Post-effective amendment to a registration statement that is not immediately effective upon filing

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

v3.25.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2024
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:

 

    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  

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

 

    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.

             
   

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

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

 

    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  

    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

 

    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 )
Net loss before income taxes     (2,651,722 )     (1,958,143 )
Income tax expense     (8,695 )     (3,672 )
Net loss   $ (2,660,417 )   $ (1,961,815 )
         
    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 )
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