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SUBSEQUENT EVENTS | 3 Months Ended
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Mar. 31, 2024
SUBSEQUENT EVENTS [Abstract] |
SUBSEQUENT EVENTS | 11. SUBSEQUENT EVENTS The Company has evaluated events and transactions subsequent to March 31, 2024 through the date of this Quarterly Report on Form 10-Q, and any material subsequent events are reported below. ​ On April 30, 2024, the Company terminated a receivables factoring agreement with Culain Capital Funding, LLC, dated March 23, 2023 (the “Factoring Agreement”). Precipio did not incur any early termination penalties in connection with the termination of the Factoring Agreement ​ On May 1, 2024, the Company entered into a Business Loan and Security Agreement (the “Loan Agreement”), by and between the Company, as borrower, and Altbanq Lending LLC., as lender (the “Lender”) pursuant to which the Company obtained a loan from the Lender in the principal amount of $250,000, which includes origination fees of $3,750 (the “Loan”). According to the Loan Agreement, the Company granted the Lender a continuing security interest in certain collateral (as defined in the Loan Agreement). Furthermore, the Company’s Chief Executive Officer, provided a personal guaranty for the Secured Loan. Under the Loan Agreement, the Company received the Loan net of fees of $5,000. The Loan has an interest rate of 20%, such that pursuant to the Loan Agreement, the Company is obligated to pay the Lender 52 weekly payments of approximately $6,000 for a total repayment amount of $300,000 in principal and interest (not including any fees). If the Company defaults on payments then a default fee of $15,000.00 shall be payable to the Lender. The Company has the right, at its discretion to request the Lender to loan an additional amount of up to $250,000 on the same terms and conditions, provided that there has been no material change in the Company’s finances. From April 1, 2024 through the date of issuance of this Quarterly Report on Form 10-Q, the Company received additional proceeds through Change Healthcare’s Temporary Assistance Program of approximately $0.6 million. ​ ​

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//855/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483399/855-10-50-2 + Details
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