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Leases | 6 Months Ended
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Jun. 30, 2025
Leases [Abstract] |
LEASES | NOTE 8 – LEASES Our lease agreements generally do not provide an implicit borrowing rate; therefore, an internal incremental borrowing rate is determined based on information available at lease commencement date for purposes of determining the present value of lease payments. We used the incremental borrowing rate on June 30, 2025 and December 31, 2024 for all leases that commenced prior to that date. In determining this rate, which is used to determine the present value of future lease payments, we estimate the rate of interest we would pay on a collateralized basis, with similar payment terms as the lease and in a similar economic environment. Our corporate headquarters is located in Mountain View, California where we lease approximately 5,810 square feet of laboratory and office space. The lease expired in August 31, 2024, subject to extension. As of September 1, 2024, the lease became month to month. As of June 30, 2025 the Company is current on this lease. We also lease approximately 25,000 square feet in Richmond, Virginia. The lease expires on August 31, 2026, subject to extension. As of June 30, 2025 the Company is two months in arrears on this lease. LS Biotech Eight Default On May 10, 2024, the Company received written notice (the “2024 Default Notice”) from LS Biotech Eight, LLC (the “Landlord”), the Landlord of the Company’s CLIA-certified, CAP accredited, high complexity immune monitoring center in Richmond, Virginia, that the Company was in violation of its obligation to (i) pay Base Rent (as defined in the Lease) and Additional Rent (as defined in the Lease) in the amount of $431,182 in the aggregate, together with administrative charges and interest, as well as (ii) replenish the Security Deposit (as defined in the Lease) in the amount of $159,375, all as required under that certain Lease Agreement dated as of May 4, 2021 by and between the Landlord and the Company (the “Lease”). Pursuant to the Notice, the Landlord has demanded that a payment of $590,557 plus administrative charges and interest, which shall accrue at the Default Rate (as defined in the Lease) be made no later than May 17, 2024. As of June 30, 2025, the Company has made the payment of $431,182 and is currently two months in arrears on the Lease. The Company is working with the Landlord to come to an amicable resolution. However, no assurance can be given that the parties will reach an amicable resolution on a timely basis, on favorable terms, or at all. Lease Costs
|  | Six Months Ended June 30, 2025 |  |  | Six Months Ended June 30, 2024 |
Components of total lease costs: |  |  |  |  |  |
Operating lease expense |  | $ | 556,026 |  |  | $ | 603,072 |
Total lease costs |  | $ | 556,026 |  |  | $ | 603,072 |
Lease Positions as of June 30, 2025 and December 31, 2024 ROU lease assets and lease liabilities for our operating leases are recorded on the balance sheet as follows:
|  | June 30, 2025 |  |  | December 31, 2024 |
Assets |  |  |  |  |  |
Right of use asset – long term |  | $ | 886,014 |  |  | $ | 1,225,781 |
Total right of use asset |  | $ | 886,014 |  |  | $ | 1,225,781 |
Liabilities |  |  |  |  |  |  |  |
Operating lease liabilities – short term |  | $ | 693,613 |  |  | $ | 683,352 |
Operating lease liabilities – long term |  |  | 113,357 |  |  |  | 436,354 |
Total lease liability |  | $ | 806,970 |  |  | $ | 1,119,706 |
Lease Terms and Discount Rate as of June 30, 2025
Weighted average remaining lease term (in years) – operating leases |  |  | 1.08 |
Weighted average discount rate – operating leases |  |  | 8.00 | %
Maturities of leases are as follows:
2025 (remaining) |  | $ | 358,756 |
2026 |  |  | 423,930 |
Total lease payments |  | $ | 782,686 |
Less imputed interest |  |  | 24,284 |
Less current portion |  |  | (693,613 | )
Total maturities, due beyond one year |  | $ | 113,357 |

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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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