EDGAR 10-K Filing

Company CIK: 1099132
Filing Year: 2023
Filename: 1099132_10-K_2023_0001477932-23-002486.json

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ITEM 1. BUSINESS
ITEM 1. DESCRIPTION OF BUSINESS
OVERVIEW
COMPANY HISTORY AND OVERVIEW
Manhattan Scientifics, Inc. (the “Company” or “Manhattan Scientifics”), a Delaware corporation, was established on July 31, 1992 and has one operating wholly-owned subsidiary: Metallicum, Inc., (“Metallicum”). The Company also holds a less than 5%, noncontrolling interest in Imagion Biosystems, Inc. (f/k/a Senior Scientific LLC) (“Imagion”).
Manhattan Scientifics, Inc. is focused on technology transfer and commercialization of these transformative technologies. The Company operates as a technology incubator that seeks to acquire, develop and commercialize life-enhancing technologies in various fields To achieve this goal, the Company continues to identify emerging technologies through strategic alliances with scientific laboratories, educational institutions, scientists and leaders in industry and government. The Company and its executives have a long-standing relationship with Los Alamos Laboratories in New Mexico.
In June 2008, we acquired Metallicum and its licensed patented technology. In January 2009, Metallicum was granted an exclusive license by The Los Alamos National Laboratory on patents related to nanostructured metals.
On May 31, 2011, we entered into an Agreement and Plan of Reorganization to acquire Senior Scientific. The total purchase price was 21,668,000 restricted shares of our common stock (less 7,667,000 shares previously issued pursuant to an option agreement). As a result of this acquisition, Senior Scientific owned patented technologies that can use biosafe nanoparticles and sensitive magnetic sensors to detect and measure cancer cells in biopsies or in the human body with the potential to transform how cancer is detected and treated. On November 17, 2016, Senior Scientific merged with and into Imagion, a Nevada company. Following the merger, Imagion held all of the liabilities, obligations and assets of Senior Scientific and the Company continued as the sole equity holder of Imagion. On June 30, 2017, Imagion completed its initial public offering and listing on the Australian Stock Exchange (ASX). As of December 31, 2020, the Company owns 53,516,508 shares of Imagion (1,000,000 restricted shares), now resulting in a noncontrolling interest of approximately 5% of Imagion’s issued and outstanding common stock decreased primarily as a result of dilutive issuances by Imagion. Based upon Imagion’s latest trading price of approximately $0.11 per share, the fair value of the Imagion shares is approximately $5,875,000.
OUR DEVELOPMENT MODEL
Our goal has been to influence the future through the development of potentially life changing technologies. Our business model is to: (i) identify significant technologies, (ii) acquire them or the rights to them, (iii) secure the services of inventors, engineers or other staff who were instrumental in their creation, (iv) provide or contract for suitable work facilities, laboratories, and other aids where appropriate, (v) prototype the technologies to demonstrate "proof of principle" feasibility, (vi) secure patent and or other intellectual property protection, (vii) secure early customers for product trials where feasible and appropriate, and (viii) commercialize through licenses, sales or cooperative efforts with other manufacturing and distribution firms.
Since our technologies are still in their development phase, the need for operating and acquisition capital is a continuous concern requiring the ongoing efforts of our management. The Company’s success will depend in part on its ability to obtain patents and license rights, maintain trade secrets, and operate without infringing on the proprietary rights of others, both in the United States and other countries. There can be no assurance that patents issued to or licensed by the Company will not be challenged, invalidated, or circumvented, or that the rights granted thereunder will provide proprietary protection or competitive advantages to the Company.
We utilize the intellectual property sale/licensing model, and not a production model, though management is opportunistic and is open to explore all methods leading to commercializing our technologies. We intend to consider all appropriate avenues for the commercialization of our technologies.
The Company is not engaged in the business of investing, reinvesting, or trading in securities. The Company has not sold some of its investments on the open market.
DESCRIPTION OF TECHNOLOGIES
ADVANCED METALS
Our business model is based on licensing metals technology to metals manufacturers. Although competing commercial products are provided by existing specialty metals companies, the only competing processes for creating nanostructured metals are either limited or cannot be economically scaled. Metallicum does not yet face direct competition, but expects competition will emerge as the metal is commercialized.
In January 2009, we entered into a patent license agreement with Los Alamos National Security, LLC for the exclusive licensing use of certain technology relating to the manufacture and application of nanostructuring metals and alloys. Pursuant to such agreement we provided a non-refundable fee and 2,000,000 shares of our common stock with a fair market value of $33,000. Additionally, we are required to pay an annual license fee of $10,000 starting in February 2010 and royalties on future net sales.
The nanostructured metals technology may have wide implications for use in the medical device and prosthetics industries including dental implants, replacements for hips, shoulders, knees and cardio vascular stents. In December 2008, a manufacturing joint venture partner in Albuquerque, NM received U.S. Food and Drug Administration 510(k) clearance to market nanostructured titanium metal dental implants using our technology. This clearance positions us closer to our goal of commercializing our technology for nanostructured metals. We are in talks with many of the key manufacturers of dental implants and have signed material testing agreements with several manufacturers.
In September 2009, the Company entered into a contract with Carpenter to sell certain nanostructured metal technologies acquired from Metallicum, its wholly owned subsidiary, to Carpenter and to provide sub-license rights to Carpenter covering license agreements that the Company has from Los Alamos Laboratories. In January 2013, the Company entered into a licensing agreement with a party granting certain licensing rights to the Company's nanostructured metal technology. On February 11, 2015, the Company and Carpenter entered into a Settlement Agreement and Mutual Release pursuant to which the parties provided a full release of one another, Carpenter paid the Company $8,000,000, Carpenter transferred to the Company all intellectual and physical property that was part of the original agreement, Carpenter agreed to provide follow-up technical assistance and Carpenter provided a list of all customers and contacts. Following the return of the Company’s nanostructured metal technology, the Company has commenced exploring strategic alternatives for its Metallicum division. At this time we are exploring and working with partner companies in the fields of titanium dental implants, titanium and magnesium medical devices, high voltage aluminum conductors as well as oil and gas field applications.
INTELLECTUAL PROPERTY / RESEARCH AND DEVELOPMENT
In June 2008, we acquired Metallicum and its licensed rights to patented technology. The technology is comprised of three US Patents (US Patent numbers 7152448, 6197129 and 6399215) for which Metallicum (subsequently, Manhattan) had been assigned an exclusive license rights by Los Alamos National Security LLC (LANL). Under the license rights, Metallicum had all rights, title and interest throughout the world in and to any and all inventions, original works of authorship, developments, concepts, know-how, and improvements on the patents or trade secrets whether or not patentable or registerable under copyright or similar laws. The purchase price paid for these licenses was $305,000, which represents its fair value. The Company obtained an exclusive license on two patents and a non-exclusive license on the third patent. The value attributable to license agreements is being amortized over the period of its estimated benefit period of 10 years.
Our ability to compete depends in part on the protection of and our ability to defend our proprietary technology and on the goodwill associated with our trade names, service marks and other proprietary rights. However, we do not know if current laws will provide us with sufficient enough protection that others will not develop technologies similar or superior to ours, or that third parties will not copy or otherwise obtain or use our technologies without our authorization.
The success of our business will depend, in part, to identify technology, obtain patents, protect and enforce patents once issued and operate without infringing on the proprietary rights of others. Our success will also depend on our ability to maintain exclusive rights to trade secrets and proprietary technology we own are currently developing and will develop. We can give no assurance that any issued patents will provide us with competitive advantages or will not be challenged by others, or that the patents of others will not restrict our ability to conduct business.
In addition, we rely on certain technology licensed with a perpetual term from the Los Alamos National Laboratory and may be required to license additional technologies in the future. We do not know if these third-party licenses will be available or will continue to be available to us on acceptable commercial terms or at all. The inability to enter into and maintain any of these licenses could have a material adverse effect on our business, financial condition or results of our operations.
Policing unauthorized use of our proprietary technology and other intellectual property rights could entail significant expense. In addition, we do not know if third parties will bring claims of copyright or trademark infringement against us or claim that our use of certain technologies violates a patent or other intellectual property. Any claims of infringement, with or without merit, could be time consuming and expensive to defend, result in costly litigation, divert management attention, require us to enter into costly royalty or licensing arrangements or prevent us from using important technologies or methods, any of which could have a material adverse effect on our business, financial condition or results of our operations.
SALES AND MARKETING
Although our technologies presently are in the development stage, we are engaged in an early commercialization program intended to facilitate the transition from development to licensing, manufacturing and/or sale. This program consists of preliminary dialogues with potential strategic partners, investors, manufacturers, potential licensees and/or purchasers.
COMPETITION
As a result of our licensed technology, we do not have any direct competitors in our advanced materials operations. We may, however, face competition from leading researchers and manufacturers worldwide that develop competing technology.
Competitors may successfully challenge our licensed technology, produce similar products that do not infringe our licensed technology or produce products in countries where we have not applied for intellectual property protection. Many of these competitors may have longer operating histories and significantly greater financial, marketing and other resources than we have. Furthermore, competitors may introduce new products that address our potential markets. Competition could have a material adverse effect on our business, financial condition and results of our operations.
The markets in which we compete are highly competitive and constantly evolving. We believe that the principal competitive factors in our technology markets include without limitation:
·
capitalization;
·
cost of product;
·
first to market with product in market segment;
·
strong intellectual portfolio;
·
product reliability;
·
strong customer base; and
·
strong manufacturing and supplier relationships.
CUSTOMERS AND SUPPLIERS
For the years ended December 31, 2022 and 2021, one customer generated all of our revenue. We did not have any significant suppliers.
EMPLOYEES
As of December 31, 2022, we had no full-time employees. We do not expect any significant change in the total number of employees in the near future. Most of our research and development work has been performed by employees of our various research and development independent contractors (see below). We have historically indirectly funded the salaries of these individuals through our contract research and development payments to their employers. Although not technically our employees, we have considered these individuals to be an integral part of our research and development team. None of our employees or contractors are members of any union or collective bargaining organization. We consider our relationships with independent contractor employees to be good.
As noted above, a significant portion of our research and development has been performed by independent contractors from whom we acquired or licensed certain technologies, and their various employees. Our independent contractors utilize a number of their own various employees to satisfy their research and development obligations to us, and their employees are considered to be part of our research and development team.
The Company’s officer and its directors spend substantially all of their time managing the Company’s business of developing and licensing its intellectual property in the metals industry.

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ITEM 1A. RISK FACTORS
ITEM 1A. RISK FACTORS
Item 1A Risk Factors
We are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information under this item.

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ITEM 1B. UNRESOLVED STAFF COMMENTS

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ITEM 2. PROPERTIES
ITEM 2. DESCRIPTION OF PROPERTIES
Our principal executive office is at 244 Fifth Avenue, Suite 2341, New York, New York, 10001. We lease approximately 300 square feet of office space on a month-to-month basis. The aggregate annual rent for this office space was $588 in 2022.
We believe our facilities are adequate for our current and planned business operations.

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ITEM 3. LEGAL PROCEEDINGS
ITEM 3. LEGAL PROCEEDINGS
We are subject from time to time to litigation, claims and suits arising in the ordinary course of business. As of December 31, 2022, we were not a party to any material litigation, claim or suit whose outcome could have a material effect on our financial statements other than the litigation described above which was subsequently settled.

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ITEM 4. MINE SAFETY DISCLOSURE
ITEM 4. MINE SAFETY DISCLOSURES
Not applicable.
PART II

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ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY
ITEM 5. MARKET FOR REGISTRANTS COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
We are currently trading on the OTCQB operated by www.otcmarkets.com.
As of April 7, 2023, there were 559,281,064 shares of common stock of the issuer issued and outstanding and approximately 635 record shareholders.
DIVIDENDS
We have never paid any cash dividends. We presently intend to reinvest earnings, if any, to fund the development and expansion of our business and, therefore, do not anticipate paying cash dividends on our common stock in the foreseeable future. The declaration of cash dividends will be at the discretion of our board of directors and will depend upon our earnings, capital requirements, financial position, general economic conditions and other pertinent factors.
RECENT SALES OF UNREGISTERED SECURITIES
During the past two years, we have not issued unregistered shares of common stock, options, or warrants for the purchase of common stock.
Securities Authorized for Issuance under Equity Incentive Plans
The 2000 Plan is administered by a committee of two or more members of the Board of Directors or, if no committee is appointed, then by the Board of Directors. The 2000 Plan allows for the issuance of incentive stock options (which, pursuant to Section 422 of the Internal Revenue Code, can only be granted to employees), non-qualified stock options, stock appreciation rights, stock awards, or stock bonuses. The committee, or the Board of Directors if there is no committee, determines the type of option granted, the exercise price, the option term, which may be no more than ten years, terms and conditions of exercisability and methods of exercise. Options must vest within ten-years. Under the 2000 Plan, the exercise price may not be less than fair market value on the date of grant for the incentive stock options. The 2000 Plan also allows for the granting of Stock Appreciation Rights. No Stock Appreciation Rights have been granted. The number of shares under the 2000 Plan available for grant at December 31, 2022 was 18,869,763.
In November 2004, our Board of Directors adopted the 2004 Consultant Stock Plan (the "2004 Plan"). The purpose of this 2004 Consultant Stock Plan is to advance our interests by helping us obtain and retain the services of persons providing consulting services upon whose judgment, initiative, efforts and/or services we are substantially dependent, by offering to or providing those persons with incentives or inducements affording such persons an opportunity to become owners of our capital stock. We reserved 2,000,000 shares of our Common Stock for awards to be made under the 2004 Plan. We filed a registration statement on Form S-8 with the SEC on November 26, 2004 to register the shares underlying the 2004 plan. The 2004 Plan is administered by a committee of two or more members of the Board of Directors or, if no committee is appointed, then by the Board of Directors. The committee or the Board of Directors if there is no committee, determines who is eligible to receive awards under the plan, grant awards and interpret the 2004 Plan. The number of shares under the 2004 Plan available for grant at December 31, 2022 was 500,000.
On May 9, 2005, our Board of Directors adopted the 2005 Equity Compensation Plan (the "2005 Plan"). The purpose of this Plan is to provide incentives to attract, retain and motivate eligible persons whose present and potential contributions are important to our success, by offering them an opportunity to participate in the our future performance through awards of Options, the right to purchase Common Stock and Stock Bonuses. We reserved 10,000,000 shares of our Common Stock for awards to be made under the 2005 Plan. The 2005 Plan is administered by a committee of two or more members of the Board of Directors or, if no committee is appointed, then by the Board of Directors. The committee, or the Board of Directors if there is no committee, determines who is eligible to receive awards under the plan, grant awards and interpret the 2005 Plan. We filed a registration statement on Form S-8 with the SEC on June 8, 2005 to register the shares underlying the 2005 plan. The number of shares under the 2006 Plan available for grant at December 31, 2022 was -0-.
In January 2015, our Board of Directors adopted the 2015 Incentive Stock Plan (the "2015 Plan"). The purpose of this Plan is to provide incentive stock options (which, pursuant to Section 422 of the Internal Revenue Code, can only be granted to employees), non-qualified stock options, stock appreciation rights, stock awards, or stock bonuses. The committee, or the Board of Directors if there is no committee, determines the type of option granted, the exercise price, the option term, which may be no more than ten years, terms and conditions of exercisability and methods of exercise. Options must vest within ten-years. Under the 2015 Plan, the exercise price may not be less than fair market value on the date of grant for the incentive stock options. The 2015 Plan also allows for the granting of Stock Appreciation Rights. No Stock Appreciation Rights have been granted. The number of shares under the 2015 Plan available for grant at December 31, 2022 was 4,000,000.
Set forth in the table below is information regarding awards made through compensation plans or arrangements through December 31, 2022.
Equity Compensation Plan Information
Plan category
Number of securities to be issued upon exercise of outstanding options, warrants and rights (a)
Weighted-average exercise price of outstanding options, warrants and rights
Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a))
Equity compensation plans approved by security holders
-
-
-
Equity compensation plans not approved by security holders
-
-
23,369,763
Total
-
-
23,369,763
A summary of the Company’s stock option activity and related information is as follows:
Number of Options
Exercise Price Per Share
Weighted Average Exercise Price
Number of Options Exercisable
Outstanding as of December 31, 2020
18,500,000
18,500,000
Granted
15,000,000
0.02
0.02
15,000,000
Exercised
-
-
-
-
Expired
(7,000,000 )
-
-
(7,000,000 )
Outstanding as of December 31, 2021
26,500,000
26,500,000
Granted
-
-
-
-
Exercised
-
-
-
-
Expired
-
-
-
-
Outstanding as of December 31, 2022
26,500,000
26,500,000
Exercise prices and weighted-average contractual lives of 26,500,000 stock options outstanding as of December 31, 2021 are as follows:
Options Outstanding
Options Exercisable
Exercise Price
Number Outstanding
Weighted Average Remaining Contractual Life
Weighted Average Exercise Price
Number Exercisable
Weighted Average Exercise Price
$ 0.02
15,500,000
7.40
$ 0.02
15,500,000
$ 0.02
$ 0.05
3,000,000
2.50
$ 0.05
3,000,000
$ 0.05
$ 0.06
5,000,000
2.60
$ 0.06
5,000,000
$ 0.06
$ 0.14
3,000,000
1.50
$ 0.14
3,000,000
$ 0.14
The fair value for options granted were determined using the Black-Scholes option-pricing model. At December 31, 2022, the 26,500,000 outstanding options had an aggregate intrinsic value of $0.

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ITEM 6. SELECTED FINANCIAL DATA
ITEM 6. SELECTED FINANCIAL DATA
N/A

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ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
The following discussion and analysis should be read in conjunction with our financial statements and accompanying notes appearing elsewhere in this Form 10-K.
OVERVIEW
Manhattan Scientifics, Inc. (the “Company” or “Manhattan Scientifics”), a Delaware corporation, was established on July 31, 1992 and has one operating wholly-owned subsidiary: Metallicum, Inc., (“Metallicum”). Manhattan Scientifics is focused on technology transfer and commercialization of these transformative technologies.
The Company operates as a technology incubator that seeks to acquire, develop and commercialize life-enhancing technologies in various fields, with emphasis in the areas of nanotechnology. Nanotechnology is the use and manipulation of matter on an atomic and molecular scale. To achieve this goal, the Company is actively seeking to identify emerging technologies through strategic alliances with scientific laboratories, educational institutions, scientists and leaders in industry and government. The Company and its executives have a long-standing relationship with Los Alamos Laboratories in New Mexico.
Metallicum
In June 2008, we acquired Metallicum and its licensed patented technology. We entered into a stock purchase agreement with Metallicum to acquire all of the outstanding capital in exchange for 15,000,000 restricted shares of our common stock. An additional 15,000,000 shares of our common stock will be payable to Metallicum in the event of meeting certain milestones. On December 31, 2011, one milestone was met. Metallicum was granted an exclusive license by The Los Alamos National Laboratory on patents related to nanostructured metals. In September 2009, we entered into a technology transfer agreement and sale with Carpenter Technology Corporation, (“Carpenter”) wherein Carpenter was to fully develop, manufacture and market a new class of high strength metals. On February 11, 2015, the Company and Carpenter entered into a Settlement Agreement and Mutual Release pursuant to which the parties provided a full release of one another, Carpenter paid the Company $8,000,000, Carpenter transferred to the Company all intellectual and physical property that was part of the original agreement, Carpenter agreed to provide follow-on technical assistance and Carpenter provided a list of all customers and contacts.
On May 1, 2019, Manhattan Scientifics, Inc., a Delaware corporation (the “Company”), and Metallicum, Inc., a wholly-owned subsidiary of the Company, entered into an Overarching Agreement with a non-affiliated third party (“Third Party”), providing for an exclusive license by the Company of its ECAP technology to the Third Party for a term of 17 years unless terminated sooner, a sublicense by the Company to the Third Party of its rights under that certain Exclusive Field-of-Use Patent License Agreement dated January 5, 2009 entered with The Los Alamos National Laboratory for a term until the expiration of the last valid claim to expire of the patents pursuant to such agreement and the sale by the Company of ECAP-C machines to the Third party. As part of the above license agreements, the Company will receive royalty payments, including minimum payments, based on a percentage of the Third Party’s sales. The Company anticipates royalty income as the nanotitanium is commercialized for use in medial prosthetics. Royalties will be 10% on sales of licensed dental products and an average of 5% in all other sales of licensed products. We expect to start earning royalties in 2023.
Imagion
On May 31, 2011, we entered into an Agreement and Plan of Reorganization to acquire Senior Scientific. The total purchase price was 21,668,000 restricted shares of our common stock (less 7,667,000 shares previously issued pursuant to an option agreement). As a result of this acquisition, Senior Scientific owned patented technologies that can use biosafe nanoparticles and sensitive magnetic sensors to detect and measure cancer cells in biopsies or in the human body with the potential to transform how cancer is detected and treated. On November 17, 2016, Senior Scientific merged with and into Imagion, a Nevada company. Following the merger, Imagion held all of the liabilities, obligations and assets of Senior Scientific and the Company continued as the sole equity holder of Imagion. On November 29, 2016, the Company announced a plan to have Imagion pursue an IPO and listing on the Australian Stock Exchange (ASX).
As of December 31, 2022, Manhattan Scientifics presently owns 51,566,508 shares of Imagion, with a fair market value of approximately $839,000, based upon the closing price per share of Imagion common stock on the Australian Stock Exchange. The Company accounts for its investment in Imagion in accordance with ASC 825-10 and elected fair value option. We initially held 31% of the total issued and outstanding shares of Imagion and had one seat on the Board of Directors of Imagion. The guidance allows entities to elect to measure certain financial assets and financial liabilities (as well as certain nonfinancial instruments that are similar to financial instruments) at fair value. Investments over which an investor has the ability to exercise significant influence are eligible for the fair value option as they represent recognized financial assets. When the fair value option is elected for an instrument, all subsequent changes in fair value for that instrument are reported in earnings. As of December 31, 2022, we hold approximately 5% of the total issued and outstanding shares of Imagion and no longer have a seat on the Board of Directors of Imagion.
Novint
We made an investment in Novint Technologies Inc. (“Novint”) in 2001. Novint is currently engaged in the development and sale of 3D haptics products and equipment. Haptics refers to one’s sense of touch and Novint’s focus is in the consumer interactive computer gaming market. The Company owns 1,028,425 shares of Novint’s common stock. The fair value of the Novint shares are not recorded on the balance sheet as of December 31, 2022.
RESULTS OF OPERATIONS
YEAR ENDED DECEMBER 31, 2022 COMPARED TO YEAR ENDED DECEMBER 31, 2021
REVENUES. In the year ended December 31, 2022, we recognized $50,000 in revenue compared to $50,000 of revenue recognized for the year ended December 31, 2021.
GENERAL AND ADMINISTRATIVE. General and administrative expenses consist of consultants, contractors, accounting, legal, travel, rent, telephone and other day-to-day operating expenses. General and administrative expenses were $718,000 for the year ended December 31, 2022 compared with $727,000 for the year ended December 31, 2021. The primary decrease in general and administrative expense was the result of the increase in accounting expenses and legel expenses. During the year ended December 31, 2022, the officers and directors total compensation was $531,000 of which a total of $220,000 was paid to two individuals that are an officer and directors of the Company.
RESEARCH AND DEVELOPMENT. Research and development expenses consist of consultants and contractors. Research and development expenses were $11,000 for the year ended December 31, 2022 compared with $10,000 for the year ended December 31, 2021.
OTHER INCOME AND (EXPENSES). Total other expense for the year ended December 31, 2022 totaled $2,051,000, compared to the other expense of $2,952,000 for the year ended December 31, 2021. This is primarily attributable to the loss on fair value adjustments of its investment in Imagion and an decrease in interest.
NET LOSS. During the year ended December 31, 2022, the Company realized a net loss of $2,730,000, compared to a net net loss of $3,639,000 for the year ended December 31, 2021. This is primarily attributable to the loss on fair value adjustment of investment in Imagion, an increase in research and development.
LIQUIDITY AND PLAN OF OPERATIONS
Stockholders’ equity(deficit) totaled $(1,695,000) on December 31, 2022 and the working capital deficit was $(1,479,000) on such date. We had a decrease of $57,000 in cash and cash equivalents for the year ended December 31, 2022.
Based upon current projections, our principal cash requirements for the next 12 months consists of (1) fixed expenses, including payroll, and professional services and (2) variable expenses, including technology research and development, milestone payments and intellectual property protection, and additional scientific consultants. As of December 31, 2022, we had $175,000 in cash. We believe our current cash position may not be sufficient to maintain our operations for the next twelve months. Accordingly, we may need to engage in equity or debt financings to secure additional funds. If we raise additional funds through future issuances of equity or convertible debt securities, our existing stockholders could suffer significant dilution, and any new equity securities we issue could have rights, preferences and privileges superior to those of holders of our common stock. Any debt financing that we secure in the future could involve restrictive covenants relating to our capital raising activities and other financial and operational matters, which may make it more difficult for us to obtain additional capital and to pursue business opportunities, including potential acquisitions. We may not be able to obtain additional financing on terms favorable to us, if at all. If we are unable to obtain adequate financing or financing on terms satisfactory to us when we require it, our ability to continue to support our business growth and to respond to business challenges could be impaired, and our business may be harmed.
On October 17, 2019, we executed a secured note with our only independent director for $100,000 and a secured note with an unrelated party for $50,000. The secured notes were due on October 17, 2022. The Company agreed that the notes bear interest at 10% per annum, to be paid in advance with shares of Imagion Biosystems Limited common stock (“IBX”), calculated at $0.015 per share or 3,000,000 shares of IBX. As of December 31, 2022. We sold 950,000 shares of IBX common stock to raise funds for operations of $32,000.
CASH FLOW INFORMATION
The Company had cash and cash equivalents of approximately $175,000 and $232,000 at December 31, 2022 and 2021, respectively. This represents an decrease in cash of $57,000.
OPERATING ACTIVITIES
The Company used approximately $349,000 of cash for operating activities in the year ended December 31, 2022 as compared to using $421,000 of cash for operating activities in the year ended December 31, 2021. The reason for the decrease in cash used for operating activities is a decrease in the net loss and a decrease in the loss on fair value adjustment of investment.
INVESTING ACTIVITIES
The Company received approximately $332,000 of cash for investing activities in the year ended December 31, 2022 as compared to receiving $300,000 of cash for investing activities in the year ended December 31, 2021. This increase in cash received in investing activities, is primarily attributed to proceeds from sale of investment of Imagion Biosystems shares in the current year.
FINANCING ACTIVITIES
The Company paid $40,000 and $0 of cash for financing activities in the year ended December 31, 2022 and 2021. During 2022, the Company made payments for notes payable totaling $40,000.
CRITICAL ACCOUNTING POLICIES AND ESTIMATES
Our discussion and analysis of our financial condition and results of operations are based upon our consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America.
Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amount of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. A significant estimate includes the carrying value of our patents, fair value of our common stock, assumptions used in calculating the value of stock options, depreciation and amortization.
License Agreements
In 2008, the Company obtained licenses to the rights of certain patents regarding nano-structured materials developed by another company as a result of the acquisition of Metallicum. The purchase price paid for these licenses was $305,000, which represents its fair value. The Company obtained an exclusive license on two patents and a non-exclusive license on the third patent. The value attributable to license agreements is being amortized over the period of its estimated benefit period of 10 years. Under the terms of the agreement, the Company may be required to pay royalties, as defined, to the licensors. The license has been fully amortized.
In 2009, the Company entered into a patent license agreement with Los Alamos National Security LLC for the exclusive use of certain technology relating to the manufacture and application of nanostructuring metals and alloys. The value attributable to license agreements is being amortized over the period of its estimated benefit period of 10 years. Under the terms of the agreement the Company is required to pay an annual license fee of $10,000 and, may be required to pay royalties, as defined, to the licensors.
Revenue Recognition
The Company recognizes revenue in accordance with generally accepted accounting principles as outlined in the Financial Accounting Standard Board’s (“FASB”) Accounting Standards Codification (“ASC”) 606, Revenue From Contracts with Customers, which consists of five steps to evaluating contracts with customers for revenue recognition: (i) identify the contract with the customer; (ii) identity the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price; and (v) recognize revenue when or as the entity satisfied a performance obligation.
Revenue recognition occurs at the time we satisfy a performance obligation to our customers, when control transfers to customers, provided there are no material remaining performance obligations required of the Company or any matters of customer acceptance. We only record revenue when collectability is probable.
Marketable Securities:
The Company considers securities with original maturities of greater than 90 days to be available for sale securities. Securities under this classification are recorded at fair value and unrealized gains and losses within other income (loss). The estimated fair value of the available for sale securities is determined based on quoted market prices or rates for similar instruments. In addition, the cost of debt securities in this category is adjusted for amortization of premium and accretion of discount to maturity. For available for sale debt securities in an unrealized loss position, the Company assesses whether it intends to sell or if it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value. If the criteria are not met, the Company evaluates whether the decline in fair value has resulted from a credit loss or other factors. In making this assessment, management considers, among other factors, the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of the cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized costs basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other income (loss). For the year ended December 31, 2021, no allowance was recorded for credit losses.
Stock-Based Compensation:
In June 2018, FASB issued ASU No. 2018-07, Compensation - Stock Compensation (Topic 718),Improvements to Nonemployee Share Based Payment Accounting. The amendments in this Update expand the scope of stock compensation to include share-based payment transactions for acquiring goods and services from nonemployees. The guidance in this Update does not apply to transactions involving equity instruments granted to a lender or investor that provides financing to the issuer. The guidance is effective for fiscal years beginning after December 31, 2018 including interim periods within the fiscal year. The Company adopted with an effective date of January 1, 2019. Upon adoption, there was no material impact to the financial statements.
Due from the Sale of Assets:
Non-current assets are classified as held for sale if it is highly probably that they will be recovered primarily through sale rather than through continuing use.
Immediately before classification as held for sale, the assets are remeasured at the lower of their carrying amount and fair value less costs to sell. Any impairment loss on initial classification as held for sale and subsequent gains and losses on remeasurement are recognized in profit or loss. Gains are not recognized in excess of any cumulative impairment loss.
During the year ended December 31, 2019, the Company sold the assets held for sale that were presented on the balance sheet as of December 31, 2018. During the year ended December 31, 2018, the Company recorded impairment and adjusted the asset valuation to $1.2 million. On May 1, 2021 and 2020, the Company received $300,000 for sale of assets for a total of $1.2 million during the year ended December 31, 2019. The remaining $300,000 have been collected in 2022 and the Company received the full amount from the sale of assets.
Fair Value Measurements:
The Company recognized the fair value of financial instruments in accordance with FASB ASC 820, Fair Value Measurements and Disclosures, “Fair Value Measurements”, which provides a framework for measuring fair value under GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The standard also expands disclosures about instruments measured at fair value and establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value:
Level 1 - Quoted prices for identical assets and liabilities in active markets;
Level 2 - Quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets; and
Level 3 - Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.
GOING CONCERN
As of December 31, 2022, the Company has an accumulated deficit of $71,250,000 and negative working capital of $1,479,000. Because of these conditions, the Company will require additional working capital to develop business operations. The Company intends to raise additional working capital through the continued licensing of its technology as well as to generate revenues for other services. There are no assurances that the Company will be able to achieve the level of revenues adequate to generate sufficient cash flow from operations to support the Company’s working capital requirements. To the extent that funds generated are insufficient, the Company will have to raise additional working capital. No assurance can be given that additional financing will be available, or if available, will be on terms acceptable to the Company. If adequate working capital is not available, the Company may not continue its operations.
These factors raise substantial doubt about the Company’s ability to continue within one year from the date of filing of these financial statements. The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the possible inability of the Company to continue as a going concern.
The ability to continue as a going concern is dependent on out generating cash from the sale of our common stock and/or obtaining debt financing and attaining future profitable operations. Management’s plan includes selling our equity securities and/or obtaining debt financing to fund our capital requirement and ongoing operations; however, there can be no assurance the Company will be successful in these efforts.
OFF BALANCE SHEET ARRANGEMENTS
We have not entered into any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations liquidity, capital expenditures or capital resources and would be considered material to investors.

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ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
As a Small Reporting Company, we are not required to provide the information under Item 7A. Quantitative and Qualitative Disclosures About Market Risk.

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ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
REPORTS OF THE INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (PCAOB ID: 3627)
CONSOLIDATED BALANCE SHEETS AS OF DECEMBER 31, 2022 AND 2021
CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE YEARS ENDED DECEMBER 31, 2022 AND 2021
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT) FOR THE YEARS ENDED DECEMBER 31, 2022 AND 2021
CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 2022 AND 2021
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors and Shareholders of Manhattan Scientifics, Inc.:
Opinion on the Financial Statements
We have audited the accompanying consolidated balance sheets of Manhattan Scientifics, Inc. (“the Company”) as of December 31, 2022 and 2021, the related consolidated statements of operations, stockholders’ equity (deficit), and cash flows for each of the years in the two-year period ended December 31, 2022 and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2022 and 2021, and the results of its operations and its cash flows for each of the years in the two-year period ended December 31, 2022, in conformity with accounting principles generally accepted in the United States of America.
Explanatory Paragraph Regarding Going Concern
The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 2 to the financial statements, the Company has an accumulated deficit, negative cash flows form operations, and negative working capital, which raises substantial doubt about its ability to continue as a going concern. Management's plans in regard to these matters are also described in Note 2. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.
Basis for Opinion
These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
Critical Audit Matters
Critical audit matters are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. We determined that there were no critical audit matters.
/s/ Sadler, Gibb & Associates, LLC
We have served as the Company’s auditor since 2020.
Draper, UT
April 13, 2023
MANHATTAN SCIENTIFICS, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
December 31,
ASSETS
Current assets:
Cash and cash equivalents
$ 175,000
$ 232,000
Prepaid expenses
14,000
15,000
Due from the sale of assets - current portion
-
300,000
Total current assets
189,000
547,000
Investment in equity securities
839,000
2,901,000
Property and equipment, net
1,000
4,000
Other assets
2,000
2,000
Total assets
$ 1,031,000
$ 3,454,000
LIABILITIES
Current liabilities:
Accounts payable and accrued expenses
$ 119,000
$ 102,000
Accrued expenses - related parties
1,439,000
1,129,000
Notes payable, net of discounts
110,000
130,000
Total current liabilities
1,668,000
1,361,000
Total liabilities
1,668,000
1,361,000
Commitments and Contingencies - Note 7
-
-
Series D Convertible Preferred mandatory redeemable, authorized 105,761 shares, 105,761 and 105,761 shares issued and outstanding, respectively
1,058,000
1,058,000
STOCKHOLDERS’ EQUITY (DEFICIT)
Capital stock $0.001 par value
Series A Convertible Preferred, authorized 182,525, no shares issued and outstanding, respectively
-
-
Series B Convertible Preferred, authorized 250,000, 49,999 shares issued and outstanding, respectively
-
-
Series C Redeemable Convertible Preferred, authorized 14,000, no shares issued and outstanding, respectively
-
-
Common, authorized 950,000,000 shares, 559,281,064 shares issued, and outstanding, respectively
559,000
559,000
Additional paid-in-capital
68,996,000
68,996,000
Accumulated deficit
(71,250,000 )
(68,520,000 )
Total stockholders' equity (deficit)
(1,695,000 )
1,035,000
TOTAL LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY (DEFICIT)
$ 1,031,000
$ 3,454,000
The accompanying notes are an integral part of these consolidated financial statements.
MANHATTAN SCIENTIFICS, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED
DECEMBER 31,
Revenue
$ 50,000
$ 50,000
Operating expenses:
General and administrative
718,000
727,000
Research and development
11,000
10,000
Total operating expenses
729,000
737,000
Loss from operations
(679,000 )
(687,000 )
Other income (expense):
Gain (Loss) on fair value adjustment of investments
(2,030,000 )
(2,974,000 )
Gain on settlement of legal fees
-
48,000
Interest expense
(21,000 )
(26,000 )
Total other income (expense)
(2,051,000 )
(2,952,000 )
NET LOSS
$ (2,730,000 )
$ (3,639,000 )
LOSS PER COMMON SHARE:
Weighted average number of common shares outstanding (Basic and Diluted)
559,281,064
559,281,064
Basic and Diluted loss per common share (Basic and Diluted)
$ (0.00 )
$ (0.01 )
The accompanying notes are an integral part of these consolidated financial statements.
MANHATTAN SCIENTIFICS, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)
FOR THE YEAR ENDED DECEMBER 31, 2022 and 2021
Preferred Stock - Series B
Common Stock
Additional
Total
Shareholders'
$0.001 Par Value
$0.001 Par Value
Paid-In
Accumulated
Equity
Shares
Amount
Shares
Amount
Capital
Deficit
(Deficit)
Balance
December 31, 2020
49,999
-
559,281,064
559,000
68,996,000
(64,881,000 )
4,674,000
Net loss
-
-
-
-
-
(3,639,000 )
(3,639,000 )
Balance
December 31, 2021
49,999
$ -
559,281,064
$ 559,000
$ 68,996,000
$ (68,520,000 )
$ 1,035,000
Net loss
-
-
-
-
-
(2,730,000 )
(2,730,000 )
Balance
December 31, 2022
49,999
$ -
559,281,064
$ 559,000
$ 68,996,000
$ (71,250,000 )
$ (1,695,000 )
The accompanying notes are an integral part of these consolidated financial statements.
MANHATTAN SCIENTIFICS, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEAR ENDED
DECEMBER 31,
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss
$ (2,730,000 )
$ (3,639,000 )
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization
3,000
2,000
Loss on fair value adjustment of investments
2,030,000
2,974,000
Amortization of debt discount
20,000
26,000
Loss on settelement of legal fees
-
48,000
Changes in:
Prepaid expenses
1,000
(3,000 )
Accounts payable and accrued expenses
17,000
(105,000 )
Accounts payable and accrued expenses - related party
310,000
276,000
Net cash used in operating activities
(349,000 )
(421,000 )
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from the sale of investments
32,000
-
Proceeds from sale of assets held for sale
300,000
300,000
Net cash from investing activities
332,000
300,000
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments for note payable
(40,000 )
-
Net cash used in financing activities
(40,000 )
-
NET INCREASE IN CASH
(57,000 )
(121,000 )
CASH, BEGINNING OF PERIOD
232,000
353,000
CASH, END OF PERIOD
$ 175,000
$ 232,000
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest paid
$ -
$ -
Income taxes paid
$ -
$ -
The accompanying notes are an integral part of these consolidated financial statements.
MANHATTAN SCIENTIFICS, INC. AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2022
NOTE 1 - BASIS OF PRESENTATION
Manhattan Scientifics, Inc., a Delaware corporation (formerly Grand Enterprises, Inc) (“Grand”) was established on July 31, 1992 and has a wholly-owned subsidiary: Metallicum, Inc. (“Metallicum”). On June 12, 2008, the Company acquired Metallicum, Inc, for 15,000,000 shares of Company’s common stock, Manhattan Scientifics, Inc., operates as a technology incubator that seeks to acquire, develop and commercialize life-enhancing technologies in various fields, with emphasis in the areas of nano-technologies and nano-medicine. In this capacity, the Company continues to identify emerging technologies through strategic alliances with scientific laboratories, educational institutions, and scientists and leaders in industry and government. The Company has a long standing relationship with Los Alamos Laboratories in New Mexico. During 2008, the Company refocused its efforts from the development of its fuel cell technologies to its current focus on the development of nanomaterials through the acquisition of Metallicum.
Metallicum is a nanotechnology start-up company located in Colorado. Metallicum Inc. has focused on the development and manufacture of nanostructured metals for medical implants and other applications. Metallicum intends to establish manufacturing partner relationships with major Fortune 500 metals companies and strategic partnering with significant customers in the medical device & prosthetics industries as well as in auto, truck, & aircraft manufacturing industries. Metallicum’s initial products include nanostructured bulk metals and alloys in the form of rod, bar, wire and foil. The Company conducts its operations primarily in the United States.
Manhattan Scientifics purchased Metallicum to acquire its licensed rights to patented technology. The technology is comprised of three US Patents (US Patent numbers 7152448, 6197129 and 6399215) for which Metallicum (subsequently, Manhattan) had been assigned an exclusive license rights by Los Alamos National Security LLC (LANL). Under the license rights, Metallicum had all rights, title and interest throughout the world in and to any and all inventions, original works of authorship, developments, concepts, know-how, and improvements on the patents or trade secrets whether or not patentable or registrable under copyright or similar laws.
In January 2009, the Company entered into a patent license agreement with Los Alamos National Security, LLC for the exclusive licensing use of certain technology relating to the manufacture and application of nanostructuring metals and alloys. Pursuant to such agreement the Company provided a non-refundable fee and 2,000,000 shares of common stock. Additionally, the Company is required to pay an annual license fee which started in February 2010 and royalties on future net sales.
In September 2009, the Company entered into a technology transfer agreement with Carpenter Technologies Corporation (“Carpenter”). Wherein Carpenter will fully develop, manufacture and market a new class of high strength metals under an exclusive technology transfer agreement from Manhattan Scientifics and the Los Alamos National Laboratory. The proprietary process will enable super-strength metals and alloys to make products that weigh far less than in the past and without significant cost premiums. On February 11, 2015, the Company entered into a Settlement Agreement and Mutual General Releases (the "Settlement Agreement") with Carpenter Technology Corporation related to the agreement discussed in Note 7, pursuant to which the parties settled and released each other from any and all liabilities and claims related to the Carpenter Agreements.
On November 17, 2016, Senior Scientific merged with and into Imagion Biosystems, Inc., a Nevada corporation (“Imagion”). Following the merger, Imagion held all of the liabilities, obligations and assets of Senior Scientific and the Company continued as the sole equity holder of Imagion. On June 30, 2017, Imagion completed an IPO and listing on the Australian Stock Exchange (ASX). As of December 31, 2022 , the Company owns 51,566,508 shares (1,000,000 restricted shares related to issued promissory notes interest) of Imagion, resulting in a noncontrolling interest of approximately 5% of Imagion’s issued and outstanding common stock. The Company elected to record the investment at fair value.
Manhattan Scientifics success will depend in part on its ability to obtain patents and product license rights, maintain trade secrets, and operate without infringing on the proprietary rights of others, both in the United States and other countries. There can be no assurance that patents issued to or licensed by the Company will not be challenged, invalidated, or circumvented, or that the rights granted thereunder will provide proprietary protection or competitive advantages to the Company.
MANHATTAN SCIENTIFICS, INC. AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2022
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RELATED MATTERS
BASIS OF CONSOLIDATION:
The consolidated financial statements include the accounts of Manhattan Scientific, Inc., and its wholly owned subsidiary Metallicum. All significant intercompany balances and transactions have been eliminated.
GOING CONCERN:
As of December 31, 2022, the Company has an accumulated deficit of 71,250,000 and negative working capital of $1,479,000. Because of these conditions, the Company will require additional working capital to develop business operations. The Company intends to raise additional working capital through the continued licensing of its technology as well as to generate revenues for other services. There are no assurances that the Company will be able to achieve the level of revenues adequate to generate sufficient cash flow from operations to support the Company’s working capital requirements. To the extent that funds generated are insufficient, the Company will have to raise additional working capital. No assurance can be given that additional financing will be available, or if available, will be on terms acceptable to the Company. If adequate working capital is not available, the Company may not continue its operations.
These factors raise substantial doubt about the Company’s ability to continue within one year from the date of filing these financial statement. The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the possible inability of the Company to continue as a going concern.
The ability to continue as a going concern is dependent on out generating cash from the sale of our common stock and/or obtaining debt financing and attaining future profitable operations. Management’s plan includes selling our equity securities and/or obtaining debt financing to fund our capital requirement and ongoing operations; however, there can be no assurance the Company will be successful in these efforts.
USE OF ESTIMATES:
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amount of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. A significant estimate includes the carrying value of the Company’s patents, fair value of the Company’s common stock, assumptions used in calculating the value of stock options, depreciation and amortization.
CASH AND CASH EQUIVALENTS:
The Company considers all highly liquid investments purchased with an original maturity of year or less at the time of purchase to be cash equivalents for the purposes of the statement of cash flows.
CASH CONCENTRATION:
The Company’s cash accounts are federally insured up to $250,000 for each financial institution we hold our accounts in. As of December 31, 2022, we had cash balances of $-0- exceeding the federally insured limits.
PROPERTY AND EQUIPMENT:
Property and equipment are recorded at cost. Expenditures for major additions and improvements are capitalized, and minor replacements, maintenance, and repairs are charged to expense as incurred. When property and equipment are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is included in the results of operations for the respective period. Depreciation is provided over the estimated useful lives of the related assets, the useful lives range between 3-10 years, using the straight-line method for financial statement purposes.
MANHATTAN SCIENTIFICS, INC. AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2022
INTANGIBLE ASSETS:
License Agreements
In 2008, the Company obtained licenses to the rights of certain patents regarding nanostructured materials developed by another company as a result of 1the acquisition of Metallicum. The purchase price paid for these licenses was $305,000, which represented its fair value. The Company obtained an exclusive license on two patents and a non-exclusive license on the third patent. The value attributable to license agreements is being amortized over the period of its estimated benefit period of 10 years. At December 31, 2022 and December 31, 2021, the license agreements were fully amortized. Under the terms of the agreement, the Company may be required to pay royalties, as defined, to the licensors.
In 2009, the Company entered into a patent license agreement with Los Alamos National Security LLC for the exclusive use of certain technology relating to the manufacture and application of nanostructuring metals and alloys. The purchase price paid for this license agreement was $33,000 based on the fair market value of 2,000,000 shares of common stock issued. The value attributable to license agreements is being amortized over the period of its estimated benefit period of 10 years. At December 31, 2022 and December 31, 2021, the license agreements were fully amortized. Beginning in 2010, the Company was required to pay an annual license fee of $10,000 and may be required to pay royalties, as defined, to the licensors.
DUE FROM THE SALE OF ASSETS:
Non-current assets are classified as held for sale if it is highly probably that they will be recovered primarily through sale rather than through continuing use.
Immediately before classification as held for sale, the assets are remeasured at the lower of their carrying amount and fair value less costs to sell. Any impairment loss on initial classification as held for sale and subsequent gains and losses on re-measurement are recognized in profit or loss. Gains are not recognized in excess of any cumulative impairment loss.
During the year ended December 31, 2019, the Company sold the assets held for sale that were presented on the balance sheet as of December 31, 2018. During the year ended December 31, 2018, the Company recorded impairment and adjusted the asset valuation to $1.2 million. The Company sold the assets for a total of $1.2 million of which $300,000 was received during the year ended December 31, 2019. During May 2022 and 2021, the Company received $300,000 and $300,000 respectively and reduced the due from the sale of assets to the balance of $0. As of December 31, 2022, the Company received the full amount from the sale of assets.
MARKETABLE SECURITIES:
The Company considers securities with original maturities of greater than 90 days to be available for sale securities. Securities under this classification are recorded at fair value and unrealized gains and losses within other income (loss). The estimated fair value of the available for sale securities is determined based on quoted market prices or rates for similar instruments. In addition, the cost of debt securities in this category is adjusted for amortization of premium and accretion of discount to maturity. For available for sale debt securities in an unrealized loss position, the Company assesses whether it intends to sell or if it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value. If the criteria are not met, the Company evaluates whether the decline in fair value has resulted from a credit loss or other factors. In making this assessment, management considers, among other factors, the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of the cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized costs basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other income (loss). For the year ended December 31, 2022, no allowance was recorded for credit losses.
MANHATTAN SCIENTIFICS, INC. AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2022
REVENUE RECOGNITION:
The Company recognizes revenue in accordance with generally accepted accounting principles as outlined in the Financial Accounting Standard Board’s (“FASB”) Accounting Standards Codification (“ASC”) 606, Revenue From Contracts with Customers, which consists of five steps to evaluating contracts with customers for revenue recognition: (i) identify the contract with the customer; (ii) identity the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price; and (v) recognize revenue when or as the entity satisfied a performance obligation.
Revenue recognition occurs at the time we satisfy a performance obligation to our customers, when control transfers to customers, provided there are no material remaining performance obligations required of the Company or any matters of customer acceptance. We only record revenue when collectability is probable.
The revenue was generated was from minimum royalty payments from the license agreement.
FAIR VALUE MEASUREMENTS:
The Company recognized the fair value of financial instruments in accordance with FASB ASC 820, Fair Value Measurements and Disclosures, “Fair Value Measurements”, which provides a framework for measuring fair value under GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The standard also expands disclosures about instruments measured at fair value and establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value:
Level 1 - Quoted prices for identical assets and liabilities in active markets;
Level 2 - Quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets; and
Level 3 - Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.
The Company designates cash and cash equivalents (consisting of money market funds), short-term investments in securities of publicly traded companies as Level 1. The total amount of the Company’s investment classified as Level 3 is de minimis. Fair value of financial instruments: The carrying amounts of financial instruments, including prepaid expenses, accounts payable, accrued expenses and notes payables approximated fair value as of December 31, 2022 and December 31, 2021 because of the relative short term nature of these instruments.
During the year ended December 31, 2017, the Company elected fair value option for its investment in Imagion Biosystems, Inc. a Nevada company (“Imagion”) based on triggering event of dilution of ownership, which lead to the deconsolidation of Imagion. Investments in Imagion are measured at fair value as opposed to equity method based on ASC 825-10. The guidance allows entities to elect to measure certain financial assets and financial liabilities (as well as certain nonfinancial instruments that are similar to financial instruments) at fair value. Investments over which an investor has the ability to exercise significant influence are eligible for the fair value option as they represent recognized financial assets. When the fair value option is elected for an instrument, all subsequent changes in fair value for that instrument are reported in earnings.
As of December 31, 2022, the Company holds 51,566,508 shares of Imagion and is reported under fair value method under ASC 320. Any change in the value is reported on the income statement as an unrealized gain or loss on fair value adjustment of investments.
Our financial assets and liabilities carried at fair value measured on a recurring basis as of December 31, 2022 and 2021, consisted of the following:
Total fair value at December 31, 2022
Quoted prices in active markets for identical assets (Level1)
Significant other observable inputs (Level 2)
Significant unobservable inputs (Level 3)
Investment in equity securities
$ 839,000
$ 839,000
$ -
$ -
Total fair value at December 31, 2021
Quoted prices in active markets for identical assets (Level1)
Significant other observable inputs (Level 2)
Significant unobservable inputs (Level 3)
Investment in equity securities
$ 2,901,000
$ 2,901,000
$ -
$ -
MANHATTAN SCIENTIFICS, INC. AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2022
INTELLECTUAL PROPERTY / RESEARCH AND DEVELOPMENT
In June 2008, we acquired Metallicum and its licensed rights to patented technology. The technology is comprised of three US Patents (US Patent numbers 7152448, 6197129 and 6399215) for which Metallicum (subsequently, Manhattan) had been assigned an exclusive license rights by Los Alamos National Security LLC (LANL). Under the license rights, Metallicum had all rights, title and interest throughout the world in and to any and all inventions, original works of authorship, developments, concepts, know-how, and improvements on the patents or trade secrets whether or not patentable or registerable under copyright or similar laws. The purchase price paid for these licenses was $305,000, which represents its fair value. The Company obtained an exclusive license on two patents and a non-exclusive license on the third patent. The value attributable to license agreements was being amortized over the period of its estimated benefit period of 10 years. The license is fully amortized.
Our ability to compete depends in part on the protection of and our ability to defend our proprietary technology and on the goodwill associated with our trade names, service marks and other proprietary rights. However, we do not know if current laws will provide us with sufficient enough protection that others will not develop technologies similar or superior to ours, or that third parties will not copy or otherwise obtain or use our technologies without our authorization.
The success of our business will depend, in part, to identify technology, obtain patents, protect and enforce patents once issued and operate without infringing on the proprietary rights of others. Our success will also depend on our ability to maintain exclusive rights to trade secrets and proprietary technology we own are currently developing and will develop. We can give no assurance that any issued patents will provide us with competitive advantages or will not be challenged by others, or that the patents of others will not restrict our ability to conduct business.
In addition, we rely on certain technology licensed with a perpetual term from the Los Alamos National Laboratory and may be required to license additional technologies in the future. We do not know if these third-party licenses will be available or will continue to be available to us on acceptable commercial terms or at all. The inability to enter into and maintain any of these licenses could have a material adverse effect on our business, financial condition or results of our operations.
Policing unauthorized use of our proprietary technology and other intellectual property rights could entail significant expense. In addition, we do not know if third parties will bring claims of copyright or trademark infringement against us or claim that our use of certain technologies violates a patent or other intellectual property. Any claims of infringement, with or without merit, could be time consuming and expensive to defend, result in costly litigation, divert management attention, require us to enter into costly royalty or licensing arrangements or prevent us from using important technologies or methods, any of which could have a material adverse effect on our business, financial condition or results of our operations.
LEASES
The Company leases a facility with terms of month to month for its headquarters. The Company adopted ASC 842 on January 1, 2019 and has evaluated that has no impact on the financial statements as under the practical expedient the leases consist of terms less than one year, and therefore, is not required to capitalize the lease.
MANHATTAN SCIENTIFICS, INC. AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2022
INCOME TAXES
The Company accounts for income taxes under an asset and liability approach. This process involves calculating the temporary and permanent differences between the carrying amounts of the assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The temporary differences result in deferred tax assets and liabilities, which would be recorded on the Company’s consolidated balance sheets in accordance with ASC 740, which established financial accounting and reporting standards for the effect of income taxes. The Company must assess the likelihood that its deferred tax assets will be recovered from future taxable income and, to the extent the Company believes that recovery is not likely, the Company must establish a valuation allowance. Changes in the Company’s valuation allowance in a period are recorded through the income tax provision on the consolidated statements of operations.
ASC 740-10 clarifies the accounting for uncertainty in income taxes recognized in an entity’s financial statements and prescribes a recognition threshold and measurement attributes for financial statement disclosure of tax positions taken or expected to be taken on a tax return.
Under ASC 740-10, the impact of an uncertain income tax position on the income tax return must be recognized at the largest amount that is more-likely-than-not to be sustained upon audit by the relevant taxing authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. Additionally, ASC 740-10 provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. As a result of the implementation of ASC 740-10, the Company recognized no material adjustment in the liability for unrecognized income tax benefits.
BASIC AND DILUTED EARNINGS (LOSS) PER SHARE
In accordance with FASB ASC 260, “Earnings Per Share,” the basic loss per share is computed by dividing the loss attributable to common stockholders by the weighted average number of common shares outstanding during the period. Basic net income (loss) per share excludes the dilutive effect of stock options or warrants and convertible notes Diluted net earnings (loss) per common share is determined using the weighted-average number of common shares outstanding during the period, adjusted for the dilutive effect of common stock equivalents, consisting of shares that might be issued upon exercise of common stock options and warrants. In periods where losses are reported, the weighted-average number of common shares outstanding excludes common stock equivalents, because their inclusion would be anti-dilutive. As of December 31, 2022 and 2021, 26,655,760 and 26,655,760, respectively, dilutive shares were excluded from the calculation of diluted earnings (loss) per common share, as the effect of these shares on earnings per share would have been anti-dilutive; however, dilutive shares were included from the calculation of diluted income common shares for the year ended December 31, 2021.
The following table shows the computation of basic and diluted earnings (loss) per share for the year ended December 31, 2022 and 2021:
The Years Ended
December 31,
December 31,
Numerator:
Net loss
$ (2,730,000 )
$ (3,639,000 )
Denominator:
Weighted-average basic shares outstanding
559,281,064
559,281,064
Effect of dilutive securities
-
-
Weighted-average diluted shares
559,281,064
559,281,064
Basic earnings (loss) per share
$ (0.00 )
$ (0.01 )
Diluted earnings (loss) per share
$ (0.00 )
$ (0.01 )
MANHATTAN SCIENTIFICS, INC. AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2022
STOCK BASED COMPENSATION
The Company accounts for stock-based compensation based on the fair value of all option grants or stock issuances made to employees or directors on or after its implementation date (the beginning of fiscal 2006), as well as, a portion of the fair value of each option and stock grant made to employees or directors prior to the implementation date that represents the unvested portion of these share-based awards as of such implementation date, to be recognized as an expense, as codified in ASC 718. The Company calculates stock option-based compensation by estimating the fair value of each option as of its date of grant using the Black-Scholes option pricing model. These amounts are expensed over the respective vesting periods of each award using the straight-line attribution method. Compensation expense is recognized only for those awards that are expected to vest, and as such, amounts have been reduced by estimated forfeitures. The Company has historically issued stock options and vested and non-vested stock grants to employees and outside directors whose only condition for vesting has been continued employment or service during the related vesting or restriction period. The estimated fair value of grants of stock options and warrants to nonemployees of the Company is charged to expense, if applicable, in the financial statements.
The Company accounts for equity instruments issued in exchange for the receipt of goods or services from other than employees in accordance with FASB ASC 505-50. Costs are measured at the estimated fair market value of the consideration received or the estimated fair value of the equity instruments issued, whichever is more reliably measurable. The value of equity instruments issued for consideration other than employee services is determined on the earliest of a performance commitment or completion of performance by the provider of goods or services as defined by FASB ASC 505-50.
RECENT ACCOUNTING PRONOUNCEMENTS
In August 2020, the FASB issued ASU No. 2020-06, Debt-Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity, which address issues identified as a result of the complexity associated with applying generally accepted accounting principles for certain financial instruments with characteristics of liabilities and equity. This amendment is effective for public business entities that meet the definition of a Securities and Exchange Commission (SEC) filer, excluding entities eligible to be smaller reporting companies as defined by the SEC, for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years.
The Company has evaluated all recent accounting pronouncements and none are expected to have a material impact on the condensed consolidated financial statements.
NOTE 3 - INVESTMENT IN IMAGION BIOSYSTEMS
As of December 31, 2022, the Company owns 51,566,508 shares of Imagion, resulting in a noncontrolling interest of Imagion’s issued and outstanding common stock. Based upon Imagion’s trading price on December 31, 2022, approximately $0.01 per share, the fair value of the Imagion shares was approximately $839,000. During the year ended December 31, 2021, the Company recorded loss on fair value adjustment on its investment of $2,030,000.
Below is reconciliation for the changes to the investment in Imagion for the year ended December 31, 2022:
Balance as of December 31, 2020
$ 2,901,000
Change in the unrealized fair value of securities
(2,030,000 )
Sales of securities
(32,000 )
Balance as of December 31, 2021
$ 839,000
NOTE 4 - NOTES PAYABLE
On October 17, 2019, The Company executed two secured notes with a related party for $100,000. The secured notes were due on October 17, 2022. The notes bears interest at 10% per annum, to be paid in advance in shares of Imagion Biosystems Limited common stock (IBX), calculated at $0.015 per share with 2 million shares of IBX common stock. The amortization of debt discount for the year ended December 31, 2022 and 2021 was $13,334 and $17,000, respectively.
On October 17, 2019, the Company executed a secured note with an individual for $50,000. The secured note was due on October 17, 2022. The Company agreed that the note bears interest at 10% per annum, to be paid in advance in shares of Imagion Biosystems Limited common stock (IBX), calculated at $0.015 per shares with 1 million shares of IBX common stock. The amortization of debt discount for the years ended December 31, 2022 and 2021 was $6,666 and $9,000, respectively.
MANHATTAN SCIENTIFICS, INC. AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2022
On September 30, 2022, the Company made $10,000 repayments and the notes payable balance was reduced to $140,000 from $150,000.
On September 30, 2022, the Company made $30,000 repayments and the notes payable balance was reduced to $110,000.
Notes payable as of December 31, 2022 were as follows:
Notes payable
$ 130,000
Less: Discounts on notes payable
(20,000 )
Notes payable, net of discounts
$ 110,000
NOTE 5 - CAPTIAL TRANSACTIONS
Preferred Stock
The Company has a total of 1,000,000 shares of authorized preferred shares which are segregated into four classes of preferred stock.
The Company has 182,525 authorized shares of convertible, redeemable, 10 percent cumulative, Class A, Preferred Stock with $0.001 par value. One Class A, Preferred share is convertible into 50 restricted common shares and will be entitled to the number of votes equal to the number of shares of common stock into which such holder’s shares of Series A Preferred stock could be converted at the time of the vote. Class A, Preferred Stock is redeemable by the Company at $15 per share. Upon liquidation the holders of Series A Preferred stock will be entitled to be paid out of the assets available for distribution of the corporation an amount equal to $10 per share, before any payment will be made to the common shareholders. As of December 31, 2022 and 2021, no shares of Preferred Stock were issued and outstanding.
The Company has 250,000 authorized shares of Class B, Preferred Stock with $0.001 par value. As of December 31, 2022 and 2021, 49,999 and 49,999 shares of Preferred Stock were issued and outstanding, respectively. Class B preferred shares are convertible at a rate of 1 Series B preferred share to 10 common shares.
The Company has 14,000 authorized shares of redeemable, convertible, Class C, Preferred Stock with $100 stated value. Class C, Preferred Stock is not entitled to receive dividends unless dividends are paid on common stock. Upon liquidation Class C, Preferred Stock shall be treated as if it were converted to common stock prior to liquidation. Class C, Preferred Stock is convertible at $100 divided by the 10 day average closing price of common stock. The Class C, Preferred Stock is redeemable by the Company at the stated value. As of December 31, 2022 and 2021, no shares of Preferred Stock were issued and outstanding.
On November 5, 2013, the Company entered into a Conversion Agreement with Marvin Maslow (the "Holder") pursuant to which the Company agreed to convert $1,057,608 of debt (the "Debt"), including principal and interest, currently owed to Holder into 105,761 shares of Series D Preferred Shares of the Company. The Debt had been outstanding since 2007.
The above transactions were approved by the Board of Directors of the Company. The Series D Preferred Stock does not pay dividends and does not have a liquidation preference. The Holder of the Series D Preferred Stock will be entitled to 20 votes for each share of common stock that the Series D Preferred Stock are convertible into. The Series D Preferred Stock has a conversion price of $0.055 (the “Conversion Price”) and a stated value of $10.00 (the “Stated Value”) per share. Each share of Series D Preferred Stock is convertible, at the option of the Holder, into such number of shares of common stock of the Company as determined by dividing Stated Value by the Conversion Price.
Holder may only convert the Series D Preferred Stock upon certain Convertible Promissory Notes, whether presently outstanding or to be issued, issued to three accredited investors (the "Note Investors") in accordance with those certain Convertible Note Purchase Agreements between the Company and the Note Investors dated April 3, 2013, have either (i) been converted in full or in part by the Note Investors into shares of common stock of the Company, (ii) the Note Investors have sold or assigned all or a part of their Convertible Promissory Notes to third parties, or (iii) the Note Investors have been paid in full or in part. The Holder will only be permitted to convert such number of Series D Preferred Stock equal to the pro rata amount of the Convertible Promissory Notes converted, assigned or paid. In the event the Note Investors agree in writing that these restrictions may be terminated, then the Holder will be entitled to convert the Series D Preferred Stock at the Holder’s election and the above restrictions will be null and void. Additionally, Holder may not convert the Series D Preferred Stock until the ten day average daily trading volume is greater than $20,000. As of the date of this filing, this has not occurred yet.
MANHATTAN SCIENTIFICS, INC. AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2022
In the event the Holder terminates its consulting agreement or violates a non-compete covenant, then the Series D Preferred Shares shall be returned to the Company for cancellation and the Company shall be obligated on the Debt. As the Series D Preferred Stock is conditionally redeemable, the Company has recorded the Series D Preferred Stock as mezzanine equity in the accompanying consolidated balance sheet.
The Company has 447,804 and 447,804 undesignated blank check preferred stock, $0.001 par value, authorized as of December 31, 2022 and 2021. The preferred shares are to be issued in such series and to have such rights, preferences, and designation as determine by the Board of Directors of the Company.
Common Stock
The Company has a total of 950,000,000 shares of authorized common shares. As of December 31, 2022 and 2021, 559,281,064 and 559,281,064 shares of common stock were issued and outstanding, respectively.
Stock Activity during 2022 and 2021
During the year ended December 31, 2022 and 2021, the Company had not issued common stock.
Options
On March 22, 2021, the Company entered into a settlement with a third party, which the Company granted 15,000,000 shares of common stock options to purchase 15,000,000 shares of common stock at an exercise price of $0.0154. The options price was based on the closing market price of common stock on October 1, 2020. The Settlement is for the Employment Agreement with a third party, dated January 12, 2015 to which the Company agreed to issued common shares.
At December 31, 2022, the 26,500,000 outstanding options had an aggregate intrinsic value of $0. A summary of the Company’s stock option activity and related information is as follows:
Number of Options
Weighted Average Exercise Price
Weighted Average Remaining Life
Number of Options Exercisable
Aggregate Intrinsic Value
Outstanding as of December 31, 2020
18,500,000
0.07
2.84
18,500,000
$ -
Granted
15,000,000
0.02
9.68
15,000,000
15,000
Exercised
-
-
-
-
Expired
(7,000,000 )
$ 0.07
-
(7,000,000 )
-
Outstanding as of December 31, 2021
26,500,000
0.04
6.06
26,500,000
15,000
Granted
-
-
-
-
-
Exercised
-
-
-
-
Expired
-
-
-
-
-
Outstanding as of December 31, 2022
26,500,000
$ 0.04
4.97
26,500,000
$ 0
MANHATTAN SCIENTIFICS, INC. AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2022
Exercise prices and weighted-average contractual lives of 26,500,000 stock options outstanding as of December 31, 2022 are as follows:
Options Outstanding
Options Exercisable
Exercise Price
Number Outstanding
Weighted Average Remaining Contractual Life
Weighted Average Exercise Price
Number Exercisable
Weighted Average Exercise Price
$ 0.02
15,500,000
7.55
$ 0.02
15,500,000
$ 0.02
$ 0.05
3,000,000
2.50
$ 0.05
3,000,000
$ 0.05
$ 0.06
5,000,000
2.60
$ 0.06
5,000,000
$ 0.06
$ 0.14
3,000,000
1.50
$ 0.14
3,000,000
$ 0.14
The fair value for options granted were determined using the Black-Scholes option-pricing model.
The Company did not recognize compensation expense during the year ended December 31, 2022.
NOTE 6 - INCOME TAXES
The provision for income taxes on the statements of operations consists of $-0- and $-0- for the years ended December 31, 2022 and 2021, respectively. Deferred tax assets are comprised of the following at December 31:
Net operating loss carryforward
$ 13,501,350
$ 12,704,000
Temporary differences
6,988,000
6,988,000
Less valuation allowance
(20,489,350 )
(19,692,000 )
Deferred tax asset, net
-
-
Deferred taxes arise from temporary differences in the recognition of certain expenses for tax and financial reporting purposes. At December 31, 2022 and 2021, management determined that realization of these benefits is not assured and has provided a valuation allowance for the entire amount of such benefits. At December 31, 2022 and 2021, net operating loss carryforwards were approximately $47,275,000 and $47,275,000, respectively, for federal tax purposes that expire at various dates through 2031 and for state tax purposes expire through 2025.
Utilization of net operating loss carryforwards may be subject to substantial annual limitations due to the “change in ownership” provisions of the Internal Revenue Code of 1986, as amended, and similar state regulations. The annual limitation may result in the expiration of substantial net operating loss carryforwards before utilization.
For December 31, 2022 and 2021, the provision for income taxes differs from the amount computed by applying the U.S. federal statutory tax rate (21% in 2021 and 2020) to income taxes as follows:
Tax benefit computed at 21%
$ (737,100
)
$ 982,530
)
Change in valuation allowance
737,100
982,530
Change in carryovers and tax attributes
-
-
Income tax provision
$ -
$ -
NOTE 7 - LICENSE AGREEMENT
On May 1, 2019, the Company, entered into an agreement with a non-affiliated third party (“Third Party”), providing for an exclusive license by the Company of its ECAP technology to the Third Party for a term of 17 years unless terminated sooner, a sublicense by the Company to the Third Party of its rights under that certain Exclusive Field-of-Use Patent License Agreement dated January 5, 2009 entered with The Los Alamos National Laboratory for a term until the expiration of the last valid claim to expire of the patents pursuant to such agreement and the sale by the Company of ECAP-C machines to the Third party. As part of the above license agreements, the Company will receive royalty payments, including minimum payments, based on a percentage of the Third Party’s sales. Royalties will be 10% on gross sales of licensed dental products and average of 5% on all other sales of licensed products.
During the years ended December 31, 2022 and 2021, the Company received $50,000 and $50,000, respectively, as a minimum royalty payment.
MANHATTAN SCIENTIFICS, INC. AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2022
NOTE 8 - COMMITMENTS AND CONTINGENCIES
Legal matter contingencies
The Company believes, based on current knowledge and after consultation with counsel, that it is not currently party to any material pending proceedings, individually or in the aggregate, the resolution of which would have a material effect on the Company. Provisions for losses are established in accordance with ASC 450, “Contingencies” when warranted. Once established, such provisions are adjusted when there is more information available of when an event occurs requiring a change.
NOTE 9 - RELATED PARTY TRANSACTIONS
As of December 31, 2022 and December 31, 2021, the Company had accrued expenses to related parties of approximately $1,439,000 and $1,129,000.
As of December 31, 2022, the amounts are due to the Company’s sole officer for compensation $362,000 and the chairman of the board for compensation of $996,000 and the members of the board of directors of $81,000.
NOTE 10 - SUBSEQUENT EVENTS
In January 2023, the Company signed an agreement with one of its noteholders to pay one million IBX shares with a strike price of $0.003 per share USD, the transfer was made on January 26, 2023, in addition to $10,000 in cash for repayment on March 22, 2023. The remaining balance of $20,000 will be paid later.

---

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS
None
ITEM 9T. CONTROLS AND PROCEDURES
(a) Evaluation of Disclosure Controls and Procedures
Our principal executive and principal financial officers have evaluated the effectiveness of our disclosure controls and procedures, as defined in Rules 13a - 15(e) and 15d - 15(e) under the Securities Exchange Act of 1934, as amended (the "Exchange Act") that arc designed to ensure that information required to be disclosed in our reports under the Exchange Act, is recorded, processed, summarized and reported within the time periods required under the SEC's rules and forms and that the information is gathered and communicated to our management, including our principal executive officer and principal financial officer, as appropriate, to allow for timely decisions regarding required disclosure.
Our principal executive officer and principal financial officer evaluated the effectiveness of our disclosure controls and procedures (as defined in Exchange Act Rule 13a-15(c) as of the end of the period covered by this report. Based on this evaluation, our principal executive officer and principal financial officer concluded that our disclosure controls and procedures were not effective as of the end of the period covered by this report due to the reasons described below.
This annual report does not include an attestation report of our registered public accounting firm regarding internal control over financial reporting. Management's report was not subject to attestation by our registered public accounting firm pursuant to temporary rules of the Securities and Exchange Commission.
Management's Annual Report on Internal Control Over Financial Reporting
Our management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rules 13a-15(f) and 15d-15(t) under the Exchange Act. Our internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. Our internal control over financial reporting includes those policies and procedures that:
1. Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of our assets;
2. Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with U.S. GAAP, and that our receipts and expenditures are being made only in accordance with the authorization of our management and directors; and
3. Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Management assessed the effectiveness of our internal control over financial reporting as of December 31, 2021. Based on this assessment, management concluded that the Company did not maintain effective internal controls over financial reporting as a result of the identified material weakness in our internal control over financial reporting described below. In making this assessment, management used the framework set forth in the report entitled Internal Control--Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission, or COSO (2013). The COSO framework summarizes each of the components of a company's internal control system, including (i) the control environment, (ii) risk assessment, (iii) control activities, (iv) information and communication. and (v) monitoring.
Identified Material Weakness
A material weakness in our internal control over financial reporting is a control deficiency, or combination of control deficiencies, that results in more than a remote likelihood that a material misstatement or the financial statements will not be prevented or detected.
Management identified the following material weakness during its assessment of internal controls over financial reporting as or December 31, 2021:
Resources: As of December 31, 2021, we had no full-time employees in general management and no full-time employees with the requisite expertise in the key functional areas of finance and accounting. As a result, there is a lack of proper segregation of duties necessary to insure that all transactions are accounted for accurately and in a timely manner.
Written Policies & Procedures: We need to prepare written policies and procedures for accounting and financial reporting to establish a formal process to close our books monthly on an accrual basis and account for all transactions, including equity transactions, and prepare, review and submit SEC filings in a timely manner.
Audit Committee: We do not have, and are not required, to have an audit committee. An audit committee would improve oversight in the establishment and monitoring of required internal controls and procedures. The Company lacks sufficient monitoring and review controls with respect to accounting for complex transactions.
Management's Remediation Initiatives
We plan to prepare written policies and procedures for accounting and financial reporting to establish a formal process to close our books monthly on an accrual basis and account for all transactions, including equity transactions. We also plan to add an audit committee financial expert to our board and create an audit committee made up of our independent directors.
(b) Changes in Internal Control Over Financial Reporting
There were no changes in our internal controls over financial reporting during this fiscal quarter that materially affected, or is reasonably likely to have a materially affect, on our internal control over financial reporting.
ITEM 9B. OTHER INFORMATION
PART III
ITEM 10. DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS; COMPLIANCE WITH SECTION 16(a) OF THE EXCHANGE ACT
The names, ages and biographical information of each of our directors and executive officers as of March 27, 2020 are set forth below. There are no existing family relationships between or among any of our executive officers or directors.
NAME
AGE
POSITION
Emmanuel Tsoupanarias
President and Chief Executive Officer, Director
Frank Georgiou
Director
Marvin Maslow
Chairman of the Board
Members of the Board serve until the next annual meeting of stockholders and until their successors are elected and qualified. Officers are appointed by and serve at the discretion of the Board. There are no family relationships among any of our directors or officers.
None of our directors or executive officers has, during the past ten years:
·
been convicted in a criminal proceeding and none of our directors or executive officers is subject to a pending criminal proceeding,
·
been subject to any order, judgment, or decree not subsequently reversed, suspended or vacated of any court of competent jurisdiction, permanently or temporarily enjoining, barring, suspending or otherwise limiting his involvement in any type of business, securities, futures, commodities or banking activities, or
·
been found by a court of competent jurisdiction (in a civil action), the Securities and Exchange Commission or the Commodity Futures Trading Commission to have violated a federal or state securities or commodities law, and the judgment has not been reversed, suspended, or vacated.
EMMANUEL TSOUPANARIAS has served as our chief executive officer and director since November 1, 2007. Mr. Tsoupanarias is the president, founder and editor of FuelCellsWorks.com, a weekly trade publication that has become the voice of the fuel cell industry. He is internationally recognized as an expert in fuel cell development. Prior to his tenure at FuelCellsWorks.com, Mr. Tsoupanarias was an executive in the power generation manufacturing sector. From 1992 to 2007 Mr. Tsoupanarias has served as a Project Manager in the power generation sector and from 2000 has served as a consultant in the fuel cell industry. His technical and engineering background and his 11-year tenure as the Company’s CEO qualify him for the Company’s Board.
FRANK GEORGIOU has served as a director since October 2007. Since 1993, Mr. Georgiou has been the President of Three Diamond Diner Corp., a private company that owns and operates the Mount Kisco Coach Diner. He is the former President of the Upper New York Pangregorian, a consortium of restaurant owners. Mr. Georgiou’s business experience as president of a private company is valuable to the Company’s Board.
MARVIN MASLOW served as the CEO of Manhattan Scientifics from January 1998 until November 2007. On March 13, 2015, Mr. Maslow was appointed as a director of the Company. From June 1990 through September 1996, Mr. Maslow served as chief executive officer of Projectavision, Inc., a company he co-founded to develop and market video projection technology. For more than 20 years, Mr. Maslow has been President of Normandie Capital Corp., a private investment and consulting company. Mr. Maslow is credited with the starting up and financing of more than 20 enterprises during his career. Mr. Maslow received an A.A.S. degree from the Rochester Institute of Technology in 1957 and an honorable discharge from the U.S. Army Signal Corps in 1963. Mr. Maslow serves as a paid consultant to the Company, attends board meetings and serves as a special advisor to the Board of Directors. He also serves as a Manager of the Company’s Senior Scientifics LLC subsidiary.
SECCTION 16(a) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE
Section 16(a) of the Securities Exchange Act of 1934 requires our executive officers and directors, and persons who own more than ten percent of our common stock to file reports of ownership and change in ownership with the Securities and Exchange Commission and the exchange on which the common stock is listed for trading. Executive officers, directors and more than ten percent stockholders are required by regulations promulgated under the Exchange Act to furnish us with copies of all Section 16(a) reports filed. Based solely on our review of copies of the Section 16(a) reports filed for the fiscal year ended December 31, 2021, we believe that our executive officers, directors and ten percent stockholders complied with all reporting requirements applicable to them.
CODE OF ETHICS
On March 31, 2005, we adopted a code of ethics that applies to our principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. A copy of the Company’s Code of Ethics can be viewed obtained free of charge by sending a written request to the attention of the Company’s Chief Executive Officer, Emmanuel Tsoupanarias at 244 Fifth Avenue, Suite 2341, New York, New York, 10001.
CORPORATE GOVERNANCE
We do not have a separately-designated standing audit committee. The entire Board of Directors of the Company acts as the audit committee. The Board of Directors of the Company has determined that it does not have an "audit committee financial expert" as such term is defined in the rules adopted by the SEC requiring companies to disclose whether or not at least one member of the audit committee is an "audit committee financial expert." The Board of Directors believes that the aggregate technical, commercial and financial experience of its members, together with their knowledge of the Company, provides the Board with the ability to monitor and direct the goals of the Company and to protect the best interests of its shareholders. Four of the five members of the Board of Directors are "independent," as that term is defined in Section 10A(m) of the Securities Exchange Act of 1934, and that the members' independence qualifies it to monitor the performance of management, the public disclosures by the Company of its financial condition and performance, the Company's internal accounting operations and its independent auditors. In addition, the Board of Directors is authorized to engage independent financial consultants, auditors and counsel whenever it believes it is necessary and appropriate.
ITEM 11. EXECUTIVE COMPENSATION
The following tables set forth all compensation awarded by us to our executive officers for the fiscal years ended December 31, 2022 and 2021. Other than the Employment Agreement entered into between the Company and Emmanuel Tsoupanarias, our CEO, we do not have employment agreements with any of our other officers.
Name
Year
Salary
($)
Bonus
($)
Stock Awards ($)
Option Awards
($)
Non-Equity Incentive Plan Compensation ($)
Changes in Pension Value and Nonqualified Deferred Compensation Earnings
($)
All Other Compensation ($)
Total
($)
Emmanuel Tsoupanarias
186,000
--
--
--
--
--
--
186,000
CEO and Director
186,000
--
--
--
--
--
--
186,000
Prior to entering an Employment Agreement with the Company on March 28, 2013, Mr. Emmanuel Tsoupanarias, our Chief Executive Officer, did not have an employment agreement. His salary, was originally set at $100,000, was set by the Board of Directors in 2007. On March 28, 2013, the Company entered into an Employment Agreement with Emmanuel Tsoupanarias, our CEO. The agreement is for a term of five years and Mr. Tsoupanarias shall receive an annual salary of $150,000 per year and additional cash incentive consideration as determined by the Board. Effective January 1, 2015, the Company renewed the agreement for a period of ten years with automatic extensions for one-year periods thereafter. His salary remains at $150,000 per year and cash incentive of $3,000 per month . In the event the employment agreement is terminated by the Company without cause, then the Mr. Tsoupanarias shall receive 50% of the base salary remaining on the term and all options and other securities he would have been entitled to for an additional three months shall vest.
The independent members of the Company’s board of directors, acting as a compensation committee, reviewed the compensation policies and practices relating to the compensation provided to the Company’s employees to determine whether such policies and practices are reasonably likely to have a material adverse effect on the Company. Based on the review and the compensation paid by the Company to its only employee, the Company determined that any risks associated with the Company’s compensation practices were not reasonably likely to have a material adverse effect on the Company.
Director Compensation
For the year ended December 31, 2022, for their service as directors, each of the directors received $1,250 per quarter.
Compensation Committee Interlocks and Insider Participation
Our entire board currently acts as our compensation committee. Emmanuel Tsoupanarias is the sole executive officer of our company. No member of the compensation committee is employed by or serving as a member of the board of directors or compensation committee of any entity that has one or more of its executive officers serving as a member of our board.
OUTSTANDING EQUITY AWARDS
Name
Grant Date
Number of Securities Underlying Unexercised Warrants (#) Exercisable
Number of Securities Underlying Unexercised Warrants (#) Unexercisable (1)
Warrant Exercise Price ($)
Warrant Expiration Date
Emmanuel Tsoupanarias, Director and CEO
06/30/2014
500,000
-
$ 0.140
06/30/2024
Frank Georgiou, Director
06/30/2014
500,000
-
$ 0.140
06/30/2024
Chris Theoharis, Former Director (2)
06/30/2014
500,000
-
$ 0.140
06/30/2024
Leonard Friedman, Former Director (1)
06/30/2014
500,000
-
$ 0.140
06/30/2024
Marvin Maslow, Chairman of the Board
06/30/2014
500,000
-
$ 0.140
06/30/2024
Leonard Friedman, Former Director (1)
06/30/2015
500,000
-
$ 0.05
06/30/2025
Marvin Maslow, Chairman of the Board
06/30/2015
500,000
-
$ 0.05
06/30/2025
Saraklis, Inc. (Emmanuel Tsoupanarias)
06/30/2015
500,000
-
$ 0.05
06/30/2025
Frank Georgiou, Director
06/30/2015
500,000
-
$ 0.05
06/30/2025
Chris Theoharis, Former Director (2)
06/30/2015
500,000
-
$ 0.05
06/30/2025
Leonard Friedman, Former Director (1)
06/30/2016
500,000
-
$ 0.06
06/30/2026
Marvin Maslow, Chairman of the Board
06/30/2016
500,000
-
$ 0.06
06/30/2026
Saraklis, Inc. (Emmanuel Tsoupanarias)
06/30/2016
500,000
-
$ 0.06
06/30/2026
Frank Georgiou, Director
06/30/2016
500,000
-
$ 0.06
06/30/2026
Chris Theoharis, Former Director (2)
06/30/2016
500,000
-
$ 0.06
06/30/2026
(1) Mr. Friedman resigned as a director on January 3, 2018.
(2) Mr. Theoharis resigned as a director on July 10, 2017.
Grant of Plan Based Awards
No plan-based awards were made during the fiscal year ended December 31, 2022.
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS
The following table sets forth, as of March 27, 2023, the names, addresses and number of shares of common stock beneficially owned by (i) all persons known to us to be the beneficial owners of more than 5% of the outstanding shares of common stock, (ii) each of our directors, (iii) each of our executive officers, and (iv) all of our directors and executive officers as a group. Except as indicated, each beneficial owner listed exercises sole voting power and sole dispositive power over the shares beneficially owned. Share ownership in each case includes shares issuable upon exercise of options exercisable within 60 days of the date of this Annual Report that would be required to be reported pursuant to Rule 13d-3 of the Securities Exchange Act of 1934 for purposes of computing the percentage of common stock owned by such person but not for purposes of computing the percentage owned by any other person. Unless otherwise indicated, the address of the below-listed persons is our address, 244 Avenue, Suite 2341, New York, New York 10001.
Name and Address of Beneficial Owner
Number of Shares
Beneficially
Owned
Percent of Class (1)
Emmanuel Tsoupanarias (2)
30,430,773
5.4 %
Frank Georgiou (3)
30,937,075
5.5 %
Marvin Maslow (4)(5)
54,982,546
9.8 %
Directors and Executive Officers as a group (3 persons)
116,350,394
20.8 %
Total
116,350,394
20.8 %
____________
(1) This tabular information is intended to conform to Rule 13d-3 promulgated under the Securities Exchange Act of 1934 relating to the determination of beneficial ownership of securities. The percent of class is based on 559,281,064 shares and, for each beneficial owner, gives effect to the exercise of warrants or options exercisable within 60 days of the date of this table owned, in each case, by the person or group whose percentage ownership is set forth herein.
(2) Includes 10,930,773 shares owned by Saraklis Inc. ("Saraklis"), a corporation controlled by Mr. Tsoupanarias, 12,000,000 shares owned by Saraklis Consultant Inc., a corporation controlled by Mr. Tsoupanarias, options for Saraklis to purchase 7,500,000 shares.
(3) Includes 28,437,075 shares of Common Stock owned by Mr. Georgiou, 1,000,000 shares of Common Stock owned by relatives of Mr. Georgiou, options to purchase 1,500,000 shares.
(4) Includes 28,028,273 shares of Common Stock, options to purchase 1,500,000 shares, 6,000,000 shares owned by Normandie New Mexico Corp., a corporation controlled 100% by Mr. Maslow, options for Mr. Maslow to purchase 1,500,000 shares.
(5) Includes 105,761 shares of Series D Preferred Stock on an as converted basis. The Series D Preferred Stock has a conversion price of $0.055 and a stated value of $10.00 per share for a total of 19,229,273 common shares. Each share of Series D Preferred Stock is convertible into such number of shares of common stock of the Company as determined by dividing stated value by the conversion price.
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE
None.
ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES
INDEPENDENT AUDITOR FEES
The following is a summary of the fees billed to us by our independent auditors for the fiscal years ended December 31, 2022 and December 31, 2021:
Fee Category
Audit and audit related fees
$ 29,000
$ 29,000
Tax fees
-
-
Other fees
-
-
Total fees
$ 29,000
$ 29,000
Audit Fees. Consists of aggregate fees billed for professional services rendered for the audit of our consolidated financial statements and review of the interim consolidated financial statements included in quarterly reports and services that are normally provided by our auditors in connection with statutory and regulatory filings or engagements.
Tax Fees. Consists of aggregate fees billed for professional services for tax compliance, tax advice and tax planning. These services include assistance regarding federal and state tax compliance. There were no tax services provided in fiscal years ended December 31, 2022 and 2021.
Other Fees. Consists of fees for products and services other than the services reported above. There were no management consulting services provided in fiscal years ended December 31, 2022 and 2021.
We do not currently have an Audit Committee. Our full Board of Directors considers whether the provision of these services is compatible with maintaining the auditor's independence, and has determined such services
BOARD OF DIRECTORS POLICY ON PRE-APPROVAL OF SERVICES OF INDEPENDENT AUDITORS
The Board of Directors’ policy is to pre-approve all audit and permissible non-audit services provided by the independent auditors on a case-by-case basis. These services may include audit services, audit-related services, tax services and other services.
ITEM 15. EXHIBITS
(a) EXHIBITS
Exhibit Number
Description of Exhibit
2.1
Agreement and Plan of Reorganization (1)
2.2
Agreement and Plan of Merger (1)
3.1
Certificate of Incorporation dated August 1, 1995 (12)
3.2
Certificate of Amendment to Certificate of Incorporation dated January 8, 1998 (12)
3.3
Bylaws (1)
3.4
Certificate of Amendment of Certificate of Incorporation dated January 16, 2001 (12)
3.5
Certificate of Amendment of Certificate of Incorporation dated August 8, 2007 (12)
4.1
Certificate of Designation, Preferences and Rights of Series B Preferred Stock (12)
4.2
Amended Certificate of Designation, Preferences and Rights of Series B Preferred Stock (12)
4.3
Certificate of Designation, Preferences and Rights of Series C Preferred Stock (12)
4.4
Amended Certificate of Designation, Preferences and Rights of Series C Preferred Stock (2)
4.5
Certificate of Designation for the Series D Preferred Stock (14)
10.1
Manhattan Scientifics, Inc. 1998 Stock Option Plan (1)
10.2
Manhattan Scientifics, Inc. 2000 Equity Incentive Plan (5)
10.3
2004 Consultant Stock Plan (6)
10.4
Manhattan Scientifics 2005 Equity Incentive Plan (8)
10.5
Technology Transfer Agreement by and between Carpenter Technology Corporation and Manhattan Scientifics, Inc, effective as of the 12th day of September 2009 (7)
10.6
Acquisition Option Agreement by and among Senior Scientific LLC, Edward R. Flynn, Ph.D., Scientific Nanomedicine, Inc. and Manhattan Scientifics, Inc. (10)
10.7
Stock Purchase Agreement, dated as of June 12, 2008, among Manhattan Scientifics, Inc., Metallicum, Inc., and the shareholders of Metallicum (9)
10.8
Settlement and Memorandum of Agreement among Marvin Maslow, Jack B. Harrod and Manhattan Scientifics, Inc. (9)
10.9
Patent License Agreement Between Los Alamos National Security, LLC and Manhattan Scientifics, Inc. (10)
10.10
Agreement and Plan of Reorganization by and among the Company, Scientific Nanomedicine, Inc., Edward, R. Flynn and Edward R. Flynn and Maureen A. Flynn, as Co-Trustees of the Edward R. Flynn and Maureen A. Flynn Revocable Trust u/t/a dated 10/25/2006. (11)
10.11
Purchase Agreement by and among the Company, Senior Scientific LLC and Edward R. Flynn. (11)
10.12
Consulting Agreement dated June 1, 2011 between Manhattan Scientifics Inc. and V. Gerald Grafe (12)
10.13
Employment Agreement dated March 28, 2013 between Manhattan Scientifics Inc. and Emmanuel Tsoupanarias (12)
10.14
Consulting Agreement between Normandie New Mexico Corp. and Manhattan Scientifics Inc. dated October 1, 2009 (12)
10.15
Amendment to the Consulting Agreement between Normandie New Mexico Corp. and Manhattan Scientifics Inc. dated October 1, 2009 (12)
10.16
Settlement Agreement and Mutual General Releases by and between Manhattan Scientifics, Inc. and Carpenter Technology Corporation dated February 11, 2015 (22)
14.1
Code of Ethics (9)
16.1
Letter from L.L. Bradford & Company, LLC (21)
21.1
List of Subsidiaries (12)
31.1
Certification of Principal Executive Officer Pursuant to Rule 13a-14(a) and 15d- 14(a)
32.1
Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
EX-101.INS**
Inline XBRL INSTANCE DOCUMENT
EX-101.SCH**
Inline XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT
EX-101.CAL**
Inline XBRL TAXONOMY EXTENSION CALCULATION LINKBASE
EX-101.DEF**
Inline XBRL TAXONOMY EXTENSION DEFINITION LINKBASE
EX-101.LAB**
Inline XBRL TAXONOMY EXTENSION LABELS LINKBASE
EX-101.PRE**
Inline XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
EX-104**
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
______________
(1) Incorporated by reference to the registrant's Form 10-SB filed with the Commission on December 8, 1999.
(2) Incorporated by reference to the registrant's Form 10-QSB filed with the Commission on August 14, 2000 for the period ended June 30, 2000.
(3) Incorporated by reference as Amendment No. 2 to the registrant's Form 10-SB filed with Commission on February 9, 2000.
(4) Reserved.
(5) Incorporated by reference to the registrant's proxy statement filed on Schedule 14C filed with the Commission on December 26, 2000.
(6) Incorporated by reference to the registrant's registration statement filed on Form S-8 filed with the Commission on November 26, 2004.
(7) Incorporated by reference to Amendment No. 2 to the registrant’s Form 10-Q/A for the period ended September 30, 2009 filed with the Commission on October 4, 2010.
(8) Incorporated by reference to the registrant's registration statement in Form S-8 filed with the Commission on June 8, 2005.
(9) Incorporated by reference to the registrant's Form 10-K filed with the Commission on April 9, 2010.
(10) Incorporated by reference to the registrant’s Form 10-K/A filed with the Commission on March 25, 2011.
(11) Incorporated by reference to the registrant's Form 8-K filed with the Commission on June 6, 2011.
(12) Incorporated by reference to the registrant's Form 10-K filed with the Commission on March 30, 2012.
(13) Incorporated by reference to the registrant's Form 8-K filed with the Commission on April 9, 2013
(14) Incorporated by reference to the registrant's Form 8-K filed with the Commission on November 8, 2013
(15) Incorporated by reference to the registrant's Form 8-K filed with the Commission on January 31, 2014
(16) Incorporated by reference to the registrant's Form 8-K filed with the Commission on February 12, 2014
(17) Incorporated by reference to the registrant's Form 8-K filed with the Commission on November 18, 2014
(18) Incorporated by reference to the registrant's Form 8-K filed with the Commission on December 11, 2014
(19) Incorporated by reference to the registrant's Form 8-K filed with the Commission on January 5, 2015
(20) Incorporated by reference to the registrant's Form 8-K filed with the Commission on January 20, 2015
(21) Incorporated by reference to the registrant's Form 8-K filed with the Commission on February 9, 2015
(22) Incorporated by reference to the registrant's Form 8-K filed with the Commission on February 19, 2015
(23) Incorporated by reference to the registrant's Form 8-K filed with the Commission on March 19, 2015
(24) Incorporated by reference to the registrant's Form 8-K filed with the Commission on April 20, 2015
(25) Incorporated by reference to the registrant's Form 8-K filed with the Commission on May 7, 2015
(26) Incorporated by reference to the registrant's Form 8-K filed with the Commission on August 28, 2015
** XBRL (Extensible Business Reporting Language) information is furnished and not filed or a part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.
SIGNATURES
In accordance with Section 13 or 15(d) of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized on this April 13, 2023.
MANHATTAN SCIENTIFICS, INC.
By:
/s/ Emmanuel Tsoupanarias
Emmanuel Tsoupanarias
Chief Executive Officer
In accordance with the Exchange Act, this report has been signed below by the following persons on April 13, 2023 on behalf of the registrant and in the capacities indicated.
Signature
Title
/s/ Emmanuel Tsoupanarias
Chief Executive Officer, President, Director
Emmanuel Tsoupanarias
(Principal Executive, Financial and Accounting Officer)
/s/ Frank Georgiou
Director
Frank Georgiou
/s/ Marvin Maslow
Chairman of the Board
Marvin Maslow

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ITEM 9A. CONTROLS AND PROCEDURES

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ITEM 9B. OTHER INFORMATION
ITEM 9B. OTHER INFORMATION
PART III

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ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
ITEM 10. DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS; COMPLIANCE WITH SECTION 16(a) OF THE EXCHANGE ACT
The names, ages and biographical information of each of our directors and executive officers as of March 27, 2020 are set forth below. There are no existing family relationships between or among any of our executive officers or directors.
NAME
AGE
POSITION
Emmanuel Tsoupanarias
President and Chief Executive Officer, Director
Frank Georgiou
Director
Marvin Maslow
Chairman of the Board
Members of the Board serve until the next annual meeting of stockholders and until their successors are elected and qualified. Officers are appointed by and serve at the discretion of the Board. There are no family relationships among any of our directors or officers.
None of our directors or executive officers has, during the past ten years:
·
been convicted in a criminal proceeding and none of our directors or executive officers is subject to a pending criminal proceeding,
·
been subject to any order, judgment, or decree not subsequently reversed, suspended or vacated of any court of competent jurisdiction, permanently or temporarily enjoining, barring, suspending or otherwise limiting his involvement in any type of business, securities, futures, commodities or banking activities, or
·
been found by a court of competent jurisdiction (in a civil action), the Securities and Exchange Commission or the Commodity Futures Trading Commission to have violated a federal or state securities or commodities law, and the judgment has not been reversed, suspended, or vacated.
EMMANUEL TSOUPANARIAS has served as our chief executive officer and director since November 1, 2007. Mr. Tsoupanarias is the president, founder and editor of FuelCellsWorks.com, a weekly trade publication that has become the voice of the fuel cell industry. He is internationally recognized as an expert in fuel cell development. Prior to his tenure at FuelCellsWorks.com, Mr. Tsoupanarias was an executive in the power generation manufacturing sector. From 1992 to 2007 Mr. Tsoupanarias has served as a Project Manager in the power generation sector and from 2000 has served as a consultant in the fuel cell industry. His technical and engineering background and his 11-year tenure as the Company’s CEO qualify him for the Company’s Board.
FRANK GEORGIOU has served as a director since October 2007. Since 1993, Mr. Georgiou has been the President of Three Diamond Diner Corp., a private company that owns and operates the Mount Kisco Coach Diner. He is the former President of the Upper New York Pangregorian, a consortium of restaurant owners. Mr. Georgiou’s business experience as president of a private company is valuable to the Company’s Board.
MARVIN MASLOW served as the CEO of Manhattan Scientifics from January 1998 until November 2007. On March 13, 2015, Mr. Maslow was appointed as a director of the Company. From June 1990 through September 1996, Mr. Maslow served as chief executive officer of Projectavision, Inc., a company he co-founded to develop and market video projection technology. For more than 20 years, Mr. Maslow has been President of Normandie Capital Corp., a private investment and consulting company. Mr. Maslow is credited with the starting up and financing of more than 20 enterprises during his career. Mr. Maslow received an A.A.S. degree from the Rochester Institute of Technology in 1957 and an honorable discharge from the U.S. Army Signal Corps in 1963. Mr. Maslow serves as a paid consultant to the Company, attends board meetings and serves as a special advisor to the Board of Directors. He also serves as a Manager of the Company’s Senior Scientifics LLC subsidiary.
SECCTION 16(a) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE
Section 16(a) of the Securities Exchange Act of 1934 requires our executive officers and directors, and persons who own more than ten percent of our common stock to file reports of ownership and change in ownership with the Securities and Exchange Commission and the exchange on which the common stock is listed for trading. Executive officers, directors and more than ten percent stockholders are required by regulations promulgated under the Exchange Act to furnish us with copies of all Section 16(a) reports filed. Based solely on our review of copies of the Section 16(a) reports filed for the fiscal year ended December 31, 2021, we believe that our executive officers, directors and ten percent stockholders complied with all reporting requirements applicable to them.
CODE OF ETHICS
On March 31, 2005, we adopted a code of ethics that applies to our principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. A copy of the Company’s Code of Ethics can be viewed obtained free of charge by sending a written request to the attention of the Company’s Chief Executive Officer, Emmanuel Tsoupanarias at 244 Fifth Avenue, Suite 2341, New York, New York, 10001.
CORPORATE GOVERNANCE
We do not have a separately-designated standing audit committee. The entire Board of Directors of the Company acts as the audit committee. The Board of Directors of the Company has determined that it does not have an "audit committee financial expert" as such term is defined in the rules adopted by the SEC requiring companies to disclose whether or not at least one member of the audit committee is an "audit committee financial expert." The Board of Directors believes that the aggregate technical, commercial and financial experience of its members, together with their knowledge of the Company, provides the Board with the ability to monitor and direct the goals of the Company and to protect the best interests of its shareholders. Four of the five members of the Board of Directors are "independent," as that term is defined in Section 10A(m) of the Securities Exchange Act of 1934, and that the members' independence qualifies it to monitor the performance of management, the public disclosures by the Company of its financial condition and performance, the Company's internal accounting operations and its independent auditors. In addition, the Board of Directors is authorized to engage independent financial consultants, auditors and counsel whenever it believes it is necessary and appropriate.

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ITEM 11. EXECUTIVE COMPENSATION
ITEM 11. EXECUTIVE COMPENSATION
The following tables set forth all compensation awarded by us to our executive officers for the fiscal years ended December 31, 2022 and 2021. Other than the Employment Agreement entered into between the Company and Emmanuel Tsoupanarias, our CEO, we do not have employment agreements with any of our other officers.
Name
Year
Salary
($)
Bonus
($)
Stock Awards ($)
Option Awards
($)
Non-Equity Incentive Plan Compensation ($)
Changes in Pension Value and Nonqualified Deferred Compensation Earnings
($)
All Other Compensation ($)
Total
($)
Emmanuel Tsoupanarias
186,000
--
--
--
--
--
--
186,000
CEO and Director
186,000
--
--
--
--
--
--
186,000
Prior to entering an Employment Agreement with the Company on March 28, 2013, Mr. Emmanuel Tsoupanarias, our Chief Executive Officer, did not have an employment agreement. His salary, was originally set at $100,000, was set by the Board of Directors in 2007. On March 28, 2013, the Company entered into an Employment Agreement with Emmanuel Tsoupanarias, our CEO. The agreement is for a term of five years and Mr. Tsoupanarias shall receive an annual salary of $150,000 per year and additional cash incentive consideration as determined by the Board. Effective January 1, 2015, the Company renewed the agreement for a period of ten years with automatic extensions for one-year periods thereafter. His salary remains at $150,000 per year and cash incentive of $3,000 per month . In the event the employment agreement is terminated by the Company without cause, then the Mr. Tsoupanarias shall receive 50% of the base salary remaining on the term and all options and other securities he would have been entitled to for an additional three months shall vest.
The independent members of the Company’s board of directors, acting as a compensation committee, reviewed the compensation policies and practices relating to the compensation provided to the Company’s employees to determine whether such policies and practices are reasonably likely to have a material adverse effect on the Company. Based on the review and the compensation paid by the Company to its only employee, the Company determined that any risks associated with the Company’s compensation practices were not reasonably likely to have a material adverse effect on the Company.
Director Compensation
For the year ended December 31, 2022, for their service as directors, each of the directors received $1,250 per quarter.
Compensation Committee Interlocks and Insider Participation
Our entire board currently acts as our compensation committee. Emmanuel Tsoupanarias is the sole executive officer of our company. No member of the compensation committee is employed by or serving as a member of the board of directors or compensation committee of any entity that has one or more of its executive officers serving as a member of our board.
OUTSTANDING EQUITY AWARDS
Name
Grant Date
Number of Securities Underlying Unexercised Warrants (#) Exercisable
Number of Securities Underlying Unexercised Warrants (#) Unexercisable (1)
Warrant Exercise Price ($)
Warrant Expiration Date
Emmanuel Tsoupanarias, Director and CEO
06/30/2014
500,000
-
$ 0.140
06/30/2024
Frank Georgiou, Director
06/30/2014
500,000
-
$ 0.140
06/30/2024
Chris Theoharis, Former Director (2)
06/30/2014
500,000
-
$ 0.140
06/30/2024
Leonard Friedman, Former Director (1)
06/30/2014
500,000
-
$ 0.140
06/30/2024
Marvin Maslow, Chairman of the Board
06/30/2014
500,000
-
$ 0.140
06/30/2024
Leonard Friedman, Former Director (1)
06/30/2015
500,000
-
$ 0.05
06/30/2025
Marvin Maslow, Chairman of the Board
06/30/2015
500,000
-
$ 0.05
06/30/2025
Saraklis, Inc. (Emmanuel Tsoupanarias)
06/30/2015
500,000
-
$ 0.05
06/30/2025
Frank Georgiou, Director
06/30/2015
500,000
-
$ 0.05
06/30/2025
Chris Theoharis, Former Director (2)
06/30/2015
500,000
-
$ 0.05
06/30/2025
Leonard Friedman, Former Director (1)
06/30/2016
500,000
-
$ 0.06
06/30/2026
Marvin Maslow, Chairman of the Board
06/30/2016
500,000
-
$ 0.06
06/30/2026
Saraklis, Inc. (Emmanuel Tsoupanarias)
06/30/2016
500,000
-
$ 0.06
06/30/2026
Frank Georgiou, Director
06/30/2016
500,000
-
$ 0.06
06/30/2026
Chris Theoharis, Former Director (2)
06/30/2016
500,000
-
$ 0.06
06/30/2026
(1) Mr. Friedman resigned as a director on January 3, 2018.
(2) Mr. Theoharis resigned as a director on July 10, 2017.
Grant of Plan Based Awards
No plan-based awards were made during the fiscal year ended December 31, 2022.

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ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS
The following table sets forth, as of March 27, 2023, the names, addresses and number of shares of common stock beneficially owned by (i) all persons known to us to be the beneficial owners of more than 5% of the outstanding shares of common stock, (ii) each of our directors, (iii) each of our executive officers, and (iv) all of our directors and executive officers as a group. Except as indicated, each beneficial owner listed exercises sole voting power and sole dispositive power over the shares beneficially owned. Share ownership in each case includes shares issuable upon exercise of options exercisable within 60 days of the date of this Annual Report that would be required to be reported pursuant to Rule 13d-3 of the Securities Exchange Act of 1934 for purposes of computing the percentage of common stock owned by such person but not for purposes of computing the percentage owned by any other person. Unless otherwise indicated, the address of the below-listed persons is our address, 244 Avenue, Suite 2341, New York, New York 10001.
Name and Address of Beneficial Owner
Number of Shares
Beneficially
Owned
Percent of Class (1)
Emmanuel Tsoupanarias (2)
30,430,773
5.4 %
Frank Georgiou (3)
30,937,075
5.5 %
Marvin Maslow (4)(5)
54,982,546
9.8 %
Directors and Executive Officers as a group (3 persons)
116,350,394
20.8 %
Total
116,350,394
20.8 %
____________
(1) This tabular information is intended to conform to Rule 13d-3 promulgated under the Securities Exchange Act of 1934 relating to the determination of beneficial ownership of securities. The percent of class is based on 559,281,064 shares and, for each beneficial owner, gives effect to the exercise of warrants or options exercisable within 60 days of the date of this table owned, in each case, by the person or group whose percentage ownership is set forth herein.
(2) Includes 10,930,773 shares owned by Saraklis Inc. ("Saraklis"), a corporation controlled by Mr. Tsoupanarias, 12,000,000 shares owned by Saraklis Consultant Inc., a corporation controlled by Mr. Tsoupanarias, options for Saraklis to purchase 7,500,000 shares.
(3) Includes 28,437,075 shares of Common Stock owned by Mr. Georgiou, 1,000,000 shares of Common Stock owned by relatives of Mr. Georgiou, options to purchase 1,500,000 shares.
(4) Includes 28,028,273 shares of Common Stock, options to purchase 1,500,000 shares, 6,000,000 shares owned by Normandie New Mexico Corp., a corporation controlled 100% by Mr. Maslow, options for Mr. Maslow to purchase 1,500,000 shares.
(5) Includes 105,761 shares of Series D Preferred Stock on an as converted basis. The Series D Preferred Stock has a conversion price of $0.055 and a stated value of $10.00 per share for a total of 19,229,273 common shares. Each share of Series D Preferred Stock is convertible into such number of shares of common stock of the Company as determined by dividing stated value by the conversion price.

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ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE
None.

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ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES
ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES
INDEPENDENT AUDITOR FEES
The following is a summary of the fees billed to us by our independent auditors for the fiscal years ended December 31, 2022 and December 31, 2021:
Fee Category
Audit and audit related fees
$ 29,000
$ 29,000
Tax fees
-
-
Other fees
-
-
Total fees
$ 29,000
$ 29,000
Audit Fees. Consists of aggregate fees billed for professional services rendered for the audit of our consolidated financial statements and review of the interim consolidated financial statements included in quarterly reports and services that are normally provided by our auditors in connection with statutory and regulatory filings or engagements.
Tax Fees. Consists of aggregate fees billed for professional services for tax compliance, tax advice and tax planning. These services include assistance regarding federal and state tax compliance. There were no tax services provided in fiscal years ended December 31, 2022 and 2021.
Other Fees. Consists of fees for products and services other than the services reported above. There were no management consulting services provided in fiscal years ended December 31, 2022 and 2021.
We do not currently have an Audit Committee. Our full Board of Directors considers whether the provision of these services is compatible with maintaining the auditor's independence, and has determined such services
BOARD OF DIRECTORS POLICY ON PRE-APPROVAL OF SERVICES OF INDEPENDENT AUDITORS
The Board of Directors’ policy is to pre-approve all audit and permissible non-audit services provided by the independent auditors on a case-by-case basis. These services may include audit services, audit-related services, tax services and other services.

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ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES
ITEM 15. EXHIBITS
(a) EXHIBITS
Exhibit Number
Description of Exhibit
2.1
Agreement and Plan of Reorganization (1)
2.2
Agreement and Plan of Merger (1)
3.1
Certificate of Incorporation dated August 1, 1995 (12)
3.2
Certificate of Amendment to Certificate of Incorporation dated January 8, 1998 (12)
3.3
Bylaws (1)
3.4
Certificate of Amendment of Certificate of Incorporation dated January 16, 2001 (12)
3.5
Certificate of Amendment of Certificate of Incorporation dated August 8, 2007 (12)
4.1
Certificate of Designation, Preferences and Rights of Series B Preferred Stock (12)
4.2
Amended Certificate of Designation, Preferences and Rights of Series B Preferred Stock (12)
4.3
Certificate of Designation, Preferences and Rights of Series C Preferred Stock (12)
4.4
Amended Certificate of Designation, Preferences and Rights of Series C Preferred Stock (2)
4.5
Certificate of Designation for the Series D Preferred Stock (14)
10.1
Manhattan Scientifics, Inc. 1998 Stock Option Plan (1)
10.2
Manhattan Scientifics, Inc. 2000 Equity Incentive Plan (5)
10.3
2004 Consultant Stock Plan (6)
10.4
Manhattan Scientifics 2005 Equity Incentive Plan (8)
10.5
Technology Transfer Agreement by and between Carpenter Technology Corporation and Manhattan Scientifics, Inc, effective as of the 12th day of September 2009 (7)
10.6
Acquisition Option Agreement by and among Senior Scientific LLC, Edward R. Flynn, Ph.D., Scientific Nanomedicine, Inc. and Manhattan Scientifics, Inc. (10)
10.7
Stock Purchase Agreement, dated as of June 12, 2008, among Manhattan Scientifics, Inc., Metallicum, Inc., and the shareholders of Metallicum (9)
10.8
Settlement and Memorandum of Agreement among Marvin Maslow, Jack B. Harrod and Manhattan Scientifics, Inc. (9)
10.9
Patent License Agreement Between Los Alamos National Security, LLC and Manhattan Scientifics, Inc. (10)
10.10
Agreement and Plan of Reorganization by and among the Company, Scientific Nanomedicine, Inc., Edward, R. Flynn and Edward R. Flynn and Maureen A. Flynn, as Co-Trustees of the Edward R. Flynn and Maureen A. Flynn Revocable Trust u/t/a dated 10/25/2006. (11)
10.11
Purchase Agreement by and among the Company, Senior Scientific LLC and Edward R. Flynn. (11)
10.12
Consulting Agreement dated June 1, 2011 between Manhattan Scientifics Inc. and V. Gerald Grafe (12)
10.13
Employment Agreement dated March 28, 2013 between Manhattan Scientifics Inc. and Emmanuel Tsoupanarias (12)
10.14
Consulting Agreement between Normandie New Mexico Corp. and Manhattan Scientifics Inc. dated October 1, 2009 (12)
10.15
Amendment to the Consulting Agreement between Normandie New Mexico Corp. and Manhattan Scientifics Inc. dated October 1, 2009 (12)
10.16
Settlement Agreement and Mutual General Releases by and between Manhattan Scientifics, Inc. and Carpenter Technology Corporation dated February 11, 2015 (22)
14.1
Code of Ethics (9)
16.1
Letter from L.L. Bradford & Company, LLC (21)
21.1
List of Subsidiaries (12)
31.1
Certification of Principal Executive Officer Pursuant to Rule 13a-14(a) and 15d- 14(a)
32.1
Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
EX-101.INS**
Inline XBRL INSTANCE DOCUMENT
EX-101.SCH**
Inline XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT
EX-101.CAL**
Inline XBRL TAXONOMY EXTENSION CALCULATION LINKBASE
EX-101.DEF**
Inline XBRL TAXONOMY EXTENSION DEFINITION LINKBASE
EX-101.LAB**
Inline XBRL TAXONOMY EXTENSION LABELS LINKBASE
EX-101.PRE**
Inline XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
EX-104**
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
______________
(1) Incorporated by reference to the registrant's Form 10-SB filed with the Commission on December 8, 1999.
(2) Incorporated by reference to the registrant's Form 10-QSB filed with the Commission on August 14, 2000 for the period ended June 30, 2000.
(3) Incorporated by reference as Amendment No. 2 to the registrant's Form 10-SB filed with Commission on February 9, 2000.
(4) Reserved.
(5) Incorporated by reference to the registrant's proxy statement filed on Schedule 14C filed with the Commission on December 26, 2000.
(6) Incorporated by reference to the registrant's registration statement filed on Form S-8 filed with the Commission on November 26, 2004.
(7) Incorporated by reference to Amendment No. 2 to the registrant’s Form 10-Q/A for the period ended September 30, 2009 filed with the Commission on October 4, 2010.
(8) Incorporated by reference to the registrant's registration statement in Form S-8 filed with the Commission on June 8, 2005.
(9) Incorporated by reference to the registrant's Form 10-K filed with the Commission on April 9, 2010.
(10) Incorporated by reference to the registrant’s Form 10-K/A filed with the Commission on March 25, 2011.
(11) Incorporated by reference to the registrant's Form 8-K filed with the Commission on June 6, 2011.
(12) Incorporated by reference to the registrant's Form 10-K filed with the Commission on March 30, 2012.
(13) Incorporated by reference to the registrant's Form 8-K filed with the Commission on April 9, 2013
(14) Incorporated by reference to the registrant's Form 8-K filed with the Commission on November 8, 2013
(15) Incorporated by reference to the registrant's Form 8-K filed with the Commission on January 31, 2014
(16) Incorporated by reference to the registrant's Form 8-K filed with the Commission on February 12, 2014
(17) Incorporated by reference to the registrant's Form 8-K filed with the Commission on November 18, 2014
(18) Incorporated by reference to the registrant's Form 8-K filed with the Commission on December 11, 2014
(19) Incorporated by reference to the registrant's Form 8-K filed with the Commission on January 5, 2015
(20) Incorporated by reference to the registrant's Form 8-K filed with the Commission on January 20, 2015
(21) Incorporated by reference to the registrant's Form 8-K filed with the Commission on February 9, 2015
(22) Incorporated by reference to the registrant's Form 8-K filed with the Commission on February 19, 2015
(23) Incorporated by reference to the registrant's Form 8-K filed with the Commission on March 19, 2015
(24) Incorporated by reference to the registrant's Form 8-K filed with the Commission on April 20, 2015
(25) Incorporated by reference to the registrant's Form 8-K filed with the Commission on May 7, 2015
(26) Incorporated by reference to the registrant's Form 8-K filed with the Commission on August 28, 2015
** XBRL (Extensible Business Reporting Language) information is furnished and not filed or a part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.