SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
|
3 Months Ended |
Mar. 31, 2025 |
|---|
| Accounting Policies [Abstract] |
|
| 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 March 31, 2025 and 2024, respectively,
as they would be anti-dilutive:
SCHEDULE OF POTENTIALLY DILUTIVE SECURITIES
| |
|
2025 |
|
|
2024 |
|
| |
|
As of March 31, |
|
| |
|
2025 |
|
|
2024 |
|
| Shares underlying options outstanding |
|
|
304,125 |
|
|
|
618,847 |
|
| Shares underlying warrants outstanding |
|
|
12,873,602 |
|
|
|
8,838,717 |
|
| Shares underlying unvested restricted stock |
|
|
430,474 |
|
|
|
297,862 |
|
| Anti-dilutive securities |
|
|
13,608,201 |
|
|
|
9,755,426 |
|
|
| SCHEDULE OF REVENUE RECOGNITION |
SCHEDULE OF REVENUE RECOGNITION
| |
|
2025 |
|
|
2024 |
|
| |
|
For the Three Months Ended
March 31, |
|
| |
|
2025 |
|
|
2024 |
|
| Patient service fees1 |
|
$ |
1,570,382 |
|
|
$ |
2,149,049 |
|
| Histology service fees |
|
|
263,754 |
|
|
|
237,972 |
|
| Medical director fees |
|
|
16,588 |
|
|
|
16,058 |
|
| Department of Defense observational studies |
|
|
— |
|
|
|
2,885 |
|
| Other revenues |
|
|
2,873 |
|
|
|
427 |
|
| Total net revenue |
|
$ |
1,853,597 |
|
|
$ |
2,406,391 |
|
|
|
1 |
Patient services fees include direct billing for CyPath® Lung diagnostic test of approximately $169,000 and $45,000 for the three months ended March 31, 2025 and 2024, respectively. |
|
| 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:
SCHEDULE OF PROPERTY AND EQUIPMENT USEFUL LIFE
| 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 |
SCHEDULE OF INTANGIBLE ASSETS
| |
|
March 31, |
|
|
December 31, |
|
| |
|
2025 |
|
|
2024 |
|
| 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 |
|
|
|
|
|
|
|
|
| Trade names and trademarks |
|
|
(12,777 |
) |
|
|
(10,694 |
) |
| Customer relationships |
|
|
(76,667 |
) |
|
|
(64,167 |
) |
| Accumulated amortization |
|
|
(89,444 |
) |
|
|
(74,861 |
) |
| Intangible assets, net |
|
$ |
2,165,042 |
|
|
$ |
2,179,625 |
|
|
| SCHEDULE OF SEGMENT INFORMATION |
SCHEDULE OF SEGMENT INFORMATION
| |
|
2025 |
|
|
2024 |
|
| |
|
As of March 31, |
|
| |
|
2025 |
|
|
2024 |
|
| Net revenues: |
|
|
|
|
|
|
|
|
| Diagnostic R&D |
|
$ |
— |
|
|
$ |
2,885 |
|
| Laboratory services |
|
|
1,853,597 |
|
|
|
2,403,506 |
|
| Total net revenues |
|
|
1,853,597 |
|
|
|
2,406,391 |
|
| |
|
|
|
|
|
|
|
|
| Operating expenses: |
|
|
|
|
|
|
|
|
| Diagnostic R&D |
|
|
(505,739 |
) |
|
|
(442,599 |
) |
| Laboratory services |
|
|
(2,267,656 |
) |
|
|
(2,736,999 |
) |
| General corporate activities |
|
|
(1,707,341 |
) |
|
|
(1,172,023 |
) |
| Total operating loss |
|
|
(2,627,139 |
) |
|
|
(1,945,230 |
) |
| |
|
|
|
|
|
|
|
|
| Non-operating income (expense), net |
|
|
(24,583 |
) |
|
|
(12,913 |
) |
| Income tax expense |
|
|
(8,695 |
) |
|
|
(3,672 |
) |
| Net loss |
|
$ |
(2,660,417 |
) |
|
$ |
(1,961,815 |
) |
|