLI adopted a new corporate name, Statera BioPharma, Inc., with the ticker symbol “STAB” effective September 1, 2021. Cytocom emerged as a publicly traded entity following the merger with CBLI.

 

In accordance with the reporting requirements of FASB ASC Topic 321, “Investments Equity Securities”, the Company re-measured the fair value of the STAB common shares at $0.32 per share and recognized a decrease in market value of $2,282,500 as of March 31, 2022.

 

12

 

 

4. Notes payable

 

Notes Payable on March 31, 2022 and December 31, 2021:

 

    March 31, 2022     December 31, 2021  
  $     $  
Promissory notes issued between December 2014 and January 2015. Lender earns interest at 10%. Notes were to be repaid in 36 monthly instalments of principal and interest commencing no later than October 15, 2015. These notes are in default.   $ 70,000     $ 70,000  
                 
Promissory notes issued between May 2015 and June 2016 and matured between February 2017 and November 2018. Lenders earn interest at rates between 2% and 10%. These notes are in default.   $ 149,500       149,500  
                 
Promissory notes were issued in 2016. The notes accrue interest at 2% and matured between November 2017 and December 2017. These notes are in default.   $ 606,500       606,500  
                 
Promissory notes were issued in 2017 accrue interest at 2% and matured between January 2018 and September 2018. These notes are in default.   $ 205,000       205,000  
                 
Promissory notes were issued in 2017 accrue interest at 2% and matured in May 2018. These notes are in default.   $ 150,000       150,000  
                 
Promissory notes were issued in 2017 accrue interest at 2% and matured between August 2018 and September 2018. These notes are in default.   $ 116,800       116,800  
                 
Promissory notes were issued in 2017 accrue interest at 2%. The notes are in default.   $ 105,500       105,500  
                 
Promissory notes were issued in the 2018 accrue interest at 2% and matured between May 2018 and January 2019. These notes are in default.   $ 47,975       47,975  
                 
Promissory notes were issued in 2018 accrue interest at 2% and matured between July 2018 and October 2018. These notes include warrants between 1,000 and 5,000 shares with an exercise price of $5. These notes are in default.   $ 65,000       65,000  
                 
Promissory notes were issued in 2018. The notes accrue interest at 2% and matured between August 2019 and January 2019. These notes include warrants between 60,000 and 500,000 shares with an exercise price of $0.05. These notes are in default.   $ 118,000       118,000  
                 
Promissory notes were issued in 2018. The notes accrue interest at 2% and matured between January 2019 and November 2019. These notes include warrants between 200 and 39,500 shares with an exercise price of $5 to $40. These notes are in default.   $ 323,855       323,855  
                 
Promissory note was issued to a related party in the first quarter of 2019. The note accrues interest at 2% and matured during July 2019. The note includes warrants for 4,600 shares with an exercise price of $5. The note is in default.   $ 23,000       23,000  
                 
Promissory note was issued in the first quarter of 2019. The note accrues interest at 6% and matured in February 2020. The note is in default.   $ 231,478       231,478  
                 
Promissory note was issued in the second quarter of 2019 accrues interest at 2% and matured in July 2019. The notes include warrants for 10,000 shares with an exercise price of $5. The note is in default.   $ 10,000       10,000  
                 
Promissory note issued in October 2019 for the settlement of outstanding debt in the same amount. The note accrues interest at 15% per annum, with $1,875 due in monthly interest payments, and matured on April 30, 2021. The note is in default.   $ 150,000       150,000  
                 
Promissory note issued in the third quarter of 2020 accrues interest at 12% and matured in August 2021. The outstanding principal and interest accrued on this note were converted into 5,402 common shares in February 2021.     -       53,000  
                 
Promissory notes issued in the first quarter of 2021 in connection with a Note Purchase Agreement with a previous note holder. The new notes reflect all principal, interest and penalties associated with the original instrument. These notes accrue interest at 5% and a penalty rate of 7%. The holder of $348,800 of these notes (Global Reverb Corp.) is an entity wholly owned by the Company’s former Chief Executive Officer that is also a former director of the Company. These notes matured in March 2022 and are in default.   $ 697,600       697,600  
    $ 3,070,208     $ 3,070,208  

 

13

 

 

As of March 31, 2022, the Company had accrued $656,484 in unpaid interest and default penalties. As of March 31, 2022 and December 31, 2021, the Company had $1,677,275 and $1,677,275, respectively, in notes payable to shareholders of record.

 

5. Capital Structure – Common Stock and Stock Purchase Warrants

 

Each holder of common stock is entitled to vote on all matters and is entitled to one vote for each share held. No holder of shares of stock of any class shall be entitled as a matter of right to subscribe for or purchase or receive any part of any new or additional issue of shares of stock of any class, or of securities convertible into shares of stock or any class, whether now hereafter authorized or whether issued for money, for consideration other than money, or by way of dividend.

 

Stock Warrants

 

During the three months ended March 31, 2022 and March 31, 2021, no warrants issued or exercised. There were no modifications to the terms of any warrants issued by the Company during these periods.

 

On March 31, 2022, the Company had a total of 20,057,006 warrants rights outstanding. Included in the outstanding warrants are 18,730,000 warrants, held by thirty-one investors with an exercise price of $5.00 per share, that include provisions that limit the maximum impact of a reverse split on their warrant shares and the exercise price per share at 10-to-1.

 

The following is a summary of outstanding common stock warrants for the three-month period ended March 31, 2022.

 

Expiration Date  

Number of Shares

    Exercise Price     Remaining Life (years)  
                   
Second Quarter 2022     1,750     $ 150       .25  
Third Quarter 2022     1,650     $ 50-100       .50  
Fourth Quarter 2022     9,811     $ 80-290       .75  
First Quarter 2023     1,204,000     $ 5-40       1.00  
Second Quarter 2023     802,000     $ 5-200       1.25  
Third Quarter 2023     7,521,500     $ 5-100       1.50  
Fourth Quarter 2023     6,024,300     $ 2-5       1.75  
First Quarter 2024     3,660,000     $ 5       2.00  
Second Quarter 2024     800,000     $ 5       2.25  
Third Quarter 2028     3,000     $ 70       6.50  
Second Quarter 2032     28,995     $ 10-70       10.00  
      20,057,006     $ 5-200          

 

14

 

 

Following is a summary of outstanding stock warrants activity for the three months ended March 31, 2022:

 

    Number of
Shares
    Exercise Price     Weighted
Average Price
 
Warrants as of December 31, 2021     20,057,156     $ 2-290     $ 5.21  
Issued     -     $ -     $ -  
Expired and forfeited     (150 )   $ 200     $ 200  
Exercised     -     $ -     $ -  
Warrants as of March 31, 2022     20,057,006     $ 2-290     $ 5.20  

 

6. Income Taxes – Results of Operations

 

There was no income tax expense reflected in the results of operations for the years ended March 31, 2022 and 2021 because the Company incurred a net loss and has significant net loss operating carryforwards. Our tax rate can be affected by recurring items, such as tax rates in foreign jurisdictions and the relative amount of income we earn in jurisdictions. It may also be affected by discrete items that may occur in any given year but are not consistent from year to year.

 

For U.S. federal purposes the corporate statutory income tax rate was 21%, for 2022 and 2021 tax years. The Company has recognized no tax benefit for the losses generated for the periods through March 31, 2022. ASC Topic 740 requires that a valuation allowance be provided if it is more likely than not that some portion or all a deferred tax asset will not be realized. The Company’s ability to realize the benefit of its deferred tax asset will depend on the generation of future taxable income. Because the Company has yet to recognize revenue, we believe that the full valuation allowance should be provided.

 

15

 

 

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION

 

FORWARD-LOOKING STATEMENTS AND ASSOCIATED RISKS

 

The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements. This report contains certain forward-looking statements that are based on the beliefs of management as well as assumptions made by and currently available to management. The statements contained in this report relating to matters that are not historical facts are forward-looking statements that involve risks and uncertainties, including, but not limited to, future demand for our products and services, the successful commercialization of our products, general domestic and global economic conditions, government and environmental conditions and regulations, competition and customer strategies, changes in our business strategy or development plans, capital deployment, business disruptions, including those by fires, raw material supplies, environmental regulations, and other risks and uncertainties, certain of which are beyond our control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may differ materially from those forward-looking statements. For further discussion of certain of the matters described above see the Cautionary Note Regarding Forward-Looking Statements included in our 2021 Annual Report on Form 10-K.

 

Undue reliance should not be placed on our forward-looking statements. Except as required by law, we disclaim an obligation to update any factors or to publicly announce the results of any revisions to any of the forward-looking statements contained in this quarterly report on Form 10-Q to reflect new information, future events, or other developments. The following discussion and analysis should be read in conjunction with the accompanying condensed consolidated financial statements and notes thereto appearing elsewhere in this Form 10-Q.

 

Forward-looking statements can be identified by words such as “future,” “anticipates,” “believes,” “estimates,” “expects,” “intends,” “will,” “would,” “could,” “can,” “may,” and similar terms. Forward-looking statements are not a guarantee of future performance and the Company’s actual results may differ significantly from the results discussed in the forward-looking statements. Each of the terms the “Company”, “we”, “us” or “our” as used herein refers collectively to Immune Therapeutics, Inc. and its subsidiaries, unless otherwise stated.

 

COMPANY OVERVIEW

 

Immune Therapeutics Inc. (the “Company” or “IMUN”) is a Florida corporation trading on the OTC-Pink. We are a drug development and commercialization company. We identify, evaluate, and seek to acquire technologies in the medical and drug development sectors with the intent to further develop them and move them to commercialization. Such commercialization efforts include sale, licensing and go to market strategies.

 

Our strategy has been limited due to lack of capital. Management is seeking to secure new investment capital with which to continue to pursue the Company’s strategy. There is no guaranty that the Company will be successful in securing additional capital.

 

GOING CONCERN

 

As of March 31, 2022, the Company had $436,888 in cash on hand, negative working capital and a stockholders’ deficit of $10,504,806. For the three months ended March 31, 2022, the Company reported net loss attributable to common shareholders of $2,556,550.

 

Historically the Company has relied on the funding of operations through private equity financings and management expects operating losses and negative cash flows to continue at more significant levels in the future. As the Company continues to incur losses, transition to profitability is dependent upon the successful development, approval, and commercialization of its current or future product candidates as they become available and the achievement of a level of revenues adequate to support the Company’s cost structure. The Company may never achieve profitability, and unless and until it does, the Company will continue to need to raise additional cash. Management intends to fund future operations through additional private or public debt or equity offerings and may seek additional capital through arrangements with strategic partners or from other sources.

 

16

 

 

These conditions raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying financial statements have been prepared assuming that the Company will continue as a going concern and do not include adjustments that might result from the outcome of this uncertainty. This basis of accounting contemplates the recovery of the Company’s assets and the satisfaction of liabilities in the normal course of business.

 

If the Company is unable to secure new working capital, other alternatives strategies will be required.

 

There can be no guaranties that the Company will be successful in:

 

  Executing its restructuring plan
  Securing adequate capital to continue operations.
  Identifying and acquiring assets for future development.

 

Three Months Ended March 31, 2022 Compared to Three Months Ended March 31, 2021

 

Revenues

 

We had no revenues from operations during the three-month periods ended March 31, 2022 and 2021.

 

Operating Expenses

 

Selling, general and administrative

 

Selling, general and administrative expenses and related percentages for the three months ended March 31, 2022 and 2021 were as follows (dollar amounts in thousands):

 

    For the three months ended March 31,  
    2022     2021  
Selling, general and administrative   $ 182     $ 138  
Decrease from prior year   $ 44     $ (226 )
Percent decrease from prior year     32 %     (62 )%

 

For the three months ended March 31, 2022, the selling, general and administrative expense reflect business development activities and the finalizing the terms of current licensing transactions. The increase in administrative expense since the first quarter of 2021 reflects increases in professional services during the current year.

 

For the three months ended March 31, 2022 and 2021, selling, general and administrative expenses were made up as follows (dollar amounts in thousands):

 

    For the three months ended March 31,  
    2022     2021  
Shareholder and investor relations   $ 2     $ 6  
Board fees     30       30  
Contractors and consulting     59       35  
Salaries and benefits     86       65  
Other expenses     5       2  

 

In the three months ended March 31, 2022, total selling, general and administrative expense was $182 compared to $138 for the corresponding period in 2021, an increase of $44 or 32%.

 

17

 

 

Research and development

 

R&D expenses and related percentages for the three months ended March 31, 2022 and 2021 were as follows (dollar amounts in thousands):

 

    For the three months ended March 31,  
    2022     2021  
Research and development   $ -     $ 149  
Increase/(decrease) from prior year   $ (149 )   $ 117  
Percent increase/(decrease) from prior year     (100 )%     366 %

 

There were no expenses for research and development in the three months ended March 31, 2022 compared to $149 in the same period in 2021.

 

The Company recorded $149 during the three months ended March 31, 2021 for fees payable to Penn State University related to license maintenance fees, minimum royalties and various patent evaluation and filing expenses. These liabilities were assigned to Cytocom in connection with a August 12, 2020 agreement. As Penn State has not consented to the assignment of these fees, the Company retains liability for them until paid by Cytocom; at which time, the Company will recognize a gain on the assignment of liabilities.

 

Interest Expense

 

Interest expense for the three months ended March 31, 2022 and 2021 were as follows (dollar amounts in thousands):

 

    For the three months ended March 31,  
    2022     2021  
Interest expense   $ 92     $ 100  
Increase / (Decrease) from prior year   $ (8 )   $ (14 )
Percentage Increase (Decrease) from prior year     (8 )%     16 %

 

The decrease in interest expense during the three-month period ended March 31, 2022 reflects the effect of a Note Purchase Agreement entered into in March 2021 that reduced interest on $698 of principal from a compounding rate of 22% to simple 5% rate.

 

Liquidity

 

Liquidity is measured by our ability to secure enough cash to meet our contractual and operating needs as they arise. The Company does not anticipate generating sufficient cash flows from our operations to fund the next twelve months. The Company had cash on hand of $436,888 on March 31, 2022, compared to $493,885 on December 31, 2021.

 

For the three months ended March 31, 2022 the Company used $56,997 in operating activities. In the first quarter of 2021, the Company cash generated from operating activities of $1,687. The Company had no cash used or provided from investing or financing activities during the three-month periods ended March 31, 2022 and 2021.

 

The Company does not expect to generate revenues from sales in the foreseeable future. If the Company is unable to raise additional working capital to meet its operating obligations and expenditures, the Company be required to modify its business plan.

 

Off-Balance Sheet Arrangements

 

During the three months ended March 31, 2022 and 2021, the Company did not engage in any off-balance sheet arrangements as defined in item 303(a)(4) of the SEC’s Regulation S-K.

 

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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

Not Applicable.

 

ITEM 4. CONTROLS AND PROCEDURES

 

Changes in Internal Controls over Financial Reporting

 

There were no changes in our internal controls over financial reporting that occurred during the period covered by this report on Form 10-Q that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

 

Evaluation of Disclosure Controls and Procedures

 

As of the end of the period covered by this report, we conducted an evaluation, under the supervision and with the participation of our principal executive officer and principal financial officer, of our disclosure controls and procedures as defined in Rules 13(a)-15(e) under the Exchange Act. Based on this evaluation, the principal executive officer who is also the principal financial officer concluded that, because of the weakness in internal controls over financial reporting described below, our disclosure controls and procedures are ineffective to ensure that information required to be disclosed by us in the reports we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in Securities and Exchange Commission rules and forms.

 

Management assessed the effectiveness of the internal controls over financial reporting as of using the framework set forth in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based upon this assessment, our management concluded that the internal controls over financial reporting were not effective. The reportable conditions and material weakness relate to a limited segregation of duties and lack of an audit committee. The limited segregation of duties within our company and the lack of an audit committee are due to the small number of employees. Management has determined that this control deficiency constitutes a material weakness. This material weakness could result in material misstatements of significant accounts and disclosures that would result in a material misstatement to our interim or annual financial statements that would not be prevented or detected. In addition, due to limited staffing, we are not always able to detect minor errors or omissions in reporting.

 

Going forward, management anticipates that additional staff will be necessary to mitigate these weaknesses, as well as to implement other planned improvements. Additional staff will enable us to document and apply transactional and periodic controls procedures, permit a better review and approval process and improve quality of financial reporting. However, the potential addition of new staff is contingent on obtaining additional financing, and there is no assurance that we will be able to do so.

 

Limitations on the Effectiveness of Internal Controls

 

Readers are cautioned that our management does not expect that our disclosure controls and procedures or our internal control over financial reporting will necessarily prevent all fraud and material error. An internal control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within our control have been detected. The design of any system of controls also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any control design will succeed in achieving its stated goals under all potential future conditions. Over time, controls may become inadequate because of changes in conditions, or the degree of compliance with the policies or procedures may deteriorate.

 

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PART II - OTHER INFORMATION

 

ITEM 1. LEGAL PROCEEDINGS

 

On January 27, 2022, the Company was named as defendant in a lawsuit filed in the Superior Court of the State of Arizona for the County of Maricopa by Mr. Ira Gaines. The lawsuit is based on claims for breach of contract alleging the failure by the Company to make required payments of principal and interest arising out of the secured promissory note dated October 1, 2019 made by the Company in favor of Mr. Gaines in the original principal amount of $150,000. The relief sought by the plaintiff includes payment by the Company of the full principal balance, accrued and unpaid interest, continuing interest through the date of entry of judgment, late fees, post-judgment interest, and attorneys’ fees. The Company has retained counsel to respond to the complaint.

 

ITEM 1A. RISK FACTORS

 

Not applicable.

 

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

 

None

  

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

 

Please see note 4 to the Condensed Consolidated Financial Statements of Part I Item 1, which is incorporated by reference, for additional details. The current portion of notes payable on the Company’s Condensed Consolidated Balance Sheets above contains, at March 31, 2022, certain promissory notes on which the Company was in arrears on payments of principal as follows:

 

$70,000 in promissory notes issued between December 2014 and January 2015. Lender earns interest at 10%.  Notes were to be repaid in 36 monthly instalments of principal and interest commencing no later than October 15, 2015.

 

$149,500 in promissory notes issued between May 2015 and June 2016 and matured between February 2017 and November 2018. Lenders earn interest at rates between 2% and 10%.

 

$606,500 in promissory notes issued in 2016 that accrue interest at 2% and matured between November 2017 and December 2017.

 

$205,000 in promissory notes issued in 2017 that accrue that interest at 2% and matured between January 2018 and September 2018

 

$150,000 in promissory notes issued in 2017 that accrue interest at 2% and matured in May 2018.

 

$116,800 in promissory notes issued in 2017 that accrue interest at 2% and matured between August 2018 and September 2018.

 

$105,500 promissory notes aggregating $105,500 issued in 2017 that accrues interest at 2%.

 

● $47,975 promissory notes issued in the 2018 that accrue interest at 2% and matured between May 2018 and January 2019.

 

$65,000 in promissory notes issued in 2018 accrue interest at 2% and matured between July 2018 and October 2018. These notes include warrants between 1,000 and 5,000 shares with an exercise price of $5.

 

$118,000 in promissory notes were issued in 2018, of which $3,000 were issued to a related party. The notes accrue interest at 2% and matured between August 2019 and January 2019. These notes include warrants between 60,000 and 500,000 shares with an exercise price of $0.05.

 

$323,855 in promissory notes were issued in 2018, of which $210,000 is to a related party. The notes accrue interest at 2% and matured between January 2019 and November 2019. These notes include warrants between 200 and 39,500 shares with an exercise price of $5 to $40.

 

● $23,000 promissory note issued to a related party in the first quarter of 2019. The note accrues interest at 2% and matured during July 2019. The note includes warrants for 4,600 shares with an exercise price of $5.

 

$231,478 in promissory notes issued in the first quarter of 2019. The note accrues interest at 6% and matured in February 2020.

 

● $10,000 promissory note issued in the second quarter of 2019 that accrues interest at 2% and matured in July 2019. The notes include warrants for 10,000 shares with an exercise price of $5.

 

$150,000 promissory note issued in October 2019 that accrues interest at 15% matured on April 30, 2021.

 

$697,600 promissory issued in the first quarter of 2021 in connection with a Note Purchase Agreement with a previous note holder that accrues interest at 5% and a penalty rate of 7% and matured in March 2022

 

On March 31, 2022, the Company had insufficient cash on hand to repay these notes.

 

ITEM 4. MINE SAFETY DISCLOSURES

 

None.

 

ITEM 5. OTHER INFORMATION

 

None.

 

20

 

 

ITEM 6. EXHIBITS

 

The following exhibits are filed with this Quarterly Report:

 

Exhibit   Description
     
3.1  

Restated Articles of Incorporation, incorporated by reference to Immune Therapeutics, Inc. Form 10 Registration Statement filed with the Securities and Exchange Commission on April 22, 2013 and the Amendment No. 1 to the Form 10 Registration Statement filed with the Securities and Exchange Commission on June 7, 2013.

     
3.2  

Articles of Amendment to Articles of Incorporation, filed October 27, 2014, incorporated by reference to Exhibit 3.2 Immune Therapeutics, Inc. 10-Q Quarterly Report filed with the Securities and Exchange Commission on August 16, 2021.

     
3.3  

Articles of Amendment to Articles of Incorporation, incorporated by reference to Exhibit 10.68 of Immune Therapeutics, Inc. Form 10-Q Quarterly Report filed with the Securities and Exchange Commission on June 29, 2020

     
3.4  

Articles of Amendment to Articles of Incorporation, incorporated by reference to Exhibit 10.69 of Immune Therapeutics, Inc. Form 10-Q Quarterly Report filed with the Securities and Exchange Commission on June 29, 2020.

     
3.5   Bylaws, incorporated by reference to Immune Therapeutics, Inc. Form 10 Registration Statement filed with the Securities and Exchange Commission on April 22, 2013 and the Amendment No. 1 to the Form 10 Registration Statement filed with the Securities and Exchange Commission on June 7, 2013.
     
10.1   Note Exchange Agreement dated March 31, 2021 between Immune Therapeutics, Inc. and Global Reverb Corporation and Robert J. Dailey, incorporated by reference to Exhibit 10.64 of Immune Therapeutics, Inc. Annual Report on Form 10-K, filed with the Securities and Exchange Commission on March 18, 2022.
     
10.2   Promissory Note dated March 11, 2021 between Immune Therapeutics, Inc., and Global Reverb Corporation, incorporated by reference to Exhibit 10.65 of Immune Therapeutics, Inc. Annual Report on Form 10-K, filed with the Securities and Exchange Commission on March 18, 2022.
     
10.3  

Promissory Note dated March 11, 2021 between Immune Therapeutics, Inc., and Robert J. Dailey, incorporated by reference to Exhibit 10.66 of Immune Therapeutics, Inc. Annual Report on Form 10-K, filed with the Securities and Exchange Commission on March 18, 2022.

     
31.1   Certification of Chief Executive Officer and Chief Financial Officer, pursuant to Rule 13a-14(a) of the Exchange Act, as enacted by Section 302 of the Sarbanes-Oxley Act of 2002.
     
32.1   Certification of Chief Executive Officer and Chief Financial Officer, pursuant to 18 United States Code Section 1350, as enacted by Section 906 of the Sarbanes-Oxley Act of 2002.
     
101.INS   XBRL Instance Document
     
101.SCH   XBRL Taxonomy Extension Schema
     
101.CAL   XBRL Taxonomy Extension Calculation Linkbase
     
101.DEF   XBRL Taxonomy Extension Definition Linkbase
     
101.LAB   XBRL Taxonomy Extension Label Linkbase
     
101.PRE   XBRL Taxonomy Extension Presentation Linkbase

 

21

 

 

In accordance with the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  Immune Therapeutics, Inc.
     
Date: May 3, 2022 By: /s/ Kevin J. Phelps
    Kevin J. Phelps
   

Chief Executive Officer and

Chief Financial Officer

 

22

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