SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
|
6 Months Ended |
Jun. 30, 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 June 30, 2025 and 2024, as they would be anti-dilutive:
SCHEDULE OF POTENTIALLY DILUTIVE SECURITIES
| |
|
2025 |
|
|
2024 |
|
| |
|
As of June 30, |
|
| |
|
2025 |
|
|
2024 |
|
| Shares underlying options outstanding |
|
|
304,125 |
|
|
|
337,810 |
|
| Shares underlying warrants outstanding |
|
|
28,193,118 |
|
|
|
8,838,669 |
|
| Shares underlying unvested restricted stock |
|
|
282,940 |
|
|
|
246,044 |
|
| Anti-dilutive securities |
|
|
28,780,183 |
|
|
|
9,422,523 |
|
|
| SCHEDULE OF REVENUE RECOGNITION |
SCHEDULE OF REVENUE RECOGNITION
| |
|
2025 |
|
|
2024 |
|
| |
|
For the six months ended
June 30, |
|
| |
|
2025 |
|
|
2024 |
|
| Patient service fees1 |
|
$ |
2,512,449 |
|
|
$ |
4,209,955 |
|
| Histology service fees |
|
|
572,358 |
|
|
|
530,053 |
|
| Medical director fees |
|
|
33,897 |
|
|
|
33,193 |
|
| Department of Defense observational studies |
|
|
— |
|
|
|
6,923 |
|
| Other revenues |
|
|
4,376 |
|
|
|
23,919 |
|
| Total net revenue |
|
$ |
3,123,080 |
|
|
$ |
4,804,043 |
|
| |
1 |
Patient
services fees include direct billing for CyPath® Lung diagnostic test of approximately $323,000 and $199,000 for the
six months ended June 30, 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
| |
|
June 30, |
|
|
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 |
|
|
(14,861 |
) |
|
|
(10,694 |
) |
| Customer relationships |
|
|
(89,167 |
) |
|
|
(64,167 |
) |
| Accumulated amortization |
|
|
(104,028 |
) |
|
|
(74,861 |
) |
| Intangible assets, net |
|
$ |
2,150,458 |
|
|
$ |
2,179,625 |
|
|
| SCHEDULE OF SEGMENT INFORMATION |
SCHEDULE OF SEGMENT INFORMATION
| |
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
| |
|
Three months ended June 30, |
|
|
Six months ended June 30, |
|
| |
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
| Net revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Diagnostic R&D |
|
$ |
— |
|
|
$ |
4,038 |
|
|
$ |
— |
|
|
$ |
6,923 |
|
| Laboratory services 1 |
|
|
1,269,483 |
|
|
|
2,393,614 |
|
|
|
3,123,080 |
|
|
|
4,797,120 |
|
| Total net revenue |
|
|
1,269,483 |
|
|
|
2,397,652 |
|
|
|
3,123,080 |
|
|
|
4,804,043 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Diagnostic R&D |
|
|
(440,651 |
) |
|
|
(453,895 |
) |
|
|
(946,390 |
) |
|
|
(896,494 |
) |
| Laboratory services |
|
|
(1,646,471 |
) |
|
|
(2,535,285 |
) |
|
|
(3,914,127 |
) |
|
|
(5,272,284 |
) |
| General corporate activities |
|
|
(1,697,921 |
) |
|
|
(1,496,270 |
) |
|
|
(3,405,262 |
) |
|
|
(2,668,293 |
) |
| Total operating loss |
|
|
(2,515,560 |
) |
|
|
(2,087,798 |
) |
|
|
(5,142,699 |
) |
|
|
(4,033,028 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-operating income (expense), net |
|
|
(1,516,243 |
) |
|
|
(17,062 |
) |
|
|
(1,540,826 |
) |
|
|
(29,975 |
) |
| Income tax expense |
|
|
(28,984 |
) |
|
|
(5,419 |
) |
|
|
(37,679 |
) |
|
|
(9,091 |
) |
| Net loss |
|
$ |
(4,060,787 |
) |
|
$ |
(2,110,279 |
) |
|
$ |
(6,721,204 |
) |
|
$ |
(4,072,094 |
) |
| 1 |
The
majority of the decrease versus the prior year is primarily due to discontinuing certain unprofitable pathology services to focus
on CyPath® Lung and other high-margin services. |
|