Note 9 - Leases

12 Months Ended

Dec. 31, 2022

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

NOTE 9 – LEASES

The Company’s corporate offices are located in Eagan, Minnesota. The lease as amended has a three-year term ended January 31, 2021. The Company leases 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 is month-to-month tenancy.

The offices of our Helomics subsidiary are located in Pittsburgh, Pennsylvania. We lease 20,835 square feet at this location, of which approximately 4,418 square feet are used for office space and 16,417 square feet is used for laboratory operations. We have two leases, with the primary lease as amended, having a two-year term ending February 28, 2023 and the second lease term ending December 31, 2022. We entered into two new leases effective March 1, 2023 which each having an approximate five-year term ending February 28, 2028.

zPREDICTA’s offices were located in San Jose, California. The Company leased approximately 1,236 square feet at this location. The lease was month-to-month tenancy and the Company ended the lease as of January 31, 2023.

Soluble Biotech’s offices are located in Birmingham, Alabama. The Company leases approximately 5,274 square feet at this location. The lease is effective through August 25, 2025.

TumorGenesis’s offices were located in Salem, Massachusetts. The Company leased approximately 1,450 square feet at this location. The Company terminated the lease in September 2022.

Lease expense under operating lease arrangements was $746,590 and $595,669 for 2022 and 2021, respectively.

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

	December 31, 2022			December 31, 2021
Weighted average remaining lease term – operating leases in years		1.72			1.69
Weighted average discount rate – operating leases		8	%		8	%

The Company’s operating lease obligation as of December 31, 2022 which includes expected lease extensions that are reasonably certain of renewal, are as follows:

2023	$	127,986
2024		71,420
2025		48,552
Total lease payments		247,958
Less interest		67,639
Present value of lease liabilities	$	180,319