Quarterly report pursuant to Section 13 or 15(d)

UNEARNED REVENUE

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UNEARNED REVENUE
6 Months Ended
Jun. 30, 2024
Revenue Recognition and Deferred Revenue [Abstract]  
UNEARNED REVENUE

Note 7. UNEARNED REVENUE

 

The Company engaged in an observational study of CyPath® Lung with the U.S. Department of Defense (“DOD”). A total of 70 CyPath® Lung units were ordered and shipped. However, in compliance with FASB ASC 606, the performance obligation was complete for only 37 units as of June 30, 2024. The performance obligation is deemed complete after samples have been collected, processed, analyzed, and results communicated to patients. The unearned revenue balance amounted to $26,135 and $33,058 as of June 30, 2024, and December 31, 2023, respectively.