Note 8 - Leases

3 Months Ended

Mar. 31, 2023

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

NOTE 8 – LEASES

The Company’s corporate offices are located in Eagan, Minnesota. 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. Upon expiration of previous leases for office space and laboratory operations, the Company entered two new leases on January 4, 2023 for 20,835 square feet, of which approximately 4,418 square feet are used for office space and 16,417 square feet is used for laboratory operations. The leases each have an approximate five-year term ending February 28, 2028 and the Company recorded corresponding ROU assets and liabilities of $2,922,365.

The Company has additional office and warehouse space located in Birmingham, Alabama. The Company leases approximately 5,274 square feet at this location. The lease is effective through  August 25, 2025.

Lease expense, recorded within general and administrative expenses, was $214,015 and $179,788 for the three months ended on March 31, 2023 and March 31, 2022, respectively.

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

	March 31, 2023
Weighted average remaining lease term – operating leases in years		4.76
Weighted average discount rate – operating leases		12	%

The Company’s operating lease obligations as of March 31, 2023 are as follows:

Remainder of 2023	$	566,485
2024		844,933
2025		839,665
2026		803,724
2027		827,909
Thereafter		139,022
Total lease payments		4,021,738
Less: interest		(997,215	)
Present value of lease liabilities	$	3,024,523