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:
SCHEDULE
OF PURCHASE PRICE AND FINALIZED PURCHASE PRICE ALLOCATIONS
| |
|
|
|
|
| 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:
SCHEDULE
OF POTENTIALLY DILUTIVE SECURITIES
| |
|
|
|
|
|
|
| |
|
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 |
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:
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
| |
|
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 |
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 |
|
| Income
tax expense |
|
|
(11,650 |
) |
|
|
(20,993 |
) |
| Net loss |
|
$ |
(9,039,831 |
) |
|
$ |
(7,937,011 |
) |
|