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LEASES | 12 Months Ended
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Dec. 31, 2024
Leases |
LEASES | Note 9. LEASES The Company has one operating lease for its real estate and office space for the CAP/CLIA laboratory, as well as multiple finance leases for lab equipment in Texas that were acquired through the September 18, 2023 acquisition. Additionally, the Company entered into another operating lease on September 1, 2024 with regard to office space. The Company has operating leases consisting of office space with remaining lease terms ranging from 3.1 to 5.9 years as of December 31, 2024. The Company has finance leases consisting of office and lab equipment with remaining lease terms ranging from approximately 1.25 to 3.0 years as of December 31, 2024, for which the Company has determined that it will use the equipment for a major part of its remaining economic life. The lease agreements generally do not provide an implicit borrowing rate. Therefore, the Company used a benchmark approach as of the date of inception of the leases to derive an appropriate incremental borrowing rate to discount remaining lease payments. The Company benchmarked itself against other companies of similar credit ratings and comparable quality and derived imputed interest rates ranging from 7.41% to 8.03% for the lease term lengths. Leases with an initial term of 12 months or less are not recorded on the consolidated balance sheets. There are no material residual guarantees associated with any of the Company’s leases, and there are no significant restrictions or covenants included in the Company’s lease agreements. Certain leases include variable payments related to common area maintenance and property taxes, which are billed by the landlord, as is customary with these types of charges for office space. The Company has not entered into any lease arrangements with related parties, and the Company is not the sublessor in any arrangement. The Company’s existing leases contain escalation clauses and renewal options. The Company has evaluated several factors in assessing whether there is reasonable certainty that the Company will exercise a contractual renewal option. For leases with renewal options that are reasonably certain to be exercised, the Company included the renewal term in the total lease term used in calculating the right-of-use asset and lease liability. The components of lease expense, which are included in selling, general and administrative expense and depreciation and amortization for the year ended December 31, 2024, and 2023 are as follows: SCHEDULE OF COMPONENTS OF LEASE EXPENSE
Components of lease expense: |  | 2024 |  |  | 2023 |
Amortization of right-of-use assets - finance lease |  | $ | 384,971 |  |  | $ | 128,324 |
Interest on lease liabilities - finance lease |  |  | 83,041 |  |  |  | 33,838 |
Operating lease cost |  |  | 93,029 |  |  |  | 39,887 |
Total lease cost |  | $ | 561,041 |  |  | $ | 202,049 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |
Operating cash flows from finance leases |  | $ | 361,181 |  |  | $ | 93,238 |
Operating cash flows from operating leases |  |  | 133,605 |  |  |  | 32,489 |
SCHEDULE OF BALANCE SHEET INFORMATION RELATING TO LEASES
Operating leases: |  | 2024 |  |  | 2023 |
Operating lease right-of-use, assets |  | $ | 463,011 |  |  | $ | 370,312 |
Operating lease liability, current |  |  | 127,498 |  |  |  | 94,708 |
Operating lease liability, non-current |  |  | 342,098 |  |  |  | 283,001 |
Total operating lease liabilities |  | $ | 469,596 |  |  | $ | 377,709 |
Financing leases: |  | 2024 |  |  | 2023 |
Financing lease right-of-use assets, gross |  | $ | 1,294,168 |  |  | $ | 1,294,168 |
Accumulated amortization |  |  | (513,296 | ) |  |  | (128,324 | )
Finance lease right-of-use assets, net |  | $ | 780,872 |  |  | $ | 1,165,844 |
Financing lease liability, current |  |  | 395,301 |  |  |  | 365,463 |
Financing lease liability, non-current |  |  | 444,448 |  |  |  | 835,467 |
Total finance lease liabilities |  | $ | 839,749 |  |  | $ | 1,200,930 |
Weighted-average remaining lease term: |  | 2024 |  |  | 2023 |
Operating leases (in years) |  |  | 4.21 |  |  |  | 3.58 |
Finance leases (in years) |  |  | 2.39 |  |  |  | 3.25 |
Weighted-average discount rate: |  | 2024 |  |  | 2023 |
Operating leases |  |  | 7.41 | % |  |  | 8.07 | %
Finance leases |  |  | 8.03 | % |  |  | 8.01 | %
SCHEDULE OF FUTURE MINIMUM LEASE PAYMENT UNDER NON-CANCELLABLE
|  | Operating Leases |  |  | Finance Leases |
2025 |  | $ | 157,837 |  |  | $ | 448,505 |
2026 |  |  | 159,282 |  |  |  | 270,395 |
2027 |  |  | 110,063 |  |  |  | 202,970 |
2028 |  |  | 40,616 |  |  |  | — |
2029 |  |  | 42,252 |  |  |  | — |
2030 and thereafter |  |  | 28,919 |  |  |  | — |
Total undiscounted cash flows |  |  | 538,969 |  |  |  | 921,870 |
Less discounting |  |  | (69,373 | ) |  |  | (82,121 | )
Present value of lease liabilities |  | $ | 469,596 |  |  | $ | 839,749 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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