Note 11 - Leases

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

NOTE 11 – LEASES

Our corporate offices are located in Eagan, Minnesota. The lease as amended has a three-year term ended January 31, 2021. We lease 5,773 square feet at this location, of which 2,945 square feet is used for office space and 2,828 is used for manufacturing. The lease was amended subsequent to December 31, 2020 for one additional year until January 31, 2022, and has a second amended six-month term until July 31, 2022. Management and the landlord have orally agreed to further extensions as needed.

The offices of our Helomics subsidiary are located in Pittsburgh, Pennsylvania. The lease, as amended, has a three-year term ending February 28, 2023. We lease 17,417 square feet at this location, of which approximately 1,000 square feet are used for office space and 16,417 square feet is used for laboratory operations.

zPREDICTA’s offices are located in San Jose, California. We lease approximately 1,236 square feet at this location. The lease is month-to-month tenancy.

Soluble Biotech’s offices are located in Birmingham, Alabama. We lease approximately 4,314 square feet at this location. The lease is effective through August 25, 2025.

TumorGenesis’s offices are located in Salem, Massachusetts. We lease approximately 1,450 square feet at this location. The lease is effective through May 31, 2023.

Skyline Medical Europe’s offices were located in Belgium. The Company leased around 2,000 square feet at this location, 750 square feet of which is used for storage and 1,250 square feet is used for office space. The lease was terminated in the fourth quarter of 2020.

Lease expense under operating lease arrangements was $595,669 and $565,581 for 2021 and 2020, respectively.

The following table summarizes other information related to the Company’s operating leases:

	December 31, 2021	December 31, 2020
Weighted average remaining lease term – operating leases in years	1.69	2.33
Weighted average discount rate – operating leases	8%	8%

The Company’s lease obligation as of December 31, 2021 which includes expected lease extensions that are reasonable certain of renewal, are as follows:

2022	$	751,345
2023		188,931
2024		71,420
2025		48,552
Total lease payments		1,060,248
Less interest		180,922
Present value of lease liabilities	$	879,326