XML 42 R28.htm IDEA: XBRL DOCUMENT v3.25.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
SCHEDULE OF PURCHASE PRICE AND FINALIZED PURCHASE PRICE ALLOCATIONS

The following table summarizes the purchase price and finalized purchase price allocations relating to the acquisition:

 

      
Cash  $2,500,000 
Common Stock   1,000,000 
Total purchase consideration  $3,500,000 
Assets     
Net working capital (including cash)  $912,000 
Property and equipment   326,000 
Other assets   8,000 
Customer relationships   700,000 
Trade names and trademarks   150,000 
Goodwill   1,404,000 
Total net assets  $3,500,000 
SCHEDULE OF POTENTIALLY DILUTIVE SECURITIES

The following potentially dilutive securities have been excluded from the computations of weighted average shares of Common Stock outstanding as of December 31, 2024 and 2023, as they would be anti-dilutive:

 

         
   As of December 31, 
   2024   2023 
Shares underlying options outstanding   304,125    683,695 
Shares underlying warrants outstanding   12,298,124    — 
Shares underlying unvested restricted stock outstanding   349,057    4,649,952 
Anti-dilutive securities   12,951,306    5,333,647 
SCHEDULE OF REVENUE RECOGNITION

         
  

Year Ended

December 31,

 
   2024   2023 
Patient service fees1  $8,175,670   $2,199,558 
Histology service fees   1,103,751    272,660 
Medical director fees   66,576    19,324 
Department of Defense observational studies   8,654    19,442 
Other revenues   7,371    21,515 
Total net revenue  $9,362,022   $2,532,499 

 

1 Patient services fees include direct billing for CyPath® Lung diagnostic test of approximately $516,000 and $35,000 for the years ended December 31, 2024 and 2023.
SCHEDULE OF PROPERTY AND EQUIPMENT USEFUL LIFE

Property and equipment are carried at cost, net of accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful life of the asset. Amortization of leasehold improvements is computed using the shorter of the lease term or estimated useful life of the asset. Additions and improvements are capitalized, while repairs and maintenance are expensed as incurred. Useful lives of each asset class are as follows:

Asset Category   Useful Life
Computer equipment   3-5 years
Computer software   3 years
Equipment   3-5 years
Furniture and fixtures   5-7 years
Vehicles   5 years
Leasehold improvements   Lesser of lease term or useful life
SCHEDULE OF INTANGIBLE ASSETS

   2024   2023 
   December 31, 
   2024   2023 
Cost          
Goodwill  $1,404,486   $1,404,486 
Trade names and trademarks   150,000    150,000 
Customer relationships   700,000    700,000 
Cost   2,254,486    2,254,486 
Accumulated amortization          
Goodwill   —    — 
Trade names and trademarks   (10,694)   (2,361)
Customer relationships   (64,167)   (14,167)
Accumulated amortization   (74,861)   (16,528)
Intangible assets, net  $2,179,625   $2,237,958 
SCHEDULE OF SEGMENT INFORMATION

       
   As of December 31, 
   2024   2023 
Net revenues:          
Diagnostic R&D  $8,654   $19,442 
Laboratory services   9,353,368    2,513,057 
Total net revenues   9,362,022    2,532,499 
           
Operating expenses:          
Diagnostic R&D   (1,782,882)   (1,724,597)
Laboratory services   (9,946,452)   (3,769,783)
General corporate activities   (6,586,133)   (5,011,347)
Total operating loss   (8,953,445)   (7,973,228)
           
Non-operating income (expense), net   (74,736)   57,210 
Net loss before income taxes   (9,028,181)   (7,916,018)
Income tax expense   (11,650)   (20,993)
Net loss  $(9,039,831)  $(7,937,011)