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DISCONTINUED OPERATIONS
9 Months Ended
Sep. 30, 2025
Discontinued Operations and Disposal Groups [Abstract]  
DISCONTINUED OPERATIONS

NOTE 6 — DISCONTINUED OPERATIONS

 

On July 20, 2023, the Company completed the sale of Qualigen, Inc., its formerly wholly-owned subsidiary, to Chembio Diagnostics, Inc. for net cash consideration of $5.4 million, of which $4.9 million was received during the year ended December 31, 2023, and $450,000 was being held in escrow until January 20, 2025 to satisfy certain Company indemnification obligations. On June 4, 2024, the escrow account was settled early by mutual agreement of the Company and the buyer resulting in cash proceeds to the Company of $350,000 and a loss on disposal of discontinued operations of $100,000 for the nine months ended September 30, 2024. There was no activity related to Qualigen, Inc. during the nine months ended September 30, 2025.

 

There were no assets and liabilities remaining related to Qualigen, Inc. as of September 30, 2025 or December 31, 2024.