false
--12-31
FY
2019
2019-12-31
10-K
0001446159
5847718
Yes
false
Non-accelerated Filer
Yes
19734292
Predictive Oncology Inc.
false
true
No
No
Common Stock, $0.01 par value
poai
-47078
6164260
2210381
422126
358468
363569
780594
324459
1425506
59700
0.3
2171610
P4Y204D
P4Y80D
P3Y83D
P244D
26711790
267833
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;">NOTE <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7</div> – NOTES PAYABLE </div></div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font-size: 10pt; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The balances of notes payable were as follows:</div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-size: 10pt"> </div></div> <div style=" margin: 0pt 0; font-size: 10pt"></div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-weight: bold; padding-bottom: 1pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 10pt">Due Date</div></td> <td style="font-weight: bold; padding-bottom: 1pt"><div style="display: inline; font-size: 10pt"> </div></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 10pt">December 31, 2019</div></td> <td style="font-weight: bold; padding-bottom: 1pt"><div style="display: inline; font-size: 10pt"> </div></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 10pt">December 31, 2018</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 61%; text-align: left"><div style="display: inline; font-size: 10pt">Bridge loan</div></td> <td style="width: 1%"><div style="display: inline; font-size: 10pt"> </div></td> <td style="width: 12%; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">March 31, 2020</div></div></td> <td style="width: 1%"><div style="display: inline; font-size: 10pt"> </div></td> <td style="width: 1%; text-align: left"><div style="display: inline; font-size: 10pt">$</div></td> <td style="width: 10%; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,989,104</div></div></td> <td style="width: 1%; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td style="width: 1%"><div style="display: inline; font-size: 10pt"> </div></td> <td style="width: 1%; text-align: left"><div style="display: inline; font-size: 10pt">$</div></td> <td style="width: 10%; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,297,727</div></div></td> <td style="width: 1%; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><div style="display: inline; font-size: 10pt">Promissory note</div></td> <td><div style="display: inline; font-size: 10pt"> </div></td> <td style="text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">March 27, 2020</div></div></td> <td><div style="display: inline; font-size: 10pt"> </div></td> <td style="text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td style="text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">680,833</div></div></td> <td style="text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td><div style="display: inline; font-size: 10pt"> </div></td> <td style="text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td style="text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></div></td> <td style="text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><div style="display: inline; font-size: 10pt">Equity line borrowing</div></td> <td><div style="display: inline; font-size: 10pt"> </div></td> <td style="text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">May 26, 2020</div></div></td> <td><div style="display: inline; font-size: 10pt"> </div></td> <td style="text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td style="text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18,563</div></div></td> <td style="text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td><div style="display: inline; font-size: 10pt"> </div></td> <td style="text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td style="text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></div></td> <td style="text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><div style="display: inline; font-size: 10pt">Equity line borrowing</div></td> <td><div style="display: inline; font-size: 10pt"> </div></td> <td style="text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">June 10, 2020</div></div></td> <td><div style="display: inline; font-size: 10pt"> </div></td> <td style="text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td style="text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">147,783</div></div></td> <td style="text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td><div style="display: inline; font-size: 10pt"> </div></td> <td style="text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td style="text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></div></td> <td style="text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><div style="display: inline; font-size: 10pt">Equity line borrowing</div></td> <td><div style="display: inline; font-size: 10pt"> </div></td> <td style="text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">June 20, 2020</div></div></td> <td><div style="display: inline; font-size: 10pt"> </div></td> <td style="text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td style="text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">194,943</div></div></td> <td style="text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td><div style="display: inline; font-size: 10pt"> </div></td> <td style="text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td style="text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></div></td> <td style="text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt"><div style="display: inline; font-size: 10pt">Dr. Schwartz note</div></td> <td style="padding-bottom: 1pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="text-align: right; padding-bottom: 1pt"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">September 30, 2020</div></div></td> <td style="padding-bottom: 1pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="border-bottom: Black 1pt solid; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,115,000</div></div></td> <td style="border-bottom: Black 1pt solid; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="border-bottom: Black 1pt solid; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">370,000</div></div> </td> <td style="border-bottom: Black 1pt solid; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><div style="display: inline; font-size: 10pt">Total Notes Payable, gross</div></td> <td><div style="display: inline; font-size: 10pt"> </div></td> <td style="text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div></td> <td><div style="display: inline; font-size: 10pt"> </div></td> <td style="text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td style="text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,146,226</div></div></td> <td style="text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td><div style="display: inline; font-size: 10pt"> </div></td> <td style="text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td style="text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,667,727</div></div></td> <td style="text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt"><div style="display: inline; font-size: 10pt">Less: Unamortized discount</div></td> <td style="padding-bottom: 1pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="text-align: right; padding-bottom: 1pt"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div></td> <td style="padding-bottom: 1pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="border-bottom: Black 1pt solid; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">350,426</div></div></td> <td style="border-bottom: Black 1pt solid; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="border-bottom: Black 1pt solid; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,032,813</div></div></td> <td style="border-bottom: Black 1pt solid; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt"><div style="display: inline; font-size: 10pt">Total Notes Payable, net</div></td> <td style="padding-bottom: 1pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="text-align: right; padding-bottom: 1pt"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div></td> <td style="padding-bottom: 1pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="border-bottom: Black 1pt solid; text-align: left"><div style="display: inline; font-size: 10pt">$</div></td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,795,800</div></div></td> <td style="border-bottom: Black 1pt solid; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="border-bottom: Black 1pt solid; text-align: left"><div style="display: inline; font-size: 10pt">$</div></td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,634,914</div></div></td> <td style="border-bottom: Black 1pt solid; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> </tr> </table> </div> <div style=" margin: 0pt 0; font-size: 10pt"></div> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-size: 10pt"></div></div> <div style=" margin: 0pt 0; font-size: 10pt"> </div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"></div></div> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;"></div></div> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;"></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-style: italic;">Bridge Loan</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-style: italic;"></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">During <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 2018, </div>the Company issued convertible secured promissory notes to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> private investors in the original principal amount of an aggregate <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,297,727</div> (the “bridge loan”) in exchange for cash proceeds of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,000,000.</div> As additional consideration for the loan, the Company issued an aggregate <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">65,000</div> shares of its common stock as inducement shares plus warrants to acquire up to an aggregate <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">107,178</div> shares of common stock at an exercise price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$11.55</div> per share. Pursuant to a security agreement between the Company and the investors, the Company granted to the investors a security interest in its assets to secure repayment of the note. The bridge loan accrues interest at a rate of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8%</div> per annum. During <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 2019, </div>the Company entered into a forbearance agreement with the bridge loan investors pursuant to which, among other things, the investors agreed to forbear on their rights to accelerate the bridge loan based on an event of default and a claimed event of default. In connection with such forbearance, an additional <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$344,659</div> in principal and an additional <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">16,667</div> common shares were issued to the investors. During <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 2019, </div>the bridge loan of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> investor was paid in full. Payment penalties of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$144,378</div> were paid in relation to payments on the bridge loan during <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019</div> and an additional <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$497,276</div> in payment penalties were accrued but <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> paid as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019. </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No</div> payments on the bridge loan were made during <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018.</div> The outstanding principal balance of the remaining bridge loan as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019 </div>was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,989,104</div> with an unamortized discount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$133,839.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Each investor has the right to convert all or any part of its bridge loan into shares of the Company’s common stock at a conversion factor that is the lesser of a discounted <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20</div>-day average price or a set price floor. The number of conversion shares that <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>be issued is subject to an exchange cap such that the sum of (a) the total number of conversion shares plus (b) the number of inducement shares is limited to an aggregate <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">267,833</div> shares. During <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019,</div> the investors converted <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$378,573</div> of the principal balance and received <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">103,415</div> shares of the Company’s common stock. <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No</div> conversions took place during <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <!-- Field: Page; Sequence: 92; Value: 1 --> <!-- Field: /Page --> <div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"></div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-style: italic;">Dr. Schwartz Notes</div></div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font-size: 10pt; margin: 0">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 2018, </div>Dr. Schwartz made a loan to the Company with a principal balance of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$370,000.</div> As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> promissory note was held with a principal balance of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$370,000</div> and an unamortized discount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$63,028.</div> From <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 30, 2018 </div>through <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 15, 2019, </div>Dr. Schwartz made numerous loans to the Company in the total amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,920,000</div> under <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> promissory notes. As consideration for these amounts, Dr. Schwartz received promissory notes and warrants to purchase <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">22,129</div> shares of the Company’s common stock at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$8.36</div> per share. Further, beginning on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 1, 2019 </div>and the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> day of each calendar month thereafter while the note remained outstanding, a number of additional warrants were issued. Beginning in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 2019, </div>the Company and Dr Schwartz began to renegotiate the note. Due to the negotiations, the company did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> issue any additional warrants because they would be cancelled under the new deal.</div> <div style=" font-size: 10pt; margin: 0"> </div> <div style=" font-size: 10pt; margin: 0">As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 2020, </div>the Company was in default under <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> of the notes which was due on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019 </div>and determined that it would <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> be able to pay remaining outstanding note when it became due on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 8, 2020. </div>In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 2020, </div>an exchange agreement was entered into between Dr. Schwartz and the Company which cancelled the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> outstanding notes and issued a new promissory note. See Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13</div> - Subsequent Events for further discussion.</div> <div style=" font-size: 10pt; margin: 0"> </div> <div style=" font-size: 10pt; margin: 0">As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019, </div>the outstanding principal balance was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,115,000.</div> The notes accrued interest at a rate of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8%</div> per annum through <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12%</div> per annum after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" margin: 0pt 0; font-size: 10pt"></div> <div style=" margin: 0pt 0; font-size: 10pt"> </div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-style: italic;">Helomics Investor Notes</div></div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As disclosed in Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div> – Helomics Acquisition, the Company assumed notes totaling <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$303,333</div> as part of the Helomics acquisition. The total outstanding principal and interest balances related to these notes was paid in full by the Company in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 2019. </div>The payments included <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$18,216</div> in payment penalties.</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-style: italic;">Promissory Note</div></div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-style: italic;"> </div></div> <div style=" font-size: 10pt; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">During <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 2019, </div>the Company issued a promissory note with a principal amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$847,500</div> in exchange for cash proceeds of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$700,000.</div> Pursuant to a security agreement between the Company and the investor, the Company has granted to the investor a security interest in its assets to secure repayment of the note. As additional consideration for the loan, the Company issued an aggregate <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8,857</div> shares of its common stock to the investor plus warrants to acquire up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">68,237</div> shares of the Company’s common stock at an exercise price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$6.21</div> per share. The warrants are exercisable beginning on the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">sixth</div> month anniversary of the effective date through the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">fifth</div>-year anniversary thereof. The note accrues interest at a rate of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8%</div> per annum. During <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019,</div> the Company made <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> payment in the amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$166,667.</div> Payment penalties of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$33,333</div> were paid in relation to payments on this promissory note during <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019</div> and an additional <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$136,167</div> in payment penalties were accrued but <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> paid as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019. </div>As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019, </div>the remaining balance on the promissory note was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$680,833</div> with an unamortized discount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$216,587.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-style: italic;">Short Term Borrowings</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">During <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019,</div> the Company entered into short-term borrowings with an investor. The maturity date of the notes is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div> months after the dates of issuance with interest rates of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8%</div> payable at maturity. Repayment of such notes is subject to a premium. During <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019,</div> the Company issued short term notes for a total of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$478,159</div> for cash proceeds of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$440,000</div> and repaid <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$118,527</div> of principal using a portion of proceeds from the equity financing facility. Payment penalties of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$6,367</div> were paid in relation to payments on these short-term borrowings during <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019</div> and an additional <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$35,468</div> in payment penalties were accrued but <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> paid as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019. </div>The total amount outstanding under the short-term loans as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019 </div>was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$361,289.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-style: italic;">Extension of Notes Payable</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Throughout <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019,</div> the Company entered into a number of extensions related to its various outstanding notes payable. During <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019,</div> the Company incurred a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$581,073</div> loss on debt extinguishment and recognized <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$162,750</div> as debt discount related to extensions of notes payable. The Company issued a total of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30,000</div> shares of its common stock and warrants to acquire <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13,000</div> shares of the Company’s common stock as additional consideration for these extensions.</div> <div style=" margin: 0pt 0; font-size: 10pt"></div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> </div> <!-- Field: Page; Sequence: 93; Value: 1 --> <!-- Field: /Page --> <div> <div style=" margin: 0pt 0; font-size: 10pt"></div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-style: italic;">Derivative Liability</div></div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font-size: 10pt; margin: 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Management has concluded the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 2018 </div>bridge loan contains a conversion feature which is an embedded derivative that is required to be bifurcated and separately presented as a liability on the consolidated balance sheets. The embedded derivative’s value was determined using discounted stock price for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20</div>-trading days preceding the balance sheet date, and assuming conversion on that date as management believed it is probable that the notes will be convertible based on management’s expectation that additional financing will be required. The Company recognized an unrealized gain in other income on the statements of net loss for the corresponding change in fair value of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$221,756</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$372,263</div> in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> respectively. The fair value of the derivative liability related to the bridge loan as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019 </div>was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$50,989.</div></div> <div style=" font-size: 10pt; margin: 0"> </div> <div style=" margin: 0; font-size: 10pt">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 21, 2019, </div>the Company issued a common stock purchase warrant to Dr. Schwartz for value received in connection with the First Note. Beginning on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 1, 2019 </div>and the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> day of each calendar month thereafter while the First Note and associated warrants remained outstanding, a number of additional shares were added to the warrant. The Company accounted for the liability to issue more warrants as a derivative liability as the exact number of warrants to be issued was uncertain at the time of the agreement. The Company issued <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,753</div> warrants to Dr. Schwartz under the agreement in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019.</div> The remaining derivative liability of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$22,644</div> was reduced to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">zero</div> as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019 </div>due to the exchange agreement in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 2020, </div>which eliminated the issuance of any future warrants related to these notes. See Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13</div> – Subsequent Events for further discussion.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The table below discloses changes in value of the Company’s embedded derivative liabilities related to the bridge loan and the derivative included in the note payable agreements with Dr. Schwartz during the years ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018.</div></div> <div style=" margin: 0pt 0; font-size: 10pt"></div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"></div></div> <div> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Derivative liability balance at December 31, 2017</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 85%; font-size: 10pt; text-align: left">Derivative instruments recognized</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">645,008</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Gain recognized to revalue derivative instrument at fair value</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(372,263</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Derivative liability balance at December 31, 2018</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">272,745</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Derivative instrument recognized</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">69,722</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Gain recognized to revalue derivative instrument at fair value</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(221,756</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Adjustments to derivative liability for warrants issued</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(47,078</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt"><div style=" margin: 0; font-size: 10pt">Reduction of derivative liability</div> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(22,644</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Derivative liability balance at December 31, 2019</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">50,989</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> </table> </div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"></div></div> </div></div>
0.00056857
162750
300000
162750
80642401
11152717
1589430
1019139
78417618
9655388
14021
216891
110714
51647
645008
69722
22644
66394188
104050
132931
141908
-159037
-1054778
746479
-17585
15355
0.25
751330
503009
6164260
1222244
0.25
15000000
15000000
P1Y
0.08
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Offering Costs</div></div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0">Costs incurred which are direct and incremental to an offering of the Company’s securities are deferred and charged against the proceeds of the offering, unless such costs are deemed to be insignificant in which case they are expensed as incurred. During <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019,</div> the Company capitalized offering costs of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$324,459</div> that were deemed to be significant.</div></div></div></div></div></div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Other Expense</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Other expense consisted primarily of interest expense, payment penalties, amortization of original issue discounts, and loss on debt extinguishment associated to the Company’s notes payable.</div></div></div></div></div></div></div>
144378
33333
6367
202294
497276
136167
35468
289936
2.12
6159906
319196
188066
1111888
1053460
2811309
3127112
244971
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellspacing="0" cellpadding="0" style="; border-collapse: collapse; font-size: 10pt; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td> <td> </td> <td colspan="5" style="white-space: nowrap; text-align: center"><div style="display: inline; font-size: 10pt">Years</div></td> </tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><div style="display: inline; font-size: 10pt">Computers and office equipment</div></td> <td> </td> <td> </td> <td style="text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3 </div></div></td> <td style="text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">- </div></div></td> <td><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7</div></div></td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 82%"><div style="display: inline; font-size: 10pt">Leasehold improvements <div style="display: inline; bottom:.33em; font-size: 82%; position: relative; vertical-align: baseline;">(1)</div></div></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 5%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="width: 5%; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5</div></div></td> <td style="width: 5%"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="width: 1%"> </td> </tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><div style="display: inline; font-size: 10pt">Manufacturing and laboratory equipment</div></td> <td> </td> <td> </td> <td style="text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3 </div></div></td> <td style="text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">- </div></div></td> <td><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7</div></div></td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: white"> <td><div style="display: inline; font-size: 10pt">Demonstration equipment</div></td> <td> </td> <td> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div></div></td> <td><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: #CCECFF"> <td><div style="display: inline; font-size: 10pt">Laboratory equipment</div></td> <td> </td> <td> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4</div></div></td> <td><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td> </td> </tr> </table></div>
1190967
12000
13500
20
3
18.3
7
P1Y
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Risks and Uncertainties</div></div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0">The Company is subject to risks common to companies in the medical device and biopharmaceutical industries, including, but <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> limited to, development by the Company or its competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, and compliance with regulations of the Food and Drug Administration, Clinical Laboratory Improvement Amendments, and other governmental agencies.</div></div></div></div></div></div></div>
484923
335238
14680805
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Range of Exercise Prices</td> <td style="white-space: nowrap; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Shares</td> <td style="white-space: nowrap; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Weighted <br /> Average <br /> Remaining <br /> Life</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; font-size: 10pt">Options:</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; width: 70%; font-size: 10pt">$2.61 – 6.50</td> <td style="width: 1%; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="width: 1%; font-size: 10pt; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">157,848</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9.53</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; font-size: 10pt">$7.324 – 8.491</td> <td style="font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">285,826</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9.07</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; font-size: 10pt">$9.00 – 14.70</td> <td style="font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">310,882</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7.50</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; font-size: 10pt">$21.00 – 51.25</td> <td style="font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,045</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.90</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; font-size: 10pt; padding-bottom: 1pt">$657.50 – 5,962.50</td> <td style="font-size: 10pt; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">823</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4.39</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; font-size: 10pt; padding-bottom: 2.5pt">Total</td> <td style="font-size: 10pt; padding-bottom: 2.5pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">766,424</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; font-size: 10pt">Warrants:</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; font-size: 10pt">$0.10 – 8.36</td> <td style="font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">250,145</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4.56</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">$10.00</td> <td style="font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,674,088</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4.22</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; font-size: 10pt">$10.71 – 22.50</td> <td style="font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">237,970</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3.23</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">$1,237.50</td> <td style="font-size: 10pt; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,407</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.67</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; font-size: 10pt; padding-bottom: 2.5pt">Total</td> <td style="font-size: 10pt; padding-bottom: 2.5pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,171,610</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> </table></div>
0.05
0.05
500000
500000
0.25
2500000
833333
1
0.1
10
0.10
P30D
P60D
75000
75000
258
258
30000
30000
863732
863732
16667
4341
943000
104652
14539
50467
59700
3
2338837
2338840
6463309
8637
6454672
6463309
166
158183
158349
44
40194
40238
1869899
1047
448953
450000
750
876750
877500
145
145251
145396
505
504160
504665
597
5373
5970
0.1
0.05
1
1
6261590
47078
180640
3155641
445689
297055
232602
2371633
1279114
771574
358765
93653667
63146533
1124928
1124928
2250422
2250422
183187
183187
68757
68757
180640
180640
356471
356471
6261590
6261590
177343
177343
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Advertising</div></div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0">Advertising costs are expensed as incurred. Advertising expenses were <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$21,166</div> in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$43,548</div> in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018.</div></div></div></div></div></div></div></div>
21166
43548
2250422
1124928
1037524
0
2023315
385111
290552
62633
58500
766424
366928
2171610
362664
82751
329409
7925
7925
350000
594383
5773
2945
2828
2000
750
1250
17417
1000
16417
22375510
3708999
670841
298952
21275306
130411
932367
41377
2735255
798264
1451527
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Nature of Operations and Continuance of Operations</div></div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0">Predictive Oncology Inc., (the “Company” or “Predictive”) was originally incorporated on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 23, 2002 </div>in Minnesota as BioDrain Medical, Inc. Effective <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 6, 2013, </div>the Company changed its name to Skyline Medical Inc. Pursuant to an Agreement and Plan of Merger effective <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 16, 2013, </div>the Company merged with and into a Delaware corporation with the same name that was its wholly-owned subsidiary, with such Delaware corporation as the surviving corporation of the merger. On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 31, 2015, </div>the Company completed a successful offering and concurrent uplisting to the NASDAQ Capital Market. On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 1, 2018, </div>the Company filed with the Secretary of State of Delaware a Certificate of Amendment to its Certificate of Incorporation to change the corporate name from Skyline Medical Inc. to Precision Therapeutics Inc., effective <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 1, 2018. </div>Because of this change, the Company’s common stock traded under the ticker symbol “AIPT,” effective <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 2, 2018. </div>On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 10, 2019, </div>the Company filed with the Secretary of State of Delaware a Certificate of Amendment to its Certificate of Incorporation to change the corporate name from Precision Therapeutics Inc. to Predictive Oncology Inc., trading under the new ticker symbol “POAI,” effective <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 13, 2019. </div>Skyline Medical Inc. remains as an incorporated division of Predictive Oncology Inc. On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 28, 2019, </div>the Company completed a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div>-for-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">ten</div> reverse stock split that was effective for trading purposes on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 29, 2019. </div>All numbers of shares and per-share amounts have been adjusted to reflect the reverse stock split.</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0">The Company is a healthcare company that provides personalized medicine solution and medical devices in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> main areas: (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div>) precision medicine, which aims to apply artificial intelligence (“AI “) to personalized medicine and drug discovery; and (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div>) an environmentally safe system for the collection and disposal of infectious fluids that result from surgical procedures and post-operative care. The Company also makes ongoing sales of proprietary cleaning fluid and filters to users of its systems.</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, the Company’s wholly-owned subsidiary, TumorGenesis Inc. (“TumorGenesis”), is developing the next generation, patient-derived tumor models for precision cancer therapy and drug development. TumorGenesis Inc., formed during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> quarter of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> is presented as part of the consolidated financial statements (“financial statements”) and is included in corporate in the Company’s segment reporting.</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> quarter of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> the Company acquired <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25%</div> of the capital stock of Helomics Holding Corporation (“Helomics”). On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 4, 2019, </div>the Company completed a forward triangular merger with Helomics Acquisition Inc., a wholly-owned subsidiary of the Company and Helomics, acquiring the remaining <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">75%</div> of the capital stock of Helomics (“Helomics Acquisition”).</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font-size: 10pt; margin: 0pt 0"></div> <div style=" font-size: 10pt; margin: 0pt 0">The Company has incurred recurring losses from operations and has an accumulated deficit of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$82,498,711.</div> The Company does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> expect to generate sufficient operating revenue to sustain its operations in the near-term. During fiscal year <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019,</div> the Company incurred negative cash flows from operations. Although the Company has attempted to curtail expenses, there is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> guarantee that the Company will be able to reduce these expenses significantly, and expenses <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>need to be higher to prepare product lines for broader sales in order to generate sustainable revenues. These conditions raise substantial doubts about the Company’s ability to continue as a going concern. The Company had cash and cash equivalents of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$150,831</div> as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019 </div>and needs to raise significant additional capital to meet its operating needs and pay debt obligations coming due. Outstanding debt, including accrued interest and penalties, totaled <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$6,213,507</div> as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019, </div>all of which is due within <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div> months. Debt is secured by all assets of the Company and its subsidiaries. The Company intends to raise these funds through equity or debt financing that <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>include public offerings, private placements, alternative offerings, or other means. In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 2019, </div>the Company entered into a purchase agreement for an equity line under which it can raise up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$15,000,000</div> over a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div>-year period, subject to market conditions including trading volume and stock price. Given the limitations in place there is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> guarantee that the Company will be able to raise the full amount available under the equity line over the course of the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div>-year period. During <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019,</div> the Company issued <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">122,356</div> shares of its common stock valued at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$319,196</div> pursuant to the equity line. In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2020,</div> the Company completed various debt and equity financings and raised net proceeds of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$6,159,906,</div> that is net of repayments. See Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13</div> – Subsequent Events for more information. Despite these sources of funding, it is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> probable the Company will be able to obtain additional financing in order to fund operations. Therefore there is substantial doubt about the Company’s ability to continue as a going concern for <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> year after the date that the financial statements are issued. The accompanying financial statements have been prepared assuming the Company will continue as a going concern and do <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> include any adjustments that might result from the outcome of this uncertainty.</div> <div style=" margin: 0pt 0; font-size: 10pt"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" margin: 0pt 0; font-size: 10pt"></div> <!-- Field: Page; Sequence: 75; Value: 1 --> <div style=" margin: 0pt 0; font-size: 10pt"></div> <div style=" font-size: 10pt; margin: 0pt 0">The Company has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> commitments or contingencies.</div></div></div></div></div></div></div>
1989104
4795800
1634914
400000
3500000
0.75
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td> <td style="font-weight: bold"> </td> <td colspan="7" style="white-space: nowrap; font-weight: bold; text-align: center">Year Ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td> <td> </td> <td colspan="7" style="text-align: center">Unaudited</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 66%">Revenue</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 14%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,457,625</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 14%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,812,433</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Net loss attributable to common shareholders</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(20,947,033</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(12,419,423</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> </table></div>
-20947033
-12419423
1457625
1812433
656615
26711790
5612250
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;">NOTE <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div> – HELOMICS ACQUISITION</div></div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 4, 2019, </div>the Company completed a forward triangular merger with Helomics Acquisition Inc., a wholly-owned subsidiary of the Company and Helomics, acquiring the remaining <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">75%</div> of the capital stock of Helomics.</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0">Helomics’ precision medicine services are designed to use AI and a comprehensive disease database to improve the effectiveness of cancer therapy. Helomics’ precision oncology services are based on its D-CHIP diagnostic platform, which combines a database of genomic and drug response profiles from over <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">149,000</div> tumors with an AI based searchable bioinformatics platform. Once a patient’s tumor is excised and analyzed, the D-CHIP platform compares the tumor profile with its database, and using its extensive drug response data, provides a specific therapeutic roadmap.</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0">The acquisition of Helomics was accounted for as a business combination using the acquisition method of accounting. This method requires, among other things, that assets acquired and liabilities assumed be recognized at fair value as of the acquisition date. The fair value for the assets acquired and the liabilities assumed are based on information knowable and determined by management as of the date of this filing. The Company incurred <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$656,615</div> in acquisition costs predominantly in legal and audit expenses.</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" margin: 0pt 0; font-size: 10pt"></div> <!-- Field: Page; Sequence: 82; Value: 1 --> <div style=" margin: 0pt 0; font-size: 10pt"></div> <div style=" font-size: 10pt; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The fair value of the consideration transferred in the acquisition has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">five</div> components totaling <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$26,711,790.</div> The following table summarizes the acquisition date fair values of assets acquired and liabilities assumed, and the consideration transferred:</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0"></div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 85%; font-size: 10pt">Value of shares to Helomics shareholders (i)</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,612,250</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Value of Helomics notes receivable forgiven (ii)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,210,381</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">Value of shares to extinguish debt (iii)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,463,309</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Value of warrants issued (iv)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,261,590</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Gain on revaluation of equity method investment (v)</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,164,260</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Fair value of the consideration</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">26,711,790</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Less assets acquired:</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: 10pt; font-size: 10pt; text-align: left">Cash and cash equivalents</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">248,102</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: 10pt; font-size: 10pt; text-align: left">Accounts receivable</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">207,769</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: 10pt; font-size: 10pt; text-align: left">Inventory</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">17,727</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: 10pt; font-size: 10pt; text-align: left">Prepaid expenses</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,321</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: 10pt; font-size: 10pt; text-align: left">Fixed assets, net</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,749,080</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: 10pt; font-size: 10pt; text-align: left">Intangible assets</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,725,000</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: 10pt; font-size: 10pt; text-align: left">Lease right of use assets</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">780,594</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Plus liabilities assumed:</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: 10pt; font-size: 10pt; text-align: left">Accounts payable</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,374,596</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: 10pt; font-size: 10pt; text-align: left">Note Payable</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">303,333</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: 10pt; font-size: 10pt; text-align: left">Accrued expenses</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">363,569</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: 10pt; font-size: 10pt; text-align: left">Lease Liability – Net of Long-term Portion</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">422,126</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: 10pt; font-size: 10pt; text-align: left">Lease liability</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">358,468</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Total assets acquired and liabilities assumed</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(2,921,501</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 2.5pt">Goodwill</td> <td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">23,790,290</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> </tr> </table> </div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0"></div> <div style=" font-size: 10pt; margin: 0pt 0">(i) Upon the acquisition, all outstanding shares of Helomics stock <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> already held by the Company were converted into the right to receive a proportionate share of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">400,000</div> shares of common stock and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,500,000</div> shares of Series D convertible preferred stock of the Company. The fair value of these shares on the date of issuance was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$5,612,250;</div> (ii) the Company forgave notes and interest due from Helomics relating to previous cash advances equaling <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,210,381;</div> (iii) the Company eliminated debt owed by Helomics to noteholders by issuing <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">863,732</div> shares of common stock to the noteholders, the value of the shares was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$6,463,309;</div> (iv) the Company issued <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,425,506</div> warrants in exchange for warrants to purchase <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">23,741,772</div> shares of Helomics common stock to the Helomics noteholders agreeing to extinguish or extend their notes. An additional <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">59,700</div> warrants were exchanged for warrants held by other parties; the total consideration of all the exchanged warrants was valued by using the Black Scholes method and equaled <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$6,261,590;</div> and, (v) as the Company’s acquisition of Helomics was a business combination achieved in stages, the initial <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25%</div> purchase of Helomics in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> was required to be revalued at current fair value on the acquisition date. Immediately prior to the acquisition date the recorded value of the equity method investment was zero. On the acquisition date the Company determined the fair value of the previous equity method investment was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$6,164,260</div> and recorded a gain for the same amount in order to recognize the investment at its fair value. The gain was calculated as the difference between the implied fair value of the Company’s previous equity method investment in Helomics and the recorded book value immediately prior to the acquisition date. The implied fair value was calculated based on the purchase consideration exchanged to acquire the remaining <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">75%</div> of Helomics and factoring a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10%</div> discount for lack of control.</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0">The fair values of all common and preferred shares issued as consideration in the transaction was determined using the closing bid price of the Company’s common stock on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 4, 2019.</div></div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> legally assume the debt extinguished on the day of the acquisition, however <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> noteholders did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> exchange their notes for shares representing <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$303,333</div> in principal. The holders agreed to extend their notes, with the last extension due on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 11, 2019. </div>This portion of the debt was assumed by the Company and paid during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">fourth</div> quarter of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019.</div> In order to receive the extension, the Company agreed to issue <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">58,300</div> warrants to the noteholders at an exercise price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1.00</div> per share. The warrants were valued using the Black Scholes method. See Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7</div> – Notes Payable for further discussion.</div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-style: italic;"></div></div> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-style: italic;"> </div></div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-style: italic;">Identifiable Intangible Assets </div></div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0">The Company acquired intangible assets related to trademarks for the acquired Helomics trade name with an estimated fair market value of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$398,000.</div> The Company expects to employ the Helomics trade name for the foreseeable future. The fair values of the assets were determined by the relief-from-royalty method under the income approach.</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0">The Company acquired intangible assets with a useful life of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> years and an estimated value of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$445,000</div> related to customer relationships stemming from stable and predictable cash flow streams associated with customers. Helomics’ customer base includes contract research partnerships with pharmaceutical, diagnostic, biotechnology, and research companies. Helomics’ existing customers are all within its CRO services business line. The customer relationships were valued using the with and without method under the income approach.</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" margin: 0pt 0; font-size: 10pt"></div> <!-- Field: Page; Sequence: 83; Value: 1 --> <div style=" margin: 0pt 0; font-size: 10pt"></div> <div style=" font-size: 10pt; margin: 0pt 0">The Company acquired intangible assets with a useful life of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20</div> years and an estimated value of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,882,000</div> related to developed technology stemming from the D-CHIP diagnostic platform and underlying tumor database. Since the D-CHIP platform and underlying database was identified as the primary asset, this technology was valued using the multi-period excess earnings method under the income approach.</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0">The acquisition costs related to the intangible assets are presented in legal and accounting expenses within general and administrative expenses in the accompanying consolidated statements of net loss.</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-style: italic;">Goodwill</div></div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Goodwill of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$23,790,290</div> recognized in the Helomics acquisition represents the excess of the consideration transferred over the fair values of assets acquired and liabilities assumed and represents the future economic benefits and synergies arising from the transaction. <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">None</div> of the goodwill is deductible for income tax purposes.</div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-style: italic;"> </div></div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-style: italic;">Financial Results</div></div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0">The financial results of Helomics since the acquisition date have been included in the Company’s accompanying consolidated statements of net loss.</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-style: italic;">Pro Forma</div></div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following pro forma information presents the combined results of operations of the Company and Helomics as if the acquisition of Helomics had been completed on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2018, </div>with adjustments to give effect to pro forma events that are directly attributable to the acquisition.</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" margin: 0pt 0; font-size: 10pt"></div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td> <td style="font-weight: bold"> </td> <td colspan="7" style="white-space: nowrap; font-weight: bold; text-align: center">Year Ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td> <td> </td> <td colspan="7" style="text-align: center">Unaudited</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 66%">Revenue</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 14%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,457,625</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 14%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,812,433</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Net loss attributable to common shareholders</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(20,947,033</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(12,419,423</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> </table> </div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0">The primary adjustments include the deduction of the original depreciation and amortization and the inclusion of the revalued depreciation and amortization for Helomics tangible and intangible assets. The unaudited pro forma results do <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> reflect any operating efficiencies or potential cost savings which <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>result from the consolidation of operations. Accordingly, these unaudited pro forma results are presented for informational purposes only and are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> necessarily indicative of what the actual results of operations of the combined company would have been if the acquisition had occurred at the beginning of those respective time periods, nor are they indicative of future results of operations.</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0">There are certain portions of purchase accounting, specifically Section <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">382</div> for <div style="display: inline; font-style: italic;">Tax Loss Carryforwards</div>, which take place after a company has undergone a shift in ownership, that the Company has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> completed yet and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>have a significant impact on the financial statements.</div></div>
248102
15321
207769
2374596
303333
398000
445000
2882000
3725000
17727
2921501
1749080
0.25
248102
150831
162152
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; margin: 0"><div style="display: inline; font-weight: bold;">Cash and Cash Equivalents</div></div> <div style=" font-size: 10pt; margin: 0"> </div> <div style=" font-size: 10pt; margin: 0">Cash and cash equivalents consist of cash on hand. The company has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div></div> cash equivalents during the years ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019.</div></div></div></div></div></div></div></div>
162152
766189
150831
-11321
-604037
0
0
1
1
10
11.25
10
1
6.25
11.55
8.36
6.21
2.992
1.88
0.0001
10
1237.50
10
10.71
22.50
8.36
13.125
1809599
2.50
11.88
2.50
3095
0.10
8.36
10
10.71
22.50
1237.50
1
0.05
1
1
69250
6925
73938
73937
63355
107178
22129
68237
13000
5753
94631
92700
1390166
9407
25233
108295
219076
2171610
250145
1674088
237970
9407
0.01
0.01
0.01
0.01
0.01
0.01
0.01
100000000
50000000
24000000
50000000
100000000
4056652
1409175
40567
14092
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Credit Risk </div></div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0">Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash. The Company places its cash with high credit quality financial institutions and, by policy, generally limits the amount of credit exposure to any <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> financial institution. The Company has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> credit risk concentration for cash amounts held in a single institution that are in excess of amounts issued by the Federal Deposit Insurance Corporation.</div></div></div></div></div></div></div>
297055
232602
40384
23065
6479
6479
647819
531810
415764
2115000
378573
103415
50000
378573
20
20
303333
2297727
370000
2115000
847500
440000
1098684
1450000
490000
480000
480000
1989104
2297727
680833
18563
147783
194943
2115000
370000
5146226
2667727
344659
0.08
0.08
0.12
0.08
0.08
0.08
0.12
133839
63028
216587
350426
1032813
350426
1032814
403710
216891
3740
3972
10708
57276
295941
2020
81046111
11369608
6891
6991
657633
481652
5915499
27097777
34529255
264379011
4488
56670
60905
77777
80642401
11152717
0
0
1
1
0.04
0.04
414331
84995
43728
4692
556538
99925
704883
704883
147628
372263
221756
22644
0
272745
50989
50989
272745
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellspacing="0" cellpadding="0" style="; border-collapse: collapse; font-size: 10pt; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"><div style="display: inline; font-size: 10pt">Year</div></td> <td style="white-space: nowrap"> </td> <td colspan="3" style="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><div style="display: inline; font-size: 10pt">Shares</div></td> <td style="white-space: nowrap"> </td> <td colspan="5" style="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><div style="display: inline; font-size: 10pt">Price</div></td> </tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="white-space: nowrap; width: 68%"><div style="display: inline; font-size: 10pt">2011</div></td> <td style="white-space: nowrap; width: 1%"> </td> <td style="white-space: nowrap; width: 1%"> </td> <td style="white-space: nowrap; width: 11%; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">17</div></div></td> <td style="white-space: nowrap; width: 1%"> </td> <td style="white-space: nowrap; width: 1%"> </td> <td style="white-space: nowrap; width: 1%"> </td> <td style="white-space: nowrap; width: 5%; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div></td> <td style="white-space: nowrap; width: 5%; text-align: center">$<div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,812.50</div></div></td> <td style="white-space: nowrap; width: 5%"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="white-space: nowrap; width: 1%"> </td> </tr> <tr style="vertical-align: bottom; background-color: white"> <td style="white-space: nowrap"><div style="display: inline; font-size: 10pt">2012</div></td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">171</div></div></td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,312.50</div></div></td> <td style="white-space: nowrap; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">–</div></div></td> <td style="white-space: nowrap"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,500.00</div></div></td> <td style="white-space: nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="white-space: nowrap"><div style="display: inline; font-size: 10pt">2013</div></td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">150</div></div></td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,481.25</div></div></td> <td style="white-space: nowrap; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">–</div></div></td> <td style="white-space: nowrap"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,962.50</div></div></td> <td style="white-space: nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: white"> <td style="white-space: nowrap"><div style="display: inline; font-size: 10pt">2014</div></td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">84</div></div></td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,625.00</div></div></td> <td style="white-space: nowrap; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">–</div></div></td> <td style="white-space: nowrap"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,312.50</div></div></td> <td style="white-space: nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="white-space: nowrap"><div style="display: inline; font-size: 10pt">2015</div></td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">401</div></div></td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">657.50</div></div></td> <td style="white-space: nowrap; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">–</div></div></td> <td style="white-space: nowrap"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">862.50</div></div></td> <td style="white-space: nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: white"> <td style="white-space: nowrap"><div style="display: inline; font-size: 10pt">2016</div></td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,617</div></div></td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">22.50</div></div></td> <td style="white-space: nowrap; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">–</div></div></td> <td style="white-space: nowrap"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">51.25</div></div></td> <td style="white-space: nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="white-space: nowrap"><div style="display: inline; font-size: 10pt">2017</div></td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">235,053</div></div></td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10.10</div></div></td> <td style="white-space: nowrap; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">–</div></div></td> <td style="white-space: nowrap"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">21.00</div></div></td> <td style="white-space: nowrap"> </td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"><div style="display: inline; font-size: 10pt">2018</div></td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">97,636</div></div></td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.19</div></div></td> <td style="text-align: center; white-space: nowrap"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">–</div></div></td> <td style="white-space: nowrap"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13.50</div></div></td> <td style="white-space: nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="white-space: nowrap"><div style="display: inline; font-size: 10pt">2019</div></td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; border-bottom: black 1pt solid"> </td> <td style="white-space: nowrap; border-bottom: black 1pt solid; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">423,295</div></div></td> <td style="white-space: nowrap; border-bottom: black 1pt solid"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.61</div></div></td> <td style="text-align: center; white-space: nowrap; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">–</div></div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9.00</div></div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid"> </td> </tr> <tr style="vertical-align: bottom; background-color: white"> <td style="white-space: nowrap"><div style="display: inline; font-size: 10pt">Total</div></td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; border-bottom: black 2.25pt double"> </td> <td style="white-space: nowrap; border-bottom: black 2.25pt double; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">766,424</div></div></td> <td style="white-space: nowrap; border-bottom: black 2.25pt double"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; border-bottom: black 2.25pt double"> </td> <td style="white-space: nowrap; border-bottom: black 2.25pt double; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.45</div></div></td> <td style="white-space: nowrap; border-bottom: black 2.25pt double; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">–</div></div></td> <td style="white-space: nowrap; border-bottom: black 2.25pt double"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5962.50</div></div></td> <td style="white-space: nowrap; border-bottom: black 2.25pt double"> </td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellspacing="0" cellpadding="0" style="; border-collapse: collapse; font-size: 10pt; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"><div style="display: inline; font-size: 10pt">Year</div></td> <td style="white-space: nowrap"> </td> <td colspan="3" style="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><div style="display: inline; font-size: 10pt">Shares</div></td> <td style="white-space: nowrap"> </td> <td colspan="5" style="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><div style="display: inline; font-size: 10pt">Price</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; width: 68%"><div style="display: inline; font-size: 10pt">2015</div></td> <td style="white-space: nowrap; width: 1%"> </td> <td style="white-space: nowrap; width: 1%"> </td> <td style="white-space: nowrap; width: 11%; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,407</div></div></td> <td style="white-space: nowrap; width: 1%"> </td> <td style="white-space: nowrap; width: 1%"> </td> <td style="white-space: nowrap; width: 1%"> </td> <td style="white-space: nowrap; width: 5%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="white-space: nowrap; width: 5%; text-align: center">$<div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,237.50</div></div></td> <td style="text-align: left; white-space: nowrap; width: 5%"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="white-space: nowrap; width: 1%"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap"><div style="display: inline; font-size: 10pt">2016</div></td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25,233</div></div></td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: right"> </td> <td style="text-align: right; white-space: nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="white-space: nowrap; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10.00</div></div></td> <td style="white-space: nowrap; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="white-space: nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap"><div style="display: inline; font-size: 10pt">2017</div></td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">108,295</div></div></td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: right"> </td> <td style="white-space: nowrap; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10.71</div></div></td> <td style="white-space: nowrap; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">–</div></div></td> <td style="white-space: nowrap; text-align: left"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">22.50</div></div></td> <td style="white-space: nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap"><div style="display: inline; font-size: 10pt">2018</div></td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">219,076</div></div></td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8.36</div></div></td> <td style="white-space: nowrap; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">–</div></div></td> <td style="text-align: left; white-space: nowrap"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13.125</div></div></td> <td style="white-space: nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap"><div style="display: inline; font-size: 10pt">2019</div></td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; border-bottom: black 1pt solid"> </td> <td style="white-space: nowrap; border-bottom: black 1pt solid; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,809,599</div></div></td> <td style="white-space: nowrap; border-bottom: black 1pt solid"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.50</div></div></td> <td style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">–</div></div></td> <td style="text-align: left; white-space: nowrap; border-bottom: black 1pt solid"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11.88</div></div></td> <td style="white-space: nowrap; border-bottom: black 1pt solid"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap"><div style="display: inline; font-size: 10pt">Total</div></td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; border-bottom: black 2.25pt double"> </td> <td style="white-space: nowrap; border-bottom: black 2.25pt double; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,171,610</div></div></td> <td style="white-space: nowrap; border-bottom: black 2.25pt double"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; border-bottom: black 2.25pt double"> </td> <td style="white-space: nowrap; border-bottom: black 2.25pt double; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2.50</div></div></td> <td style="white-space: nowrap; border-bottom: black 2.25pt double; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">–</div></div></td> <td style="text-align: left; white-space: nowrap; border-bottom: black 2.25pt double"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,095.00</div></div></td> <td style="white-space: nowrap; border-bottom: black 2.25pt double"> </td> </tr> </table></div>
-6.86
-7.87
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;">NOTE <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8</div> - LOSS PER SHARE</div></div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0">The following table presents the shares used in the basic and diluted loss per common share computations:</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" margin: 0pt 0; font-size: 10pt"></div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td> <td style="font-weight: bold"> </td> <td colspan="7" style="white-space: nowrap; font-weight: bold; text-align: center">Year Ended<br /> December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap">Numerator:</td> <td> </td> <td colspan="3" style="white-space: nowrap; text-align: right"> </td> <td> </td> <td colspan="3" style="white-space: nowrap; text-align: right"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 70%; text-align: left; padding-bottom: 1pt">Net loss attributable to common shareholders per common share: basic and diluted calculation</td> <td style="width: 1%; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</td> <td style="width: 12%; border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(19,680,701</div></td> <td style="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; text-align: left">)</td> <td style="width: 1%; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</td> <td style="width: 12%; border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(10,086,477</div></td> <td style="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Denominator:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Weighted average common shares outstanding-basic</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,870,132</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,281,629</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Effect of diluted stock options, warrants and preferred stock (1)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Weighted average common shares outstanding-diluted</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,870,132</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,281,629</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.25pt">Loss per common share-basic and diluted</td> <td style="padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(6.86</div></td> <td style="white-space: nowrap; border-bottom: Black 2.25pt double; text-align: left">)</td> <td style="padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(7.87</div></td> <td style="white-space: nowrap; border-bottom: Black 2.25pt double; text-align: left">)</td> </tr> </table> </div> <div style=" margin: 0pt 0; font-size: 10pt"></div> <div style=" margin: 0pt 0; font-size: 10pt"> </div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <!-- Field: Page; Sequence: 94; Value: 1 --> <!-- Field: /Page --> <div> <div style=" margin: 0pt 0; font-size: 10pt"></div> <div style=" font-size: 10pt; margin: 0pt 0">(<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div>) The following is a summary of the number of underlying shares outstanding at the end of the respective periods that have been excluded from the diluted calculations because the effect on loss per common share would have been anti-dilutive:</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year Ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; font-size: 10pt">Options</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">766,424</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">366,928</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Warrants</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,171,610</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">362,664</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Convertible debt</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">82,751</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">329,409</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Preferred stock: Series B</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,925</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,925</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Preferred stock: Series D</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">350,000</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Preferred stock: Series E</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">594,383</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> </table> </div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> </div></div>
0.34
0.21
221756
372263
50989
P1Y270D
201628
0.8
0.75
2465613
419266
12247174
7348
214426
-1555542
-9452835
-1166656
-7159255
12247174
2046347
45835
523546
0
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;">NOTE <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div> – EQUITY METHOD INVESTMENT</div></div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" margin: 0pt 0; font-size: 10pt"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company acquired <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25%</div> of the capital stock of Helomics, in transactions in the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> quarter of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018.</div> Prior to the merger on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 4, 2019, </div>the Helomics investment was accounted for using the equity method. Helomics losses reduced the equity method investment asset on the balance sheet until it was reduced to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">zero</div> with subsequent losses reducing the note receivable due from Helomics. The Company recognized a loss on equity method investment totaling <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$439,637</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,293,580</div> in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> respectively, related to its investment in Helomics.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Summarized financial information for Helomics for the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019 </div>is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> presented as the results are consolidated within the Company’s financial results. The results for Helomics as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018 </div>are presented below:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 10pt"> <div style="display: inline; font-weight: bold;">December 31, 2018</div></div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 81%; text-align: left">Current assets</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 16%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">419,266</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 81%; text-align: left">Non-current assets</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,046,347</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 81%; text-align: left">Total assets</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,465,613</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 81%; text-align: left">Current liabilities</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12,247,174</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 81%; text-align: left">Total liabilities</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12,247,174</div></td> <td style="text-align: left"> </td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <!-- Field: Page; Sequence: 84; Value: 1 --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Period January 1, 2019 </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">to April 4, 2019</div></div></td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Year Ended </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">December 31, 2018</div></div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 72%">Revenue</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 11%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">45,835</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 11%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">523,546</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 72%">Gross margin</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,348</div></td> <td style="white-space: nowrap; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">214,426</div></td> <td style="white-space: nowrap; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 72%">Net loss on Operations</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,555,542</div></td> <td style="white-space: nowrap; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">)</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(9,452,835</div></td> <td style="white-space: nowrap; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">)</div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 72%">Net Loss</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,166,656</div></td> <td style="white-space: nowrap; text-align: left">)<div style="display: inline; bottom:.33em; font-size: 82%; position: relative; vertical-align: baseline;">1</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(7,159,255</div></td> <td style="white-space: nowrap; text-align: left">)<div style="display: inline; bottom:.33em; font-size: 82%; position: relative; vertical-align: baseline;">1</div></td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; bottom:.33em; font-size: 82%; position: relative; vertical-align: baseline;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div></div>The loss to investee was calculated at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">80%</div> for the initial period of ownership, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 11, 2018 – </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 27, 2018, </div>and at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">75%</div> for the period of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 28, 2018 – </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 4, 2019 </div>at the current equity investment percentage owned by the Company.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Helomics losses reduced the equity method investment asset on the balance sheet. The recorded investor losses have exceeded the equity method investment originally recorded total. As such, the equity method investment recorded to the balance sheet was reduced to zero. Subsequent losses reduced the note receivable due from Helomics. Note receivable on the balance sheet as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018 </div>was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$413,683.</div> The actual note due to the Company was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,165,013</div> reflecting a reduction to the loan of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$751,330</div> due to the equity method accounting losses incurred from Helomics ownership.</div> <div style=" margin: 0pt 0; font-size: 10pt"></div> <div style=" margin: 0pt 0; font-size: 10pt"> </div> </div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 10pt"> <div style="display: inline; font-weight: bold;">December 31, 2018</div></div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 81%; text-align: left">Current assets</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 16%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">419,266</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 81%; text-align: left">Non-current assets</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,046,347</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 81%; text-align: left">Total assets</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,465,613</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 81%; text-align: left">Current liabilities</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12,247,174</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 81%; text-align: left">Total liabilities</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12,247,174</div></td> <td style="text-align: left"> </td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Period January 1, 2019 </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">to April 4, 2019</div></div></td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Year Ended </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">December 31, 2018</div></div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 72%">Revenue</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 11%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">45,835</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 11%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">523,546</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 72%">Gross margin</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,348</div></td> <td style="white-space: nowrap; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">214,426</div></td> <td style="white-space: nowrap; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 72%">Net loss on Operations</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,555,542</div></td> <td style="white-space: nowrap; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">)</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(9,452,835</div></td> <td style="white-space: nowrap; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">)</div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 72%">Net Loss</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,166,656</div></td> <td style="white-space: nowrap; text-align: left">)<div style="display: inline; bottom:.33em; font-size: 82%; position: relative; vertical-align: baseline;">1</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(7,159,255</div></td> <td style="white-space: nowrap; text-align: left">)<div style="display: inline; bottom:.33em; font-size: 82%; position: relative; vertical-align: baseline;">1</div></td> </tr> </table></div>
-221756
-372263
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt; padding-bottom: 1pt"><div style="display: inline; font-size: 10pt"> </div></td> <td colspan="7" style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt">Year Ended December 31,</div></td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt; padding-bottom: 1pt"><div style="display: inline; font-size: 10pt"> </div></td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt">2019</div></td> <td style="white-space: nowrap; text-align: center; font-size: 10pt; padding-bottom: 1pt"><div style="display: inline; font-size: 10pt"> </div></td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt">2018</div></td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt; padding-bottom: 1pt"><div style="display: inline; font-size: 10pt"> </div></td> <td colspan="7" style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt">Stock Options</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; width: 68%; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt">Expected dividend yield</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; width: 5%; font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div></td> <td style="white-space: nowrap; width: 5%; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.0%</div></div></td> <td style="white-space: nowrap; width: 5%; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"></div></td> <td style="white-space: nowrap; text-align: center; width: 1%; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; width: 5%; font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div></td> <td style="white-space: nowrap; width: 5%; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt">0.0</div>%</td> <td style="white-space: nowrap; width: 5%; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"></div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt">Expected stock price volatility</div></td> <td style="white-space: nowrap; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">78.6%</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> -</div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">82.4%</div><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; text-align: center; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt">66.0</div>%</td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"></div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt">Risk-free interest rate</div></td> <td style="white-space: nowrap; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.50%</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> -</div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.76%</div><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; text-align: center; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"></div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.46%</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3.07%</div></div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt">Expected life of options (in years)</div></td> <td style="white-space: nowrap; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div></td> <td style="white-space: nowrap; text-align: center; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; text-align: center; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap; font-size: 10pt; padding-bottom: 1pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt; padding-bottom: 1pt"><div style="display: inline; font-size: 10pt"> </div></td> <td colspan="7" style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Warrants</div></div></div></div></div></div></div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt">Expected dividend yield</div></td> <td style="white-space: nowrap; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt">0.0</div>%</td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"></div></td> <td style="white-space: nowrap; text-align: center; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt">0.0</div>%</td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"></div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt">Expected stock price volatility</div></td> <td style="white-space: nowrap; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">78.6%</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">82.4%</div><div style="display: inline; font-size: 10pt"></div></td> <td style="white-space: nowrap; text-align: center; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt">59.0</div>%</td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"></div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt">Risk-free interest rate</div></td> <td style="white-space: nowrap; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.39%</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.58%</div><div style="display: inline; font-size: 10pt"></div></td> <td style="white-space: nowrap; text-align: center; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.33%</div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.96%</div></div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt">Expected life of options (in years)</div></td> <td style="white-space: nowrap; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5</div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div></td> <td style="white-space: nowrap; text-align: center; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5</div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div></td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Fair Value Measurements</div></div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0">As outlined in ASC – <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">820,</div> <div style="display: inline; font-style: italic;">Fair Value Measurement</div>, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The accounting standards ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">820</div> establishes a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div>-level fair value hierarchy that prioritizes information used in developing assumptions when pricing an asset or liability as follows:</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> – Observable inputs such as quoted prices in active markets;</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0 0pt 0.5in">Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div> – Inputs other than quoted prices in active markets, that are observable either directly or indirectly; and</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0 0pt 0.5in">Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div> – Unobservable inputs where there is little or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> market data, which requires the reporting entity to develop its own assumptions.</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0">The Company uses observable market data, when available, in making fair value measurements. Fair value measurements are classified according to the lowest level input that is significant to the valuation.</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <!-- Field: Page; Sequence: 79; Value: 1 --> <!-- Field: /Page --> <div> <div style=" margin: 0pt 0; font-size: 10pt"></div> <div style=" font-size: 10pt; margin: 0pt 0">The fair value of the Company’s investment securities, which consist of cash and cash equivalents, was determined based on Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> inputs. The fair value of the Company’s derivative liabilities related to the bridge loan and the note payable agreement with the Company’s CEO was determined based on Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div> inputs.</div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div></div></div></div></div></div></div></div>
0
1037524
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;">NOTE <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6–</div> NOTES RECEIVABLE</div></div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company has a secured promissory note receivable from CytoBioscience for <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,112,524,</div> plus interest paid monthly at the per annum rate of (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8%</div>) on the principal amount. Unpaid principal and unpaid accrued interest on the note were due and payable on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 28, 2020. </div>In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019,</div> CytoBioscience and its parent company, InventaBioTech, paid interest in the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> quarter due through <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 2019. </div>The Company has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> received any payments from CytoBioscience since the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> quarter of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019.</div> The Company has evaluated the feasibility of repayment, including direct conversations with the CEO and former CEO of CytoBioscience, and has concluded that recovery of the note is in doubt and that it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the receivable. The Company does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> anticipate any cash recovery through the sale of this equipment and has recorded a reserve for the full value of the note receivable. The Company obtained a judgment against CytoBioscience and has proceeded with court proceedings to claim the collateral equipment and to attempt to recover the original balance plus interest due under the note. On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 2, 2020, </div>the Company signed a term sheet with InventaBio Tech and its subsidiary Soluble Therapeutics, LLC (“Soluble”) to acquire certain assets in exchange for termination and waiver of all remaining amounts due and payable under the CytoBioscience Note. See Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13</div> - Subsequent Events for further discussion.</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <!-- Field: Page; Sequence: 91; Value: 1 --> <!-- Field: /Page --> <div> <div style=" margin: 0pt 0; font-size: 10pt"></div> <div style=" font-size: 10pt; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">During <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> the Company converted <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$500,000</div> of its note receivable from Helomics into <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">833,333</div> shares of Helomics common stock for an additional <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5%</div> interest in Helomics, giving the Company an equity stake in Helomics totaling <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25%.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Also, during <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> the Company advanced an additional <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$997,500</div> to Helomics under the same note. The balance due to the Company at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018 </div>was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,165,013</div> in principal, plus interest of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$29,215.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">During <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019,</div> the Company advanced Helomics <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$975,000.</div> As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 3, 2019, </div>the Company had a principal balance of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,140,013,</div> plus interest of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$70,369</div> due from Helomics. On the Company’s balance sheet there was a reduction to the loan of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,190,967</div> due to the cumulative equity method investments losses incurred from Helomics ownership; see Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.</div> There were <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> further advances to Helomics prior to the completion of the merger. Upon completion of the merger with Helomics all intercompany notes were eliminated; see Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div> – Helomics Acquisition. </div> <div style=" margin: 0pt 0; font-size: 10pt"></div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> </div></div>
P3Y
P20Y
195286
182559
48750
108075
111250
414611
231309
2130403
305785
157452
157452
194535
305785
339023
318304
877500
2882000
445000
3251412
143737
135745
828750
2773925
333750
-1096
581073
310000
-581073
9781218
4626997
23790290
15690290
23790290
8870250
8100000
770250
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Goodwill</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font-size: 10pt; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In accordance with ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">350</div> – <div style="display: inline; font-style: italic;">Intangibles – Goodwill and Other</div>, goodwill is calculated as the difference between the acquisition date fair value of the consideration transferred and the fair value of net assets acquired. Goodwill is an asset representing the future economic benefits arising from other assets acquired in a business combination. Goodwill is an indefinite-lived asset and is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> amortized. Goodwill is tested for impairment annually at the reporting unit level, or whenever events or circumstances present an indication of impairment.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the Helomics acquisition, the Company recorded goodwill of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$23,790,290.</div> The goodwill was recorded to the Helomics segment which represents a single reporting unit. As a part of the annual impairment testing, the Company had the option to assess qualitative factors to determine if it was more likely than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> that the carrying value of a reporting unit exceeded its estimated fair value. The Company believed a qualitative testing approach was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> appropriate and, therefore, proceeded to the quantitative testing. When performing quantitative testing, the Company <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> estimated the fair value of the Helomics reporting unit using discounted cash flows. To determine fair values, the Company was required to make assumptions about a wide variety of internal and external factors. Significant assumptions used in the impairment analysis included financial projections of free cash flow (including significant assumptions about operations including the rate of future revenue growth, capital requirements, and income taxes), long-term growth rates for determining terminal value, and discount rates for the Helomics reporting unit. Comparative market multiples were also used to corroborate the results of the discounted cash flow test. These assumptions required significant judgment and actual results <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>differ from assumed and estimated amounts.</div> <div style=" margin: 0pt 0; font-size: 10pt"></div> <!-- Field: Page; Sequence: 78; Value: 1 --> <!-- Field: /Page --> <div style=" margin: 0pt 0; font-size: 10pt"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In testing goodwill for impairment as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019, </div>the Company performed a quantitative impairment test, including computing the fair value of the Helomics reporting unit and comparing that value to its carrying value. Based upon the Company’s annual goodwill impairment test, the Company concluded that goodwill was impaired as of the testing date of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019. </div>Pursuant to ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">04</div> – <div style="display: inline; font-style: italic;">Simplifying the Test for Goodwill Impairment</div>, the single step is to determine the estimated fair value of the reporting unit and compare it to the carrying value of the reporting unit, including goodwill. To the extent the carrying amount of goodwill exceeds the implied goodwill, the difference is the amount of the goodwill impairment. The Company’s annual impairment test as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019 </div>resulted in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$8,100,000</div> of impairment expense related to goodwill. There was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> impairment expense recorded in the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">twelve</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font-size: 10pt; text-indent: 15.1pt; margin: 0"> </div> <div style=" margin: 0; font-size: 10pt; text-indent: 15.1pt"></div> <div> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 84%; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt">Goodwill balance at December 31, 2018</div></td> <td style="width: 1%; font-size: 10pt; padding-bottom: 1pt"> </td> <td style="width: 2%; font-size: 10pt; text-align: left">$</td> <td style="border-top: Black 1pt solid; width: 12%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-top: Black 1pt solid; width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt">Acquired</div></td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">23,790,290</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt">Impairment</div></td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(8,100,000</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt">Goodwill balance at December 31, 2019</div></td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,690,290</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> </table> </div> <div style=" margin: 0; font-size: 10pt; text-indent: 15.1pt"></div> <div style=" margin: 0; font-size: 10pt; text-indent: 15.1pt"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15.1pt"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">When evaluating the fair value of Helomics reporting unit the Company used a discounted cash flow model. Key assumptions used to determine the estimated fair value included: (a) expected cash flow for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20</div>-year period following the testing date (including net revenues, costs of revenues, and operating expenses as well as estimated working capital needs and capital expenditures); (b) an estimated terminal value using a terminal year growth rate of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3.0%</div> determined based on the growth prospects of the reporting unit; and (c) a discount rate of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18.3%</div> based on management’s best estimate of the after-tax weighted average cost of capital. The discount rate included a company specific risk premium of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7%</div> for risks related to the term of the forecasts.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15.1pt"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The majority of the inputs used in the discounted cash flow model are unobservable and thus are considered to be Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div> inputs.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15.1pt"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company will continue to monitor its reporting units to determine whether events and circumstances warrant further interim impairment testing. Goodwill is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> expected to be deductible for tax purposes.</div></div></div></div></div></div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Intangible Assets</div></div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Finite-lived intangible assets consist of patents and trademarks, licensing fees, developed technology, and customer relationships, and are amortized over their estimated useful life. The tradename is an indefinite-lived intangible asset and is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> amortized. Amortization expense was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$290,552</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$62,633</div> in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> respectively. Accumulated amortization is included in intangibles, net in the accompanying consolidated balance sheets. The Company reviews finite-lived identifiable intangible assets for impairment in accordance with ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">360</div> — <div style="display: inline; font-style: italic;">Property, Plant and Equipment</div>, whenever events or changes in circumstances indicate the carrying amount <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> be recoverable. Events or changes in circumstances that indicate the carrying amount <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> be recoverable include, but are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> limited to, a significant change in the medical device marketplace and a significant adverse change in the business climate in which the Company operates. The Company reviews its other intangible assets in accordance with ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">350—</div><div style="display: inline; font-style: italic;">Intangibles—Goodwill and Other</div>. Under this topic, intangible assets determined to have an indefinite useful life are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> amortized but are tested for impairment annually or more often if an event or circumstances indicate that an impairment loss has been incurred.</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019, </div>there were <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$3,649,412</div> in net intangibles, representing a large fluctuation due to the Helomics acquisition as compared to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$964,495</div> in net intangibles as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018.</div></div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" margin: 0pt 0; font-size: 10pt"></div> <!-- Field: Page; Sequence: 77; Value: 1 --> <div style=" margin: 0pt 0; font-size: 10pt"></div> <div style=" font-size: 10pt; margin: 0pt 0">The components of intangible assets were as follows:</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold"> </td> <td colspan="11" style="font-size: 10pt; font-weight: bold; text-align: center">December 31, 2019</td> <td style="font-size: 10pt; font-weight: bold"> </td> <td colspan="11" style="font-size: 10pt; font-weight: bold; text-align: center">December 31, 2018</td> </tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt"> </td> <td style="white-space: nowrap; font-size: 10pt; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center; font-size: 10pt">Gross<br /> Carrying<br /> Costs</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: center">Accumulated<br /> Amortization</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: center">Net Carrying<br /> Amount</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center; font-size: 10pt">Gross<br /> Carrying<br /> Costs</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: center">Accumulated<br /> Amortization</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: center">Net Carrying<br /> Amount</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 34%; font-size: 10pt; text-align: left">Patents & Trademarks</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 8%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">339,023</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 8%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(195,286</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 8%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">143,737</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 8%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">318,304</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 8%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(182,559</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 8%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">135,745</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Licensing Fees</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">877,500</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(48,750</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">828,750</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Developed Technology</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,882,000</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(108,075</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,773,925</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Customer Relationships</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">445,000</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(111,250</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">333,750</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; font-size: 10pt">Tradename</td> <td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">398,000</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">398,000</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: 10pt; font-size: 10pt; padding-bottom: 2.5pt">Total</td> <td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,064,023</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(414,611</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">)</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,649,412</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,195,804</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(231,309</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">)</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">964,495</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> </tr> </table> </div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font-size: 10pt; margin: 0pt 0">The following table outlines the estimated future amortization expense related to intangible assets held as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019:</div></div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 1pt; font-size: 10pt; text-align: center">Year ending December 31,</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Expense</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 77%; font-size: 10pt; text-align: left">2020</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 20%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">305,785</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">2021</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">305,785</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">2022</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">194,535</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">2023</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">157,452</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">2024</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">157,452</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: 10pt; text-align: left; font-size: 10pt">Thereafter</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,130,403</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: 10pt; text-align: left; font-size: 10pt">Total</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,251,412</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> </table> </div></div></div></div></div></div></div>
8100000
0
879755
995891
770250
770250
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Impairment of Long-Lived Assets</div></div> <div style=" font-size: 10pt; text-indent: 24pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0">The Company reviews long-lived assets, including property and equipment and intangible assets with estimable useful lives, for impairment whenever events or changes in circumstances indicate that the carrying amount of such an asset <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> be recoverable.</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The recoverability of an asset to be held and used is determined by comparing the carrying amount to the estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of the asset exceeded its estimated undiscounted future cash flows, the Company recorded an impairment charge in the amount by which the carrying amount of the asset exceeds its fair value, which is determined by either a quoted market price, if any, or a value determined by utilizing discounted cash flow techniques.</div> <div style=" font-size: 10pt; margin: 0"> </div> <div style=" margin: 0; font-size: 10pt">During <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019,</div> the Company recognized <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$58,500</div> of amortization expense related to license fees. The Company also determined that due to lower than anticipated revenues from the Company’s TumorGenesis subsidiary, the licensing fee intangible asset <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> be recoverable. The Company incurred impairment charges of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$770,250</div> related to the full remaining value of the TumorGenesis licensing fees asset, which was included in corporate in the Company’s segment reporting. <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No</div> impairment charges were incurred during <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018.</div></div></div></div></div></div></div></div>
-439637
-2293580
-439637
-2293580
-439637
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;">NOTE <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9–</div> INCOME TAXES </div> </div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"> </div> <div style=" margin: 0pt 0; font-size: 10pt; text-indent: 0.5in"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The provision for income taxes consists of an amount for taxes currently payable and a provision for tax consequences deferred to future periods. Deferred income taxes are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Tax Reform Act was enacted <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 22, 2017. </div>Effective <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2018 </div>the Tax Reform Act reduced corporate income tax rates from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">34%</div> to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">21%.</div> Other changes effect operating loss carryforwards and carrybacks, as well as a repeal of the corporate alternative minimum tax. As a result of the Tax Reform Act, deferred tax assets and liabilities were re-measured to account for the lower tax rates. There was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> income tax impact from the re-measurement due to the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100%</div> valuation allowance on the Company’s deferred tax assets.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">There is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> federal or state income tax provision in the accompanying statements of net loss due to the cumulative operating losses incurred and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100%</div> valuation allowance for the deferred tax assets.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Actual income tax benefit differs from statutory federal income tax benefit as follows:</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" margin: 0pt 0; font-size: 10pt"></div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td> <td style="font-weight: bold"> </td> <td colspan="7" style="white-space: nowrap; font-weight: bold; text-align: center">Year Ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; text-align: left; text-indent: -10pt; padding-left: 10pt">Statutory federal income tax benefit</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,977,561</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,118,160</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">State tax benefit, net of federal taxes</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">368,635</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">66,117</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Foreign tax benefit</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">104,050</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">132,931</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Foreign operations tax rate differential</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(73,869</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(94,373</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">State rate adjustment</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(17,585</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,355</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">R&D tax credit</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">51,143</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">22,532</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Nondeductible/nontaxable items</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(517,465</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(118,905</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">State NOL adjustment</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,054,778</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">746,479</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">OID and derivatives</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">141,908</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(159,037</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Helomics purchase adjustment</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">66,394,188</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -10pt; padding-left: 10pt">Other</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">115,896</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">47,868</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Valuation allowance increase</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(69,489,684</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(2,777,127</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Total income tax benefit</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> </tr> </table> </div> <div style=" margin: 0pt 0; font-size: 10pt"></div> <div style=" margin: 0pt 0; font-size: 10pt"> </div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" margin: 0pt 0; font-size: 10pt"></div> <!-- Field: Page; Sequence: 95; Value: 1 --> <!-- Field: /Page --> <div style=" margin: 0pt 0; font-size: 10pt"> </div> <div style=" font-size: 10pt; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Deferred taxes consist of the following:</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" margin: 0pt 0; font-size: 10pt"></div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2019</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt">Deferred tax assets:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-indent: -10pt; padding-left: 10pt">Noncurrent:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; text-indent: -10pt; padding-left: 20pt">Depreciation</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,488</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -10pt; padding-left: 20pt">Inventory</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,891</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,991</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -10pt; padding-left: 20pt">Compensation accruals</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">56,670</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">60,905</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -10pt; padding-left: 20pt">Accruals and reserves</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">77,777</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 20pt">Deferred revenue</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,480</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -10pt; padding-left: 20pt">Charitable contribution carryover</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,740</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,972</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -10pt; padding-left: 20pt">Derivatives</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,708</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">57,276</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -10pt; padding-left: 20pt">Related party investments</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">657,633</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">481,652</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -10pt; padding-left: 20pt">Intangibles</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">295,941</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,020</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -10pt; padding-left: 20pt">NSQO compensation</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,589,430</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,019,139</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 20pt">NOL and credits</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">78,417,618</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,655,388</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -10pt; padding-left: 20pt">Total deferred tax assets</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">81,046,111</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,369,608</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -10pt; padding-left: 20pt"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt">Deferred tax liabilities:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-indent: -10pt; padding-left: 10pt">Noncurrent:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -10pt; padding-left: 20pt">Original issue discount</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(14,021</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(216,891</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -10pt; padding-left: 20pt">Depreciation</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(389,689</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -10pt; padding-left: 20pt">Total deferred tax liabilities</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(403,710</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(216,891</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -10pt; padding-left: 20pt"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Net deferred tax assets</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">80,642,401</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,152,717</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Less: valuation allowance</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(80,642,401</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(11,152,717</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Total</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> </tr> </table> </div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0"></div> <div style=" font-size: 10pt; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As a result of the Helomics merger on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 4, 2019, </div>the Company’s deferred assets and liabilities at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019 </div>are presented on a consolidated basis. The Company intends to file federal consolidated returns post merger. The Company has determined, based upon its history, that it is probable that future taxable income <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>be insufficient to fully realize the benefits of the net operating loss (“NOL”) carryforwards and other deferred tax assets. As such, the Company has determined that a full valuation allowance is warranted. Future events and changes in circumstances could cause this valuation allowance to change.</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The acquired NOL carryforwards from Helomics experienced an ownership change as defined in Section <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">382</div> of the Internal Revenue Code as a result of the merger. In addition, the Company experienced an ownership change in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 2013. </div>As a result, the ability to utilize the Company’s NOLs is limited. The Company <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>have experienced additional ownership changes since <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 2013, </div>but a formal study has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> yet been performed. The general limitation rules allow the Company to utilize its NOLs subject to an annual limitation that is determined by multiplying the federal long-term tax-exempt rate by the Company’s value immediately before the ownership change.</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" margin: 0pt 0; font-size: 10pt"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font-size: 10pt; margin: 0">At <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018, </div>the Company had <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$40,444,754</div> of gross NOLs to reduce future federal taxable income, the majority of which are expected to be available for use in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019,</div> subject to the Section <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">382</div> limitation described above. <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$34,529,255</div> of the federal NOLs will expire beginning in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2022</div> if unused and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$5,915,499</div> will carryforward indefinitely. The Company also had <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$13,114,182</div> of gross NOLs to reduce future state taxable income at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018. </div>The state NOL’s will expire beginning in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019</div> if unused. The Company also had <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$421,782</div> in gross foreign NOLs to reduce future Belgian taxable income at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018. </div>The Company's net deferred tax assets, which include the NOLs, are subject to a full valuation allowance. At <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018, </div>the federal, state and foreign valuation allowances were <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$9,603,237,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,416,758</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$132,722,</div> respectively.</div> <div style=" font-size: 10pt; margin: 0"> </div> <div style=" margin: 0; font-size: 10pt">At <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019, </div>the Company had <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$291,476,788</div> of gross NOLs to reduce future federal taxable income, the majority of which are expected to be available for use in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2020,</div> subject to the Section <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">382</div> limitation described above. The federal NOL’s of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$264,379,011</div> expire beginning in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2021</div> if unused and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$27,097,777</div> will carryforward indefinitely. The Company also had <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$213,762,905</div> of gross NOLs to reduce future state taxable income at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019. </div>The state NOL’s will expire beginning in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2020</div> if unused. The Company also had <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$773,455</div> in gross foreign NOLs to reduce future Belgian taxable income at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019. </div>The Company's net deferred tax assets, which include the NOLs, are subject to a full valuation allowance. At <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019, </div>the federal, state, and foreign valuation allowances were <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$58,991,353,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$21,414,302,</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$236,746,</div> respectively.</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" margin: 0pt 0; font-size: 10pt"></div> <!-- Field: Page; Sequence: 96; Value: 1 --> <!-- Field: /Page --> <div style=" margin: 0pt 0; font-size: 10pt"> </div> <div style=" font-size: 10pt; margin: 0pt 0">Tax years subsequent to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015</div> remain open to examination by federal and state tax authorities. The Company reviews income tax positions expected to be taken in income tax returns to determine if there are any income tax uncertainties. The Company recognizes tax benefits from uncertain tax positions only if it is more likely than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> that the tax positions will be sustained on examination by taxing authorities, based on technical merits of the positions. The Company has identified <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> income tax uncertainties.</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0">The Company recognizes interest and penalties on unrecognized tax benefits as well as interest received from favorable tax settlements within income tax expense. At <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> the Company recorded <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"></div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> </div>accrued interest or penalties related to uncertain tax positions.</div></div>
0
0
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Income Taxes</div></div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0">The Company accounts for income taxes in accordance with ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">740</div> - <div style="display: inline; font-style: italic;">Income Taxes</div> (“ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">740”</div>). Under ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">740,</div> deferred tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and net operating loss and credit carryforwards using enacted tax rates in effect for the year in which the differences are expected to impact taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to the amounts expected to be realized.</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0">There is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> income tax provision in the accompanying consolidated statements of net loss due to the cumulative operating losses that indicate a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100%</div> valuation allowance for the deferred tax assets and state income taxes is appropriate.</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0">The Company reviews income tax positions expected to be taken in income tax returns to determine if there are any income tax uncertainties. The Company recognizes tax benefits from uncertain tax positions only if it is more likely than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> that the tax positions will be sustained on examination by taxing authorities, based on technical merits of the positions. The Company has identified <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> income tax uncertainties.</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0">Under Internal Revenue Code Section <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">382,</div> certain stock transactions which significantly change ownership could limit the amount of net operating carryforwards that <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>be utilized on an annual basis to offset taxable income in future periods. The Company has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> yet performed an analysis of the annual net operating loss carryforwards and limitations that are available to be used against taxable income. Consequently, the limitation, if any, could result in the expiration of the Company’s loss carryforwards before they can be utilized. The Company has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> analyzed net operating loss carryforwards under Section <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">382</div> to date. As a result of the Helomics acquisition, there <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>be significant limitation to the net operating loss. The Company intends to complete a Section <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">382</div> analysis in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2020.</div></div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0">Tax years subsequent to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015</div> remain open to examination by federal and state tax authorities.</div></div></div></div></div></div></div>
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1123619
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241066
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Inventories</div></div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0">Inventories are stated at the lower of cost or net realizable value, with cost determined on a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div>-in, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div>-out basis. Inventory balances consist of the following:</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-size: 10pt"> </td> <td style="white-space: nowrap; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31,<br /> 2019</td> <td style="white-space: nowrap; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31,<br /> 2018</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: right"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; font-size: 10pt; text-align: left">Finished goods</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">91,410</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">58,701</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Raw materials</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">69,821</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">127,003</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 1pt">Work-In-Process</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">28,925</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">55,362</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: 10pt; font-size: 10pt">Total</td> <td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">190,156</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">241,066</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> </tr> </table> </div></div></div></div></div></div></div>
69821
127003
28925
55362
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">December 31, 2019</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 85%; font-size: 10pt; text-align: left">Weighted average remaining lease term – operating leases in years</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3.28</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Weighted average discount rate – operating leases</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8</div></td> <td style="font-size: 10pt; text-align: left">%</td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 85%; font-size: 10pt; text-align: left">2020</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">476,468</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">2021</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">111,353</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">2022</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">43,154</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">2023</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">44,017</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">2024</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">44,897</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">2025 and thereafter</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">112,271</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Total lease payments</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">832,160</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Less interest</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">102,415</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; font-size: 10pt; padding-bottom: 2.5pt">Present value of lease liabilities</td> <td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">729,745</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> </tr> </table></div>
832160
112271
476468
44897
44017
43154
111353
102415
P3Y
P3Y
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;">NOTE <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div> - LEASES</div></div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0">The Company’s corporate offices are located in Eagan, Minnesota. The lease as amended has a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div>-year term ending <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 31, 2021. </div>The Company leases <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,773</div> square feet at this location, of which <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,945</div> square feet is used for office space and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,828</div> square feet is used for manufacturing.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Skyline Medical Europe’s offices are located in Belgium. The Company leases around <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,000</div> square feet at this location, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">750</div> square feet of which is used for storage and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,250</div> square feet is used for office space. The lease is effective through <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 14, 2027.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Helomics’ offices are located in Pittsburgh, Pennsylvania. The lease, as amended, has a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div>-year term ending <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 28, 2021. </div>The Company leases <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">17,417</div> square feet at this location, of which approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,000</div> square feet is used for office space and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">16,417</div> square feet is used for laboratory operations. The Company expects that this space will be adequate for its current office and laboratory needs.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Lease expense under operating lease arrangements was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$431,170</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$69,013</div> for <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> respectively.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following table summarizes other information related to the Company’s operating leases:</div> <div style=" margin: 0pt 0; font-size: 10pt"></div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">December 31, 2019</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 85%; font-size: 10pt; text-align: left">Weighted average remaining lease term – operating leases in years</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3.28</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Weighted average discount rate – operating leases</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8</div></td> <td style="font-size: 10pt; text-align: left">%</td> </tr> </table> </div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0">The Company’s lease obligation as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019 </div>is as follows:</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 85%; font-size: 10pt; text-align: left">2020</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">476,468</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">2021</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">111,353</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">2022</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">43,154</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">2023</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">44,017</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">2024</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">44,897</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">2025 and thereafter</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">112,271</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Total lease payments</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">832,160</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Less interest</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">102,415</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; font-size: 10pt; padding-bottom: 2.5pt">Present value of lease liabilities</td> <td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">729,745</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> </tr> </table> </div></div>
11144192
3655527
22375510
3708999
10873928
3655527
0
6213507
9320217
5794570
-599087
-1110651
-8732451
-5287956
-19390766
-10086477
-2783531
-351759
-12354108
-3901368
-10086477
-19390766
-19680701
-10086477
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Recently Adopted Accounting Standards</div></div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 2016, </div>the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">02,</div> “<div style="display: inline; font-style: italic;">Leases (Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842</div>)</div>” (“ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">02”</div>), which requires lessees to put most leases on their balance sheets but recognize the expenses on their income statements in a manner similar to current practice. The standard states that a lessee would recognize a lease liability for the obligation to make lease payments and a right-to-use asset for the right to use the underlying asset for the lease term. The standard is effective for fiscal years and interim periods within those fiscal years beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 15, 2018. </div>The Company adopted ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">02</div> on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2019, </div>using the transition relief to the modified retrospective approach, presenting prior year information based on the previous standard. Upon adoption, the Company recognized <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$353,007</div> of lease right-of-use (ROU) assets and liabilities for operating leases on its consolidated balance sheet, of which, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$79,252</div> were classified as current liabilities. The adoption of ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">02</div> did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> have a material impact on the Company’s consolidated results of operations or cash flows.</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0">The Company leases facilities under long-term operating leases that are non-cancelable and expire on various dates. At the lease commencement date, lease ROU assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term, which includes all fixed obligations arising from the lease contract. If an interest rate is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> explicit in a lease, the Company utilizes its incremental borrowing rate for a period that closely matches the lease term. See Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div> – Leases.</div></div></div></div></div></div></div>
0
452775
497276
1112524
1165013
413683
1112524
1165013
2140013
2015 2016 2017 2018 2019
2960131
1861121
-13774493
-7861379
431170
69013
729745
79252
459481
270264
353007
729745
0.08
P3Y102D
40444754
13114182
421782
291476788
213762905
773455
9603237
1416758
132722
58991353
21414302
236746
3979946
441772
287056
510254
18216
16354
20719
54271
997500
975000
5888
177732
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;">NOTE <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12</div> – RETIREMENT SAVINGS PLANS</div></div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0">The Company has a pre-tax salary reduction/profit-sharing plan under the provisions of Section <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">401</div>(k) of the Internal Revenue Code, which covers employees meeting certain eligibility requirements. During <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> the Company matched <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100%</div>,</div> of the employee’s contribution up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"></div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4.0%</div> </div>of their earnings. The employer contribution was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$110,714</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$51,647</div> in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> respectively. There were <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"></div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> </div>discretionary contributions to the plan in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018.</div></div></div>
0.01
0.01
0.01
0.01
0.01
0.01
2300000
2300000
20000000
20000000
3500000
3500000
350
350
79246
79246
3500000
0
257.258
0
792
792
35000
3
160222
318431
3167769
5323018
2959509
2338840
2690000
2185000
2755087
1246608
1183101
3498612
2000000
370000
1920000
154418
700000
478159
1020000
1200000
400000
400000
5970
650061
15717
10682
508143
204903
188014
140114
1510165
108955
73051
85246
2279373
539218
1507799
180453
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Fixed Assets </div></div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0">Fixed assets are stated at cost less accumulated depreciation. Depreciation of fixed assets is computed using the straight-line method over the estimated useful lives of the respective assets. Accumulated depreciation is included in fixed assets, net on the accompanying consolidated balance sheets. Estimated useful life by asset classification is as follows:</div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"> </div> <div> <table cellspacing="0" cellpadding="0" style="; border-collapse: collapse; font-size: 10pt; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td> <td> </td> <td colspan="5" style="white-space: nowrap; text-align: center"><div style="display: inline; font-size: 10pt">Years</div></td> </tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><div style="display: inline; font-size: 10pt">Computers and office equipment</div></td> <td> </td> <td> </td> <td style="text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3 </div></div></td> <td style="text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">- </div></div></td> <td><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7</div></div></td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 82%"><div style="display: inline; font-size: 10pt">Leasehold improvements <div style="display: inline; bottom:.33em; font-size: 82%; position: relative; vertical-align: baseline;">(1)</div></div></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 5%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="width: 5%; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5</div></div></td> <td style="width: 5%"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="width: 1%"> </td> </tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><div style="display: inline; font-size: 10pt">Manufacturing and laboratory equipment</div></td> <td> </td> <td> </td> <td style="text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3 </div></div></td> <td style="text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">- </div></div></td> <td><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7</div></div></td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: white"> <td><div style="display: inline; font-size: 10pt">Demonstration equipment</div></td> <td> </td> <td> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div></div></td> <td><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: #CCECFF"> <td><div style="display: inline; font-size: 10pt">Laboratory equipment</div></td> <td> </td> <td> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4</div></div></td> <td><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td> </td> </tr> </table> </div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0.5in"></td> <td style="width: 0.25in">(<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div>)</td> <td>Leasehold improvements are depreciated over the shorter of the useful life or the remaining lease term.</td> </tr> </table> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0">The Company’s fixed assets consist of the following:</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31,<br /> 2019</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31,<br /> 2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; font-size: 10pt; text-align: left">Computers and office equipment</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">508,143</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">204,903</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Leasehold improvements</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">188,014</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">140,114</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Manufacturing tooling</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,510,165</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">108,955</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Demo equipment</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">73,051</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">85,246</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: 10pt; font-size: 10pt">Total</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,279,373</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">539,218</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Less: Accumulated depreciation</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">771,574</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">358,765</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: 10pt; font-size: 10pt">Total fixed assets, net</td> <td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,507,799</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">180,453</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> </tr> </table> </div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0">Upon retirement or sale or fixed assets, the cost and related accumulated depreciation are removed from the balance sheet and the resulting gain or loss is reflected in operations expense. Maintenance and repairs are expensed as incurred.</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0">Depreciation expense was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$414,331</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$84,995</div> in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> respectively.</div></div></div></div></div></div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31,<br /> 2019</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31,<br /> 2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; font-size: 10pt; text-align: left">Computers and office equipment</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">508,143</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">204,903</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Leasehold improvements</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">188,014</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">140,114</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Manufacturing tooling</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,510,165</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">108,955</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Demo equipment</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">73,051</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">85,246</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: 10pt; font-size: 10pt">Total</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,279,373</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">539,218</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Less: Accumulated depreciation</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">771,574</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">358,765</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: 10pt; font-size: 10pt">Total fixed assets, net</td> <td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,507,799</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">180,453</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> </tr> </table></div>
P3Y
P7Y
P5Y
P3Y
P7Y
P3Y
P4Y
1037524
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Receivables</div></div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0">Receivables are reported at the amount the Company expects to collect on balances outstanding. The Company provides for probable uncollectible amounts through charges to earnings and credits to the valuation allowance based on management’s assessment of the current status of individual accounts. During <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019,</div> the Company recorded a valuation allowance of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,037,524</div> related to the notes receivable balance. See Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6</div> – Notes Receivable.</div></div></div></div></div></div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;">NOTE <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11</div> - RELATED PARTY TRANSACTIONS</div></div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0">The Audit Committee has the responsibility to review and approve all transactions to which a related party and the Company <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>be a party prior to their implementation, to assess whether such transactions meet applicable legal requirements.</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0">One of the Company’s directors, Richard L. Gabriel, is the Chief Operating Officer and serves as a director of GLG Pharma (“GLG”). Tim Krochuk, a Company director until <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019, </div>is on the supervisory board for GLG. The Company and GLG have a partnership agreement for the purpose of bringing together their proprietary technologies to build out personalized medicine platform for the diagnosis and treatment of women’s cancer. There has been <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> revenue or expenses generated by this partnership to date.</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" margin: 0pt 0; font-size: 10pt"></div> <!-- Field: Page; Sequence: 97; Value: 1 --> <div style=" margin: 0pt 0; font-size: 10pt"></div> <div style=" font-size: 10pt; margin: 0pt 0">Richard L. Gabriel is also contracted as the Chief Operating Officer for TumorGenesis. During <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> and through <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 1, 2019, </div>Mr. Gabriel received <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$12,000</div> per month pursuant to a renewable <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div>-month contract. On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 1, 2019, </div>Mr. Gabriel executed a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div>-year contract with renewable <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div>-month periods to continue as the Chief Operating Officer for TumorGenesis, receiving <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$13,500</div> in monthly cash payments.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dr. Carl Schwartz, the Company’s CEO, had made investments in the Company in exchange for promissory notes and common stock. See Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7</div> – Notes Payable for detailed description of these arrangements.</div></div>
1154513
303333
166667
118527
657105
422964
526257
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Research and Development</div></div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0">Research and development costs are charged to operations as incurred. Research and development costs were <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$422,964</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$526,257</div> during <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> respectively.</div></div></div></div></div></div></div>
-82498711
-63107945
1411565
1411655
1275048
88070
48447
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Revenue Recognition</div></div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font-size: 10pt; margin: 0pt 0">The Company recognizes revenue when it satisfies a performance obligation by transferring control of the promised goods or services to its customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. Sales taxes are imposed on the Company’s sales to nonexempt customers. The Company collects the taxes from the customers and remits the entire amounts to the governmental authorities. Sales taxes are excluded from revenue and expenses. See Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4</div> – Revenue Recognition.</div></div></div></div></div></div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">NOTE <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4</div> – REVENUE RECOGNITION</div></div> <div style=" margin: 0pt 0; font-size: 10pt"> </div> <div style=" margin: 0pt 0; font-size: 10pt"></div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-style: italic;">Revenue from Product Sales</div></div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0">The Company has medical device revenue consisting primarily of sales of the STREAMWAY System, as well as sales of the proprietary cleaning fluid and filters for use with the STREAMWAY System. This revenue stream is reported within both the domestic and international revenue segments. The Company sells its medical device products directly to hospitals and other medical facilities using employed sales representatives and independent contractors. Purchase orders, which are governed by sales agreements in all cases, state the final terms for unit price, quantity, shipping and payment terms. The unit price is considered the observable stand-alone selling price for the arrangements. The Company sales agreement, and Terms and Conditions, is a dually executed contract providing explicit criteria supporting the sale of the STREAMWAY System. The Company considers the combination of a purchase order and acceptance of its Terms and Conditions to be a customer’s contract in all cases.</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" margin: 0pt 0; font-size: 10pt"></div> <div style=" margin: 0pt 0; font-size: 10pt"></div> <div style=" font-size: 10pt; margin: 0pt 0">Product sales for medical devices consist of a single performance obligation that the Company satisfies at a point in time. The Company recognizes product revenue when the following events have occurred: (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div>) the Company has transferred physical possession of the products, (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div>) the Company has a present right to payment, (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div>) the customer has legal title to the products, and (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4</div>) the customer bears significant risks and rewards of ownership of the products. Based on the shipping terms specified in the sales agreements and purchase orders, these criteria are generally met when the products are shipped from the Company’s facilities (“FOB origin,” which is the Company’s standard shipping terms). As a result, the Company determined that the customer is able to direct the use of, and obtain substantially all of the benefits from, the products at the time the products are shipped. The Company <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may, </div>at its discretion, negotiate different shipping terms with customers which <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>affect the timing of revenue recognition. The Company’s standard payment terms for its customers are generally <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30</div> to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">60</div> days after the Company transfers control of the product to its customer. The Company allows returns of defective disposable merchandise if the customer requests a return merchandise authorization from the Company.</div> <div style=" margin: 0pt 0; font-size: 10pt"> </div> </div> <div> <div style=" margin: 0pt 0; font-size: 10pt"></div> <div style=" font-size: 10pt; margin: 0pt 0">Customers <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>also purchase a maintenance plan for the medical devices from the Company, which requires the Company to service the STREAMWAY System for a period of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> year subsequent to the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div>-year anniversary date of the original STREAMWAY System invoice. The maintenance plan is considered a separate performance obligation from the product sale, is charged separately from the product sale, and is recognized over time (ratably over the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div>-year period) as maintenance services are provided. A time-elapsed output method is used to measure progress because the Company transfers control evenly by providing a stand-ready service. The Company has determined that this method provides a faithful depiction of the transfer of services to its customers.</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0">All amounts billed to a customer in a sales transaction for medical devices related to shipping and handling, if any, represent revenues earned for the goods provided, and these amounts have been included in revenue. Costs related to such shipping and handling billing are classified as cost of goods sold. This revenue stream is reported under the domestic and international sales segments.</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> </div> <!-- Field: Page; Sequence: 85; Value: 1 --> <!-- Field: /Page --> <div> <div style=" margin: 0pt 0; font-size: 10pt"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-style: italic;">Revenue from Clinical Testing</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0">The Precision Oncology Insights are clinic diagnostic testing comprised of the Company’s ChemoFx and BioSpeciFx tests. The ChemoFx test determines how a patient’s tumor specimen reacts to a panel of various chemotherapy drugs, while the BioSpeciFx test evaluates the expression of a particular gene related to a patient’s tumor specimen. Revenues are recognized when control of the promised goods or services is transferred to customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. The estimated uncollectible amounts are generally considered implicit price concessions that are a reduction in revenue. Helomics payments terms vary by the agreements reached with insurance carriers and Medicare. The Company’s performance obligations are satisfied at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> point in time when test reports are delivered.</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0">For service revenues, the Company estimates the transaction price which is the amount of consideration it expects to be entitled to receive in exchange for providing services based on its historical collection experience using a portfolio approach as a practical expedient to account for patient contracts as collective groups rather than individually. The Company monitors its estimates of transaction price to depict conditions that exist at each reporting date. If the Company subsequently determines that it will collect more consideration than it originally estimated for a contract with a patient, it will account for the change as an increase to the estimate of the transaction price, provided that such downward adjustment does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> result in a significant reversal of cumulative revenue recognized.</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0">The Company recognizes revenue from these patients when contracts as defined in ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606,</div> <div style="display: inline; font-style: italic;">Revenue from Contracts with Customers</div> are established at the amount of consideration to which it expects to be entitled or when the Company receives substantially all of the consideration subsequent to the performance obligations being satisfied. The Company’s standard payment terms for hospital and patient direct bill is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30</div> days after invoice date. This revenue stream is reported under the Helomics segment.</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-style: italic;">CRO Revenue</div></div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0">Contract revenues are generally derived from studies conducted with biopharmaceutical and pharmaceutical companies. The specific methodology for revenue recognition is determined on a case-by-case basis according to the facts and circumstances applicable to a given contract. The Company typically uses an input method that recognizes revenue based on the Company’s efforts to satisfy the performance obligation relative to the total expected inputs to the satisfaction of that performance obligation. For contracts with multiple performance obligations, the Company allocates the contract’s transaction price to each performance obligation on the basis of the standalone selling price of each distinct good or service in the contract. Advance payments received in excess of revenues recognized are classified as deferred revenue until such time as the revenue recognition criteria have been met. Payment terms are net <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30</div> from the invoice date, which is sent to the customer as the Company satisfies the performance obligation relative to the total expected inputs to the satisfaction of that performance obligation. This revenue stream is reported under the Helomics segment.</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" margin: 0pt 0; font-size: 10pt"></div> <div style=" margin: 0pt 0; font-size: 10pt"></div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-style: italic;">Variable Consideration</div></div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0">The Company records revenue from distributors and direct end customers in an amount that reflects the transaction price it expects to be entitled to after transferring control of those goods or services. The Company’s current contracts do <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> contain any features that create variability in the amount or timing of revenue to be earned.</div> <div style=" font-size: 10pt; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-style: italic;">Warranty</div></div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0">The Company generally provides <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div>-year warranties against defects in materials and workmanship on product sales and will either repair the products or provide replacements at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> charge to customers. As they are considered assurance-type warranties, the Company does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> account for them as separate performance obligations. Warranty reserve requirements are based on a specific assessment of the products sold with warranties where a customer asserts a claim for warranty or a product defect. </div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div> </div> <!-- Field: Page; Sequence: 86; Value: 1 --> <!-- Field: /Page --> <div> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;"></div></div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-style: italic;">Contract Balances</div></div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0">The Company records a receivable when it has an unconditional right to receive consideration after the performance obligations are satisfied. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> accounts receivable totaled <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$297,055</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$232,602,</div> respectively.</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company’s deferred revenues related primarily to maintenance plans of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$40,384</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$23,065</div> as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> respectively.</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-style: italic;">Practical Expedients</div></div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0">The Company has elected the practical expedient <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> to determine whether contracts with customers contain significant financing components as well as the practical expedient to recognize shipping and handling costs at point of sale.</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> </div></div>
2.12
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year Ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; font-size: 10pt">Options</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">766,424</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">366,928</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Warrants</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,171,610</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">362,664</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Convertible debt</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">82,751</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">329,409</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Preferred stock: Series B</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,925</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,925</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Preferred stock: Series D</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">350,000</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Preferred stock: Series E</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">594,383</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2019</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt">Deferred tax assets:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-indent: -10pt; padding-left: 10pt">Noncurrent:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; text-indent: -10pt; padding-left: 20pt">Depreciation</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,488</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -10pt; padding-left: 20pt">Inventory</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,891</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,991</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -10pt; padding-left: 20pt">Compensation accruals</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">56,670</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">60,905</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -10pt; padding-left: 20pt">Accruals and reserves</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">77,777</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 20pt">Deferred revenue</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,480</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -10pt; padding-left: 20pt">Charitable contribution carryover</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,740</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,972</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -10pt; padding-left: 20pt">Derivatives</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,708</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">57,276</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -10pt; padding-left: 20pt">Related party investments</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">657,633</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">481,652</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -10pt; padding-left: 20pt">Intangibles</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">295,941</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,020</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -10pt; padding-left: 20pt">NSQO compensation</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,589,430</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,019,139</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 20pt">NOL and credits</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">78,417,618</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,655,388</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -10pt; padding-left: 20pt">Total deferred tax assets</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">81,046,111</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,369,608</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -10pt; padding-left: 20pt"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt">Deferred tax liabilities:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-indent: -10pt; padding-left: 10pt">Noncurrent:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -10pt; padding-left: 20pt">Original issue discount</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(14,021</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(216,891</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -10pt; padding-left: 20pt">Depreciation</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(389,689</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -10pt; padding-left: 20pt">Total deferred tax liabilities</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(403,710</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(216,891</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -10pt; padding-left: 20pt"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Net deferred tax assets</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">80,642,401</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,152,717</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Less: valuation allowance</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(80,642,401</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(11,152,717</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Total</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Derivative liability balance at December 31, 2017</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 85%; font-size: 10pt; text-align: left">Derivative instruments recognized</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">645,008</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Gain recognized to revalue derivative instrument at fair value</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(372,263</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Derivative liability balance at December 31, 2018</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">272,745</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Derivative instrument recognized</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">69,722</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Gain recognized to revalue derivative instrument at fair value</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(221,756</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Adjustments to derivative liability for warrants issued</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(47,078</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt"><div style=" margin: 0; font-size: 10pt">Reduction of derivative liability</div> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(22,644</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Derivative liability balance at December 31, 2019</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">50,989</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td> <td style="font-weight: bold"> </td> <td colspan="7" style="white-space: nowrap; font-weight: bold; text-align: center">Year Ended<br /> December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap">Numerator:</td> <td> </td> <td colspan="3" style="white-space: nowrap; text-align: right"> </td> <td> </td> <td colspan="3" style="white-space: nowrap; text-align: right"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 70%; text-align: left; padding-bottom: 1pt">Net loss attributable to common shareholders per common share: basic and diluted calculation</td> <td style="width: 1%; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</td> <td style="width: 12%; border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(19,680,701</div></td> <td style="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; text-align: left">)</td> <td style="width: 1%; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</td> <td style="width: 12%; border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(10,086,477</div></td> <td style="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Denominator:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Weighted average common shares outstanding-basic</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,870,132</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,281,629</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Effect of diluted stock options, warrants and preferred stock (1)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Weighted average common shares outstanding-diluted</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,870,132</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,281,629</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.25pt">Loss per common share-basic and diluted</td> <td style="padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(6.86</div></td> <td style="white-space: nowrap; border-bottom: Black 2.25pt double; text-align: left">)</td> <td style="padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(7.87</div></td> <td style="white-space: nowrap; border-bottom: Black 2.25pt double; text-align: left">)</td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td> <td style="font-weight: bold"> </td> <td colspan="7" style="white-space: nowrap; font-weight: bold; text-align: center">Year Ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; text-align: left; text-indent: -10pt; padding-left: 10pt">Statutory federal income tax benefit</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,977,561</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,118,160</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">State tax benefit, net of federal taxes</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">368,635</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">66,117</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Foreign tax benefit</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">104,050</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">132,931</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Foreign operations tax rate differential</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(73,869</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(94,373</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">State rate adjustment</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(17,585</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,355</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">R&D tax credit</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">51,143</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">22,532</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Nondeductible/nontaxable items</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(517,465</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(118,905</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">State NOL adjustment</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,054,778</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">746,479</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">OID and derivatives</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">141,908</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(159,037</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Helomics purchase adjustment</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">66,394,188</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -10pt; padding-left: 10pt">Other</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">115,896</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">47,868</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Valuation allowance increase</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(69,489,684</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(2,777,127</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Total income tax benefit</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="border-collapse: collapse; min-; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold"> </td> <td colspan="11" style="font-size: 10pt; font-weight: bold; text-align: center">December 31, 2019</td> <td style="font-size: 10pt; font-weight: bold"> </td> <td colspan="11" style="font-size: 10pt; font-weight: bold; text-align: center">December 31, 2018</td> </tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt"> </td> <td style="white-space: nowrap; font-size: 10pt; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center; font-size: 10pt">Gross<br /> Carrying<br /> Costs</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: center">Accumulated<br /> Amortization</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: center">Net Carrying<br /> Amount</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center; font-size: 10pt">Gross<br /> Carrying<br /> Costs</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: center">Accumulated<br /> Amortization</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: center">Net Carrying<br /> Amount</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 34%; font-size: 10pt; text-align: left">Patents & Trademarks</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 8%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">339,023</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 8%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(195,286</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 8%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">143,737</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 8%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">318,304</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 8%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(182,559</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 8%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">135,745</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Licensing Fees</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">877,500</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(48,750</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">828,750</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Developed Technology</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,882,000</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(108,075</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,773,925</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Customer Relationships</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">445,000</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(111,250</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">333,750</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; font-size: 10pt">Tradename</td> <td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">398,000</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">398,000</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: 10pt; font-size: 10pt; padding-bottom: 2.5pt">Total</td> <td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,064,023</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(414,611</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">)</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,649,412</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,195,804</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(231,309</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">)</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">964,495</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 84%; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt">Goodwill balance at December 31, 2018</div></td> <td style="width: 1%; font-size: 10pt; padding-bottom: 1pt"> </td> <td style="width: 2%; font-size: 10pt; text-align: left">$</td> <td style="border-top: Black 1pt solid; width: 12%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-top: Black 1pt solid; width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt">Acquired</div></td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">23,790,290</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt">Impairment</div></td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(8,100,000</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt">Goodwill balance at December 31, 2019</div></td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,690,290</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-size: 10pt"> </td> <td style="white-space: nowrap; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31,<br /> 2019</td> <td style="white-space: nowrap; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31,<br /> 2018</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: right"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; font-size: 10pt; text-align: left">Finished goods</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">91,410</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">58,701</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Raw materials</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">69,821</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">127,003</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 1pt">Work-In-Process</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">28,925</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">55,362</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: 10pt; font-size: 10pt">Total</td> <td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">190,156</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">241,066</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 85%; font-size: 10pt">Value of shares to Helomics shareholders (i)</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,612,250</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Value of Helomics notes receivable forgiven (ii)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,210,381</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">Value of shares to extinguish debt (iii)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,463,309</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Value of warrants issued (iv)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,261,590</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Gain on revaluation of equity method investment (v)</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,164,260</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Fair value of the consideration</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">26,711,790</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Less assets acquired:</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: 10pt; font-size: 10pt; text-align: left">Cash and cash equivalents</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">248,102</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: 10pt; font-size: 10pt; text-align: left">Accounts receivable</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">207,769</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: 10pt; font-size: 10pt; text-align: left">Inventory</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">17,727</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: 10pt; font-size: 10pt; text-align: left">Prepaid expenses</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,321</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: 10pt; font-size: 10pt; text-align: left">Fixed assets, net</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,749,080</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: 10pt; font-size: 10pt; text-align: left">Intangible assets</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,725,000</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: 10pt; font-size: 10pt; text-align: left">Lease right of use assets</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">780,594</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Plus liabilities assumed:</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: 10pt; font-size: 10pt; text-align: left">Accounts payable</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,374,596</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: 10pt; font-size: 10pt; text-align: left">Note Payable</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">303,333</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: 10pt; font-size: 10pt; text-align: left">Accrued expenses</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">363,569</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: 10pt; font-size: 10pt; text-align: left">Lease Liability – Net of Long-term Portion</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">422,126</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: 10pt; font-size: 10pt; text-align: left">Lease liability</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">358,468</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Total assets acquired and liabilities assumed</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(2,921,501</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 2.5pt">Goodwill</td> <td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">23,790,290</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; text-align: center"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="15" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year Ended December 31, 2019</td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Domestic</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">International</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Helomics</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Corporate</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 35%; font-weight: bold">Revenue</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,275,048</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">88,070</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">48,447</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,411,565</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Depreciation and Amortization</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(43,728</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(4,692</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(556,538</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(99,925</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(704,883</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Impairment expense</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(8,100,000</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(770,250</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(8,870,250</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Loss on equity method investment</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(439,637</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(439,637</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Segment Loss</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(2,783,531</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(351,759</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(12,354,108</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(3,901,368</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(19,390,766</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; text-align: center"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="15" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2019</td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Domestic</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">International</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Helomics</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Corporate</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 35%; font-weight: bold">Assets</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">670,841</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">298,952</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">21,275,306</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">130,411</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">22,375,510</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; text-align: center"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="15" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2018</td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Domestic</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">International</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Helomics</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Corporate</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Total</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 35%; font-weight: bold">Assets</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">932,367</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">41,377</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,735,255</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,708,999</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold"> </td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center">Stock Options</td> <td style="font-size: 10pt; font-weight: bold"> </td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center">Warrants</td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-size: 10pt; text-align: center"> </td> <td style="white-space: nowrap; font-size: 10pt; font-weight: bold"> </td> <td colspan="3" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Number of<br /> Shares</td> <td style="white-space: nowrap; font-size: 10pt; font-weight: bold"> </td> <td colspan="3" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Average <br /> Exercise <br /> Price</td> <td style="white-space: nowrap; font-size: 10pt; font-weight: bold"> </td> <td colspan="3" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Number of<br /> Shares</td> <td style="white-space: nowrap; font-size: 10pt; font-weight: bold"> </td> <td colspan="3" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Average <br /> Exercise <br /> Price</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; font-size: 10pt">Outstanding at December 31, 2017</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">276,498</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">19.95</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">195,126</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">237.40</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">Issued</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">109,886</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10.13</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">233,615</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10.67</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Forfeited</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(19,456</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20.00</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,071</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,995.53</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 1pt">Exercised</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(65,006</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10.00</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">Outstanding at December 31, 2018</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">366,928</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">17.03</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">362,664</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">41.67</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">Issued</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">423,295</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.53</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,869,299</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9.25</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Forfeited</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(23,799</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13.30</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(653</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,249.28</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 1pt">Exercised</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(59,700</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.10</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 2.5pt">Outstanding at December 31, 2019</td> <td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">766,424</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11.34</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,171,610</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15.26</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-weight: bold; padding-bottom: 1pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 10pt">Due Date</div></td> <td style="font-weight: bold; padding-bottom: 1pt"><div style="display: inline; font-size: 10pt"> </div></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 10pt">December 31, 2019</div></td> <td style="font-weight: bold; padding-bottom: 1pt"><div style="display: inline; font-size: 10pt"> </div></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 10pt">December 31, 2018</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 61%; text-align: left"><div style="display: inline; font-size: 10pt">Bridge loan</div></td> <td style="width: 1%"><div style="display: inline; font-size: 10pt"> </div></td> <td style="width: 12%; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">March 31, 2020</div></div></td> <td style="width: 1%"><div style="display: inline; font-size: 10pt"> </div></td> <td style="width: 1%; text-align: left"><div style="display: inline; font-size: 10pt">$</div></td> <td style="width: 10%; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,989,104</div></div></td> <td style="width: 1%; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td style="width: 1%"><div style="display: inline; font-size: 10pt"> </div></td> <td style="width: 1%; text-align: left"><div style="display: inline; font-size: 10pt">$</div></td> <td style="width: 10%; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,297,727</div></div></td> <td style="width: 1%; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><div style="display: inline; font-size: 10pt">Promissory note</div></td> <td><div style="display: inline; font-size: 10pt"> </div></td> <td style="text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">March 27, 2020</div></div></td> <td><div style="display: inline; font-size: 10pt"> </div></td> <td style="text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td style="text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">680,833</div></div></td> <td style="text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td><div style="display: inline; font-size: 10pt"> </div></td> <td style="text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td style="text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></div></td> <td style="text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><div style="display: inline; font-size: 10pt">Equity line borrowing</div></td> <td><div style="display: inline; font-size: 10pt"> </div></td> <td style="text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">May 26, 2020</div></div></td> <td><div style="display: inline; font-size: 10pt"> </div></td> <td style="text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td style="text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18,563</div></div></td> <td style="text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td><div style="display: inline; font-size: 10pt"> </div></td> <td style="text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td style="text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></div></td> <td style="text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><div style="display: inline; font-size: 10pt">Equity line borrowing</div></td> <td><div style="display: inline; font-size: 10pt"> </div></td> <td style="text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">June 10, 2020</div></div></td> <td><div style="display: inline; font-size: 10pt"> </div></td> <td style="text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td style="text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">147,783</div></div></td> <td style="text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td><div style="display: inline; font-size: 10pt"> </div></td> <td style="text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td style="text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></div></td> <td style="text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><div style="display: inline; font-size: 10pt">Equity line borrowing</div></td> <td><div style="display: inline; font-size: 10pt"> </div></td> <td style="text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">June 20, 2020</div></div></td> <td><div style="display: inline; font-size: 10pt"> </div></td> <td style="text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td style="text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">194,943</div></div></td> <td style="text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td><div style="display: inline; font-size: 10pt"> </div></td> <td style="text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td style="text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></div></td> <td style="text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt"><div style="display: inline; font-size: 10pt">Dr. Schwartz note</div></td> <td style="padding-bottom: 1pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="text-align: right; padding-bottom: 1pt"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">September 30, 2020</div></div></td> <td style="padding-bottom: 1pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="border-bottom: Black 1pt solid; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,115,000</div></div></td> <td style="border-bottom: Black 1pt solid; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="border-bottom: Black 1pt solid; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">370,000</div></div> </td> <td style="border-bottom: Black 1pt solid; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><div style="display: inline; font-size: 10pt">Total Notes Payable, gross</div></td> <td><div style="display: inline; font-size: 10pt"> </div></td> <td style="text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div></td> <td><div style="display: inline; font-size: 10pt"> </div></td> <td style="text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td style="text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,146,226</div></div></td> <td style="text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td><div style="display: inline; font-size: 10pt"> </div></td> <td style="text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td style="text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,667,727</div></div></td> <td style="text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt"><div style="display: inline; font-size: 10pt">Less: Unamortized discount</div></td> <td style="padding-bottom: 1pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="text-align: right; padding-bottom: 1pt"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div></td> <td style="padding-bottom: 1pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="border-bottom: Black 1pt solid; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">350,426</div></div></td> <td style="border-bottom: Black 1pt solid; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="border-bottom: Black 1pt solid; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,032,813</div></div></td> <td style="border-bottom: Black 1pt solid; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt"><div style="display: inline; font-size: 10pt">Total Notes Payable, net</div></td> <td style="padding-bottom: 1pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="text-align: right; padding-bottom: 1pt"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div></td> <td style="padding-bottom: 1pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="border-bottom: Black 1pt solid; text-align: left"><div style="display: inline; font-size: 10pt">$</div></td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,795,800</div></div></td> <td style="border-bottom: Black 1pt solid; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="border-bottom: Black 1pt solid; text-align: left"><div style="display: inline; font-size: 10pt">$</div></td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,634,914</div></div></td> <td style="border-bottom: Black 1pt solid; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 1pt; font-size: 10pt; text-align: center">Year ending December 31,</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Expense</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 77%; font-size: 10pt; text-align: left">2020</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 20%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">305,785</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">2021</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">305,785</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">2022</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">194,535</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">2023</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">157,452</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">2024</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">157,452</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: 10pt; text-align: left; font-size: 10pt">Thereafter</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,130,403</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: 10pt; text-align: left; font-size: 10pt">Total</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,251,412</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div><div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Segments</div></div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" margin: 0pt 0; font-size: 10pt"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company has determined its operating segments in accordance with ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">280</div> – <div style="display: inline; font-style: italic;">Segment Reporting</div>. Factors used to determine the Company’s reportable segments include the availability of separate financial statements, the existence of locally based leadership across geographic regions, the economic factors affecting each segment, and the evaluation of operating results at the segment level. The Chief Operating Decision Maker (“CODM”) allocates the Company’s resources for each of the operating segments and evaluates their relative performance. Each operating segment listed below has separate financial statements and locally based leadership that are evaluated based on the results of their respective segments. It should be noted that the operating segments below have different products and services. The financial information is consolidated and evaluated regularly by the CODM in assessing performance and allocating resources.</div> <div style=" margin: 0pt 0; font-size: 10pt"> </div> <div style=" font-size: 10pt; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">fourth</div> quarter of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019,</div> the CODM made changes to the internal organization of the Company which resulted in a change in the Company’s operating segments. The CODM determined that clinical testing revenue, CRO revenue and D-CHIP should be consolidated into <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> operating segment, Helomics. The Company concluded the change in operating segments did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> require restatement of prior period amounts as in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> substantially all of the Company’s revenues and expenses were located or derived from operations within the Domestic operating segment. The Company has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> operating segments: domestic, international, and Helomics. See Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4</div> – Revenue Recognition for a description of the products and services recognized in each segment. The segment revenues and segment net losses for the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019 </div>are included in the table below. All revenues are earned from external customers. All interest income and interest expense are recognized under corporate. There are significant changes in the Company’s assets relating to the Helomics acquisition specifically for intangibles, tangible fixed assets, and goodwill; see Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div> – Helomics Acquisition for further discussion. Expenditures for long-lived assets exclusive of the Helomics acquisition were <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> significant.</div> <div style=" margin: 0pt 0; font-size: 10pt"></div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" margin: 0pt 0; font-size: 10pt"></div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; text-align: center"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="15" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year Ended December 31, 2019</td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Domestic</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">International</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Helomics</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Corporate</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 35%; font-weight: bold">Revenue</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,275,048</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">88,070</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">48,447</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,411,565</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Depreciation and Amortization</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(43,728</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(4,692</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(556,538</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(99,925</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(704,883</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Impairment expense</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(8,100,000</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(770,250</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(8,870,250</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Loss on equity method investment</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(439,637</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(439,637</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Segment Loss</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(2,783,531</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(351,759</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(12,354,108</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(3,901,368</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(19,390,766</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> </table> </div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" margin: 0pt 0; font-size: 10pt"></div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; text-align: center"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="15" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2019</td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Domestic</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">International</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Helomics</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Corporate</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 35%; font-weight: bold">Assets</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">670,841</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">298,952</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">21,275,306</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">130,411</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">22,375,510</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> </table> </div> <div style=" margin: 0pt 0; font-size: 10pt"></div> <div style=" margin: 0pt 0; font-size: 10pt"> </div> <div style=" margin: 0pt 0; font-size: 10pt"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> substantially all the Company revenues and expenses were located or derived from operations in the United States and recorded under the domestic segment.</div> <div style=" margin: 0pt 0; font-size: 10pt"></div> <div style=" margin: 0pt 0; font-size: 10pt"> </div> <div style=" margin: 0pt 0; font-size: 10pt"></div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; text-align: center"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="15" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2018</td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Domestic</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">International</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Helomics</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Corporate</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Total</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 35%; font-weight: bold">Assets</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">932,367</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">41,377</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,735,255</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,708,999</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> </table> </div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> </div></div></div></div></div></div></div>
1912899
2369152
2250422
1124928
1995.53
3249.28
10.67
9.25
237.40
41.67
15.26
0
0
0.786
0.824
0.66
0.015
0.0276
0.0246
0.0307
65006
59700
1071
653
233615
1869299
195126
362664
2171610
19456
23799
109886
423295
17
171
150
84
401
9617
235053
97636
423295
766424
276498
366928
766424
2812.50
1312.50
1500
1481.25
5962.50
1625
4312.50
657.50
862.50
22.50
51.25
10.10
21
6.19
13.50
2.61
9
0.45
5962.50
19.95
17.03
11.34
669050
11.93
20
13.30
10.13
6.53
2.61
7.324
9
21
657.50
157848
285826
310882
11045
823
766424
6.50
8.491
14.70
51.25
5962.50
9.50
P10Y
P10Y
P10Y
P9Y193D
P9Y25D
P7Y182D
P6Y328D
P4Y142D
P8Y138D
9.50
11.80
11.70
9
8
5
11.80
11.70
9.497
79246
647819
694328
79246
1409175
79246
3500000
258
4056652
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4795800
1634914
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;">NOTE <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</div></div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Nature of Operations and Continuance of Operations</div></div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0">Predictive Oncology Inc., (the “Company” or “Predictive”) was originally incorporated on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 23, 2002 </div>in Minnesota as BioDrain Medical, Inc. Effective <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 6, 2013, </div>the Company changed its name to Skyline Medical Inc. Pursuant to an Agreement and Plan of Merger effective <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 16, 2013, </div>the Company merged with and into a Delaware corporation with the same name that was its wholly-owned subsidiary, with such Delaware corporation as the surviving corporation of the merger. On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 31, 2015, </div>the Company completed a successful offering and concurrent uplisting to the NASDAQ Capital Market. On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 1, 2018, </div>the Company filed with the Secretary of State of Delaware a Certificate of Amendment to its Certificate of Incorporation to change the corporate name from Skyline Medical Inc. to Precision Therapeutics Inc., effective <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 1, 2018. </div>Because of this change, the Company’s common stock traded under the ticker symbol “AIPT,” effective <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 2, 2018. </div>On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 10, 2019, </div>the Company filed with the Secretary of State of Delaware a Certificate of Amendment to its Certificate of Incorporation to change the corporate name from Precision Therapeutics Inc. to Predictive Oncology Inc., trading under the new ticker symbol “POAI,” effective <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 13, 2019. </div>Skyline Medical Inc. remains as an incorporated division of Predictive Oncology Inc. On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 28, 2019, </div>the Company completed a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div>-for-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">ten</div> reverse stock split that was effective for trading purposes on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 29, 2019. </div>All numbers of shares and per-share amounts have been adjusted to reflect the reverse stock split.</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0">The Company is a healthcare company that provides personalized medicine solution and medical devices in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> main areas: (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div>) precision medicine, which aims to apply artificial intelligence (“AI “) to personalized medicine and drug discovery; and (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div>) an environmentally safe system for the collection and disposal of infectious fluids that result from surgical procedures and post-operative care. The Company also makes ongoing sales of proprietary cleaning fluid and filters to users of its systems.</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, the Company’s wholly-owned subsidiary, TumorGenesis Inc. (“TumorGenesis”), is developing the next generation, patient-derived tumor models for precision cancer therapy and drug development. TumorGenesis Inc., formed during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> quarter of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> is presented as part of the consolidated financial statements (“financial statements”) and is included in corporate in the Company’s segment reporting.</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> quarter of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> the Company acquired <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25%</div> of the capital stock of Helomics Holding Corporation (“Helomics”). On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 4, 2019, </div>the Company completed a forward triangular merger with Helomics Acquisition Inc., a wholly-owned subsidiary of the Company and Helomics, acquiring the remaining <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">75%</div> of the capital stock of Helomics (“Helomics Acquisition”).</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font-size: 10pt; margin: 0pt 0"></div> <div style=" font-size: 10pt; margin: 0pt 0">The Company has incurred recurring losses from operations and has an accumulated deficit of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$82,498,711.</div> The Company does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> expect to generate sufficient operating revenue to sustain its operations in the near-term. During fiscal year <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019,</div> the Company incurred negative cash flows from operations. Although the Company has attempted to curtail expenses, there is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> guarantee that the Company will be able to reduce these expenses significantly, and expenses <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>need to be higher to prepare product lines for broader sales in order to generate sustainable revenues. These conditions raise substantial doubts about the Company’s ability to continue as a going concern. The Company had cash and cash equivalents of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$150,831</div> as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019 </div>and needs to raise significant additional capital to meet its operating needs and pay debt obligations coming due. Outstanding debt, including accrued interest and penalties, totaled <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$6,213,507</div> as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019, </div>all of which is due within <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div> months. Debt is secured by all assets of the Company and its subsidiaries. The Company intends to raise these funds through equity or debt financing that <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>include public offerings, private placements, alternative offerings, or other means. In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 2019, </div>the Company entered into a purchase agreement for an equity line under which it can raise up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$15,000,000</div> over a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div>-year period, subject to market conditions including trading volume and stock price. Given the limitations in place there is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> guarantee that the Company will be able to raise the full amount available under the equity line over the course of the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div>-year period. During <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019,</div> the Company issued <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">122,356</div> shares of its common stock valued at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$319,196</div> pursuant to the equity line. In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2020,</div> the Company completed various debt and equity financings and raised net proceeds of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$6,159,906,</div> that is net of repayments. See Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13</div> – Subsequent Events for more information. Despite these sources of funding, it is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> probable the Company will be able to obtain additional financing in order to fund operations. Therefore there is substantial doubt about the Company’s ability to continue as a going concern for <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> year after the date that the financial statements are issued. The accompanying financial statements have been prepared assuming the Company will continue as a going concern and do <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> include any adjustments that might result from the outcome of this uncertainty.</div> <div style=" margin: 0pt 0; font-size: 10pt"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" margin: 0pt 0; font-size: 10pt"></div> <!-- Field: Page; Sequence: 75; Value: 1 --> <div style=" margin: 0pt 0; font-size: 10pt"></div> <div style=" font-size: 10pt; margin: 0pt 0">The Company has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> commitments or contingencies.</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Recently Adopted Accounting Standards</div></div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 2016, </div>the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">02,</div> “<div style="display: inline; font-style: italic;">Leases (Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842</div>)</div>” (“ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">02”</div>), which requires lessees to put most leases on their balance sheets but recognize the expenses on their income statements in a manner similar to current practice. The standard states that a lessee would recognize a lease liability for the obligation to make lease payments and a right-to-use asset for the right to use the underlying asset for the lease term. The standard is effective for fiscal years and interim periods within those fiscal years beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 15, 2018. </div>The Company adopted ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">02</div> on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2019, </div>using the transition relief to the modified retrospective approach, presenting prior year information based on the previous standard. Upon adoption, the Company recognized <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$353,007</div> of lease right-of-use (ROU) assets and liabilities for operating leases on its consolidated balance sheet, of which, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$79,252</div> were classified as current liabilities. The adoption of ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">02</div> did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> have a material impact on the Company’s consolidated results of operations or cash flows.</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0">The Company leases facilities under long-term operating leases that are non-cancelable and expire on various dates. At the lease commencement date, lease ROU assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term, which includes all fixed obligations arising from the lease contract. If an interest rate is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> explicit in a lease, the Company utilizes its incremental borrowing rate for a period that closely matches the lease term. See Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div> – Leases.</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Accounting Policies and Estimates</div></div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and disclosure of contingent assets and liabilities at the date of the financial statements and during the reporting period. Actual results could materially differ from those estimates.</div> <div style=" font-size: 10pt; margin: 0pt 0; color: #252525"> </div> <div style=" margin: 0pt 0; font-size: 10pt; color: #252525"></div> <div style=" font-size: 10pt; margin: 0"><div style="display: inline; font-weight: bold;">Cash and Cash Equivalents</div></div> <div style=" font-size: 10pt; margin: 0"> </div> <div style=" font-size: 10pt; margin: 0">Cash and cash equivalents consist of cash on hand. The company has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"></div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> </div>cash equivalents during the years ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019.</div></div> <div style=" margin: 0pt 0; font-size: 10pt; color: #252525"></div> <div style=" margin: 0pt 0; font-size: 10pt; color: #252525"> </div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Receivables</div></div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0">Receivables are reported at the amount the Company expects to collect on balances outstanding. The Company provides for probable uncollectible amounts through charges to earnings and credits to the valuation allowance based on management’s assessment of the current status of individual accounts. During <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019,</div> the Company recorded a valuation allowance of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,037,524</div> related to the notes receivable balance. See Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6</div> – Notes Receivable.</div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Inventories</div></div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0">Inventories are stated at the lower of cost or net realizable value, with cost determined on a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div>-in, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div>-out basis. Inventory balances consist of the following:</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-size: 10pt"> </td> <td style="white-space: nowrap; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31,<br /> 2019</td> <td style="white-space: nowrap; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31,<br /> 2018</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: right"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; font-size: 10pt; text-align: left">Finished goods</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">91,410</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">58,701</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Raw materials</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">69,821</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">127,003</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 1pt">Work-In-Process</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">28,925</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">55,362</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: 10pt; font-size: 10pt">Total</td> <td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">190,156</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">241,066</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> </tr> </table> </div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;"></div></div> <!-- Field: Page; Sequence: 76; Value: 1 --> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;"></div></div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Fixed Assets </div></div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0">Fixed assets are stated at cost less accumulated depreciation. Depreciation of fixed assets is computed using the straight-line method over the estimated useful lives of the respective assets. Accumulated depreciation is included in fixed assets, net on the accompanying consolidated balance sheets. Estimated useful life by asset classification is as follows:</div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"> </div> <div> <table cellspacing="0" cellpadding="0" style="; border-collapse: collapse; font-size: 10pt; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td> <td> </td> <td colspan="5" style="white-space: nowrap; text-align: center"><div style="display: inline; font-size: 10pt">Years</div></td> </tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><div style="display: inline; font-size: 10pt">Computers and office equipment</div></td> <td> </td> <td> </td> <td style="text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3 </div></div></td> <td style="text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">- </div></div></td> <td><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7</div></div></td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 82%"><div style="display: inline; font-size: 10pt">Leasehold improvements <div style="display: inline; bottom:.33em; font-size: 82%; position: relative; vertical-align: baseline;">(1)</div></div></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 5%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="width: 5%; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5</div></div></td> <td style="width: 5%"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="width: 1%"> </td> </tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><div style="display: inline; font-size: 10pt">Manufacturing and laboratory equipment</div></td> <td> </td> <td> </td> <td style="text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3 </div></div></td> <td style="text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">- </div></div></td> <td><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7</div></div></td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: white"> <td><div style="display: inline; font-size: 10pt">Demonstration equipment</div></td> <td> </td> <td> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div></div></td> <td><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: #CCECFF"> <td><div style="display: inline; font-size: 10pt">Laboratory equipment</div></td> <td> </td> <td> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4</div></div></td> <td><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td> </td> </tr> </table> </div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0.5in"></td> <td style="width: 0.25in">(<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div>)</td> <td>Leasehold improvements are depreciated over the shorter of the useful life or the remaining lease term.</td> </tr> </table> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0">The Company’s fixed assets consist of the following:</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31,<br /> 2019</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31,<br /> 2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; font-size: 10pt; text-align: left">Computers and office equipment</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">508,143</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">204,903</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Leasehold improvements</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">188,014</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">140,114</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Manufacturing tooling</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,510,165</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">108,955</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Demo equipment</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">73,051</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">85,246</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: 10pt; font-size: 10pt">Total</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,279,373</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">539,218</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Less: Accumulated depreciation</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">771,574</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">358,765</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: 10pt; font-size: 10pt">Total fixed assets, net</td> <td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,507,799</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">180,453</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> </tr> </table> </div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0">Upon retirement or sale or fixed assets, the cost and related accumulated depreciation are removed from the balance sheet and the resulting gain or loss is reflected in operations expense. Maintenance and repairs are expensed as incurred.</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0">Depreciation expense was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$414,331</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$84,995</div> in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> respectively.</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Intangible Assets</div></div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Finite-lived intangible assets consist of patents and trademarks, licensing fees, developed technology, and customer relationships, and are amortized over their estimated useful life. The tradename is an indefinite-lived intangible asset and is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> amortized. Amortization expense was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$290,552</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$62,633</div> in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> respectively. Accumulated amortization is included in intangibles, net in the accompanying consolidated balance sheets. The Company reviews finite-lived identifiable intangible assets for impairment in accordance with ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">360</div> — <div style="display: inline; font-style: italic;">Property, Plant and Equipment</div>, whenever events or changes in circumstances indicate the carrying amount <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> be recoverable. Events or changes in circumstances that indicate the carrying amount <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> be recoverable include, but are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> limited to, a significant change in the medical device marketplace and a significant adverse change in the business climate in which the Company operates. The Company reviews its other intangible assets in accordance with ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">350—</div><div style="display: inline; font-style: italic;">Intangibles—Goodwill and Other</div>. Under this topic, intangible assets determined to have an indefinite useful life are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> amortized but are tested for impairment annually or more often if an event or circumstances indicate that an impairment loss has been incurred.</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019, </div>there were <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$3,649,412</div> in net intangibles, representing a large fluctuation due to the Helomics acquisition as compared to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$964,495</div> in net intangibles as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018.</div></div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" margin: 0pt 0; font-size: 10pt"></div> <!-- Field: Page; Sequence: 77; Value: 1 --> <div style=" margin: 0pt 0; font-size: 10pt"></div> <div style=" font-size: 10pt; margin: 0pt 0">The components of intangible assets were as follows:</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold"> </td> <td colspan="11" style="font-size: 10pt; font-weight: bold; text-align: center">December 31, 2019</td> <td style="font-size: 10pt; font-weight: bold"> </td> <td colspan="11" style="font-size: 10pt; font-weight: bold; text-align: center">December 31, 2018</td> </tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt"> </td> <td style="white-space: nowrap; font-size: 10pt; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center; font-size: 10pt">Gross<br /> Carrying<br /> Costs</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: center">Accumulated<br /> Amortization</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: center">Net Carrying<br /> Amount</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center; font-size: 10pt">Gross<br /> Carrying<br /> Costs</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: center">Accumulated<br /> Amortization</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: center">Net Carrying<br /> Amount</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 34%; font-size: 10pt; text-align: left">Patents & Trademarks</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 8%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">339,023</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 8%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(195,286</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 8%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">143,737</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 8%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">318,304</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 8%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(182,559</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 8%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">135,745</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Licensing Fees</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">877,500</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(48,750</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">828,750</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Developed Technology</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,882,000</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(108,075</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,773,925</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Customer Relationships</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">445,000</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(111,250</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">333,750</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; font-size: 10pt">Tradename</td> <td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">398,000</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">398,000</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: 10pt; font-size: 10pt; padding-bottom: 2.5pt">Total</td> <td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,064,023</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(414,611</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">)</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,649,412</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,195,804</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(231,309</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">)</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">964,495</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> </tr> </table> </div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font-size: 10pt; margin: 0pt 0">The following table outlines the estimated future amortization expense related to intangible assets held as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019:</div></div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 1pt; font-size: 10pt; text-align: center">Year ending December 31,</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Expense</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 77%; font-size: 10pt; text-align: left">2020</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 20%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">305,785</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">2021</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">305,785</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">2022</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">194,535</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">2023</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">157,452</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">2024</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">157,452</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: 10pt; text-align: left; font-size: 10pt">Thereafter</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,130,403</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: 10pt; text-align: left; font-size: 10pt">Total</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,251,412</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> </table> </div> <div style=" font-size: 10pt; margin: 0pt 0"></div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Impairment of Long-Lived Assets</div></div> <div style=" font-size: 10pt; text-indent: 24pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0">The Company reviews long-lived assets, including property and equipment and intangible assets with estimable useful lives, for impairment whenever events or changes in circumstances indicate that the carrying amount of such an asset <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> be recoverable.</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The recoverability of an asset to be held and used is determined by comparing the carrying amount to the estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of the asset exceeded its estimated undiscounted future cash flows, the Company recorded an impairment charge in the amount by which the carrying amount of the asset exceeds its fair value, which is determined by either a quoted market price, if any, or a value determined by utilizing discounted cash flow techniques.</div> <div style=" font-size: 10pt; margin: 0"> </div> <div style=" margin: 0; font-size: 10pt">During <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019,</div> the Company recognized <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$58,500</div> of amortization expense related to license fees. The Company also determined that due to lower than anticipated revenues from the Company’s TumorGenesis subsidiary, the licensing fee intangible asset <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> be recoverable. The Company incurred impairment charges of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$770,250</div> related to the full remaining value of the TumorGenesis licensing fees asset, which was included in corporate in the Company’s segment reporting. <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No</div> impairment charges were incurred during <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018.</div></div> <div style=" margin: 0pt 0; font-size: 10pt"></div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Goodwill</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font-size: 10pt; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In accordance with ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">350</div> – <div style="display: inline; font-style: italic;">Intangibles – Goodwill and Other</div>, goodwill is calculated as the difference between the acquisition date fair value of the consideration transferred and the fair value of net assets acquired. Goodwill is an asset representing the future economic benefits arising from other assets acquired in a business combination. Goodwill is an indefinite-lived asset and is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> amortized. Goodwill is tested for impairment annually at the reporting unit level, or whenever events or circumstances present an indication of impairment.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the Helomics acquisition, the Company recorded goodwill of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$23,790,290.</div> The goodwill was recorded to the Helomics segment which represents a single reporting unit. As a part of the annual impairment testing, the Company had the option to assess qualitative factors to determine if it was more likely than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> that the carrying value of a reporting unit exceeded its estimated fair value. The Company believed a qualitative testing approach was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> appropriate and, therefore, proceeded to the quantitative testing. When performing quantitative testing, the Company <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> estimated the fair value of the Helomics reporting unit using discounted cash flows. To determine fair values, the Company was required to make assumptions about a wide variety of internal and external factors. Significant assumptions used in the impairment analysis included financial projections of free cash flow (including significant assumptions about operations including the rate of future revenue growth, capital requirements, and income taxes), long-term growth rates for determining terminal value, and discount rates for the Helomics reporting unit. Comparative market multiples were also used to corroborate the results of the discounted cash flow test. These assumptions required significant judgment and actual results <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>differ from assumed and estimated amounts.</div> <div style=" margin: 0pt 0; font-size: 10pt"></div> <!-- Field: Page; Sequence: 78; Value: 1 --> <!-- Field: /Page --> <div style=" margin: 0pt 0; font-size: 10pt"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In testing goodwill for impairment as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019, </div>the Company performed a quantitative impairment test, including computing the fair value of the Helomics reporting unit and comparing that value to its carrying value. Based upon the Company’s annual goodwill impairment test, the Company concluded that goodwill was impaired as of the testing date of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019. </div>Pursuant to ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">04</div> – <div style="display: inline; font-style: italic;">Simplifying the Test for Goodwill Impairment</div>, the single step is to determine the estimated fair value of the reporting unit and compare it to the carrying value of the reporting unit, including goodwill. To the extent the carrying amount of goodwill exceeds the implied goodwill, the difference is the amount of the goodwill impairment. The Company’s annual impairment test as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019 </div>resulted in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$8,100,000</div> of impairment expense related to goodwill. There was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> impairment expense recorded in the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">twelve</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font-size: 10pt; text-indent: 15.1pt; margin: 0"> </div> <div style=" margin: 0; font-size: 10pt; text-indent: 15.1pt"></div> <div> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 84%; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt">Goodwill balance at December 31, 2018</div></td> <td style="width: 1%; font-size: 10pt; padding-bottom: 1pt"> </td> <td style="width: 2%; font-size: 10pt; text-align: left">$</td> <td style="border-top: Black 1pt solid; width: 12%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-top: Black 1pt solid; width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt">Acquired</div></td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">23,790,290</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt">Impairment</div></td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(8,100,000</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt">Goodwill balance at December 31, 2019</div></td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,690,290</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> </table> </div> <div style=" margin: 0; font-size: 10pt; text-indent: 15.1pt"></div> <div style=" margin: 0; font-size: 10pt; text-indent: 15.1pt"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15.1pt"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">When evaluating the fair value of Helomics reporting unit the Company used a discounted cash flow model. Key assumptions used to determine the estimated fair value included: (a) expected cash flow for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20</div>-year period following the testing date (including net revenues, costs of revenues, and operating expenses as well as estimated working capital needs and capital expenditures); (b) an estimated terminal value using a terminal year growth rate of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3.0%</div> determined based on the growth prospects of the reporting unit; and (c) a discount rate of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18.3%</div> based on management’s best estimate of the after-tax weighted average cost of capital. The discount rate included a company specific risk premium of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7%</div> for risks related to the term of the forecasts.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15.1pt"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The majority of the inputs used in the discounted cash flow model are unobservable and thus are considered to be Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div> inputs.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15.1pt"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company will continue to monitor its reporting units to determine whether events and circumstances warrant further interim impairment testing. Goodwill is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> expected to be deductible for tax purposes.</div> <div style=" margin: 0pt 0; font-size: 10pt"></div> <div style=" margin: 0pt 0; font-size: 10pt"> </div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Fair Value Measurements</div></div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0">As outlined in ASC – <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">820,</div> <div style="display: inline; font-style: italic;">Fair Value Measurement</div>, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The accounting standards ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">820</div> establishes a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div>-level fair value hierarchy that prioritizes information used in developing assumptions when pricing an asset or liability as follows:</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> – Observable inputs such as quoted prices in active markets;</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0 0pt 0.5in">Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div> – Inputs other than quoted prices in active markets, that are observable either directly or indirectly; and</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0 0pt 0.5in">Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div> – Unobservable inputs where there is little or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> market data, which requires the reporting entity to develop its own assumptions.</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0">The Company uses observable market data, when available, in making fair value measurements. Fair value measurements are classified according to the lowest level input that is significant to the valuation.</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <!-- Field: Page; Sequence: 79; Value: 1 --> <!-- Field: /Page --> <div> <div style=" margin: 0pt 0; font-size: 10pt"></div> <div style=" font-size: 10pt; margin: 0pt 0">The fair value of the Company’s investment securities, which consist of cash and cash equivalents, was determined based on Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> inputs. The fair value of the Company’s derivative liabilities related to the bridge loan and the note payable agreement with the Company’s CEO was determined based on Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div> inputs.</div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Revenue Recognition</div></div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font-size: 10pt; margin: 0pt 0">The Company recognizes revenue when it satisfies a performance obligation by transferring control of the promised goods or services to its customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. Sales taxes are imposed on the Company’s sales to nonexempt customers. The Company collects the taxes from the customers and remits the entire amounts to the governmental authorities. Sales taxes are excluded from revenue and expenses. See Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4</div> – Revenue Recognition.</div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Income Taxes</div></div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0">The Company accounts for income taxes in accordance with ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">740</div> - <div style="display: inline; font-style: italic;">Income Taxes</div> (“ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">740”</div>). Under ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">740,</div> deferred tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and net operating loss and credit carryforwards using enacted tax rates in effect for the year in which the differences are expected to impact taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to the amounts expected to be realized.</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0">There is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> income tax provision in the accompanying consolidated statements of net loss due to the cumulative operating losses that indicate a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100%</div> valuation allowance for the deferred tax assets and state income taxes is appropriate.</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0">The Company reviews income tax positions expected to be taken in income tax returns to determine if there are any income tax uncertainties. The Company recognizes tax benefits from uncertain tax positions only if it is more likely than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> that the tax positions will be sustained on examination by taxing authorities, based on technical merits of the positions. The Company has identified <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> income tax uncertainties.</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0">Under Internal Revenue Code Section <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">382,</div> certain stock transactions which significantly change ownership could limit the amount of net operating carryforwards that <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>be utilized on an annual basis to offset taxable income in future periods. The Company has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> yet performed an analysis of the annual net operating loss carryforwards and limitations that are available to be used against taxable income. Consequently, the limitation, if any, could result in the expiration of the Company’s loss carryforwards before they can be utilized. The Company has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> analyzed net operating loss carryforwards under Section <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">382</div> to date. As a result of the Helomics acquisition, there <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>be significant limitation to the net operating loss. The Company intends to complete a Section <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">382</div> analysis in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2020.</div></div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0">Tax years subsequent to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015</div> remain open to examination by federal and state tax authorities.</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" margin: 0pt 0; font-size: 10pt"></div> <div style=" margin: 0pt 0; font-size: 10pt"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Advertising</div></div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0">Advertising costs are expensed as incurred. Advertising expenses were <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$21,166</div> in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$43,548</div> in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018.</div></div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Research and Development</div></div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0">Research and development costs are charged to operations as incurred. Research and development costs were <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$422,964</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$526,257</div> during <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> respectively.</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Offering Costs</div></div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0">Costs incurred which are direct and incremental to an offering of the Company’s securities are deferred and charged against the proceeds of the offering, unless such costs are deemed to be insignificant in which case they are expensed as incurred. During <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019,</div> the Company capitalized offering costs of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$324,459</div> that were deemed to be significant.</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> </div> <!-- Field: Page; Sequence: 80; Value: 1 --> <!-- Field: /Page --> <div> <div style=" margin: 0pt 0; font-size: 10pt"></div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Credit Risk </div></div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0">Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash. The Company places its cash with high credit quality financial institutions and, by policy, generally limits the amount of credit exposure to any <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> financial institution. The Company has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> credit risk concentration for cash amounts held in a single institution that are in excess of amounts issued by the Federal Deposit Insurance Corporation.</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Product Warranty Costs</div></div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font-size: 10pt; margin: 0pt 0">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019</div> and in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> the Company incurred <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$15,717</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$10,682,</div> respectively in product warranty costs.</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" margin: 0pt 0; font-size: 10pt"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Other Expense</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Other expense consisted primarily of interest expense, payment penalties, amortization of original issue discounts, and loss on debt extinguishment associated to the Company’s notes payable.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Segments</div></div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" margin: 0pt 0; font-size: 10pt"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company has determined its operating segments in accordance with ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">280</div> – <div style="display: inline; font-style: italic;">Segment Reporting</div>. Factors used to determine the Company’s reportable segments include the availability of separate financial statements, the existence of locally based leadership across geographic regions, the economic factors affecting each segment, and the evaluation of operating results at the segment level. The Chief Operating Decision Maker (“CODM”) allocates the Company’s resources for each of the operating segments and evaluates their relative performance. Each operating segment listed below has separate financial statements and locally based leadership that are evaluated based on the results of their respective segments. It should be noted that the operating segments below have different products and services. The financial information is consolidated and evaluated regularly by the CODM in assessing performance and allocating resources.</div> <div style=" margin: 0pt 0; font-size: 10pt"> </div> <div style=" font-size: 10pt; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">fourth</div> quarter of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019,</div> the CODM made changes to the internal organization of the Company which resulted in a change in the Company’s operating segments. The CODM determined that clinical testing revenue, CRO revenue and D-CHIP should be consolidated into <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> operating segment, Helomics. The Company concluded the change in operating segments did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> require restatement of prior period amounts as in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> substantially all of the Company’s revenues and expenses were located or derived from operations within the Domestic operating segment. The Company has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> operating segments: domestic, international, and Helomics. See Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4</div> – Revenue Recognition for a description of the products and services recognized in each segment. The segment revenues and segment net losses for the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019 </div>are included in the table below. All revenues are earned from external customers. All interest income and interest expense are recognized under corporate. There are significant changes in the Company’s assets relating to the Helomics acquisition specifically for intangibles, tangible fixed assets, and goodwill; see Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div> – Helomics Acquisition for further discussion. Expenditures for long-lived assets exclusive of the Helomics acquisition were <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> significant.</div> <div style=" margin: 0pt 0; font-size: 10pt"></div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" margin: 0pt 0; font-size: 10pt"></div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; text-align: center"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="15" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year Ended December 31, 2019</td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Domestic</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">International</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Helomics</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Corporate</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 35%; font-weight: bold">Revenue</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,275,048</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">88,070</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">48,447</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,411,565</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Depreciation and Amortization</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(43,728</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(4,692</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(556,538</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(99,925</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(704,883</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Impairment expense</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(8,100,000</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(770,250</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(8,870,250</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Loss on equity method investment</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(439,637</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(439,637</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Segment Loss</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(2,783,531</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(351,759</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(12,354,108</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(3,901,368</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(19,390,766</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> </table> </div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" margin: 0pt 0; font-size: 10pt"></div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; text-align: center"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="15" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2019</td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Domestic</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">International</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Helomics</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Corporate</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 35%; font-weight: bold">Assets</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">670,841</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">298,952</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">21,275,306</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">130,411</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">22,375,510</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> </table> </div> <div style=" margin: 0pt 0; font-size: 10pt"></div> <div style=" margin: 0pt 0; font-size: 10pt"> </div> <div style=" margin: 0pt 0; font-size: 10pt"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> substantially all the Company revenues and expenses were located or derived from operations in the United States and recorded under the domestic segment.</div> <div style=" margin: 0pt 0; font-size: 10pt"></div> <div style=" margin: 0pt 0; font-size: 10pt"> </div> <div style=" margin: 0pt 0; font-size: 10pt"></div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; text-align: center"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="15" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2018</td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Domestic</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">International</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Helomics</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Corporate</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Total</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 35%; font-weight: bold">Assets</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">932,367</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">41,377</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,735,255</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,708,999</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> </table> </div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> </div> <!-- Field: Page; Sequence: 81; Value: 1 --> <!-- Field: /Page --> <div> <div style=" margin: 0pt 0; font-size: 10pt"></div> <div style=" font-size: 10pt; margin: 0pt 0"></div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Risks and Uncertainties</div></div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0">The Company is subject to risks common to companies in the medical device and biopharmaceutical industries, including, but <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> limited to, development by the Company or its competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, and compliance with regulations of the Food and Drug Administration, Clinical Laboratory Improvement Amendments, and other governmental agencies.</div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"> </div> </div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Product Warranty Costs</div></div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font-size: 10pt; margin: 0pt 0">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019</div> and in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> the Company incurred <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$15,717</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$10,682,</div> respectively in product warranty costs.</div></div></div></div></div></div></div>
877500
23741772
110000
3500000
400000
58975
65000
103415
30000
8857
25000
150000
25000
10356
122356
290000
21525
110000
138500
147875
633554
104651
122356
65000
16667
8857
46875
260000
290000
21525
7813
919929
122356
125000
1100
1041150
1042250
35000
4000
5573250
5612250
590
5889
650
205955
206605
1034
377539
378573
300
127200
127500
89
130129
130218
250
294750
295000
103
34820
34923
319196
450000
319196
2900
2752187
2755087
215
204206
1
204422
78
49922
50000
9200
5263818
5273018
1224
317972
11231318
53472
792
6479
6943
55699169
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2691914
792
14092
63146533
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792
35000
3
40567
93653667
-82498711
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;">NOTE <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5</div> – STOCKHOLDERS’ EQUITY, STOCK OPTIONS AND WARRANTS</div></div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-style: italic;">Authorized Shares</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">At the annual meeting on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 28, 2017, </div>the stockholders approved a proposal to increase the number of authorized shares of common stock from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">24,000,000</div> to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">50,000,000</div> shares of common stock, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.01</div> par value. The amendment to the certificate of incorporation to affect this increase was filed on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 2, 2018.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" margin: 0pt 0; font-size: 10pt"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 22, 2019, </div>the stockholders approved a proposal to increase the number of authorized shares of common stock from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">50,000,000</div> to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100,000,000</div> shares of common stock, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.01</div> par value.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-style: italic;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> Firm Commitment Public Offering</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 2018, </div>the Company completed a firm commitment underwritten public offering of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">290,000</div> units at an offering price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$9.50</div></div> per unit, with each unit consisting of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> share of the Company’s common stock and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.3</div> of a warrant, with each whole warrant purchasing <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> share of common stock at an exercise price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1.00</div> per whole share. The shares of common stock and warrants were immediately separable and were issued separately. Gross proceeds were <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,755,087,</div> before deducting expenses. On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 21, 2018, </div>the underwriter exercised on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">21,525</div> shares of common stock, par value <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.01,</div> at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$9.50</div> per share as described in the underwriting agreement. The Company received net proceeds of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$188,066</div> after underwriting expenses of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$16,354</div> related to this exercise.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-style: italic;">Share Exchange Agreement with Helomics</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 11, 2018, </div>the Company entered into a share exchange agreement with Helomics. Pursuant to the share exchange agreement, Helomics issued <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,500,000</div> shares of its series A preferred stock in exchange for <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">110,000</div> shares of common stock. The Helomics preferred stock issued to the Company was convertible into an aggregate of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20%</div> of the outstanding capital stock of Helomics. In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 2018, </div>the Company converted <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$500,000</div> in secured notes into another <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5%</div> of Helomics’ outstanding shares, which resulted in the Company owning <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25%</div> of Helomics outstanding stock.</div> <div style=" margin: 0pt 0; font-size: 10pt"></div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" margin: 0pt 0; font-size: 10pt"></div> <!-- Field: Page; Sequence: 87; Value: 1 --> <div style=" margin: 0pt 0; font-size: 10pt"></div> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-style: italic;">Share Issuance for Consulting</div></div> <div style=" margin: 0pt 0; font-size: 10pt"> </div> <div style=" font-size: 10pt; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 10 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> the Company issued <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25,000</div> shares of common stock, par value <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.01,</div> at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$11.80</div> per share for consulting fees pursuant to the TumorGenesis license fees contract, and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">75,000</div> shares of common stock, par value <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.01,</div> at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$11.70</div> per share, in escrow, for TumorGenesis license fees pursuant to the TumorGenesis license fees contract.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-style: italic;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019</div> Registered Sales of Common Stock and Warrants</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 27, 2019, </div>the Company entered into a placement agency agreement for a registered direct offering in which the Company sold <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">138,500</div> shares of common stock and warrants to purchase up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">69,250</div> shares of common stock. The common stock and warrants were sold in units, with each unit consisting of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.1</div> share of common stock and a warrant to purchase <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.05</div> of a share of the Company’s common stock at an exercise price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$10.00</div> per whole share. The Warrants are exercisable at any time on or after the date of issuance and expire on the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">fifth</div> anniversary of issuance. The units were sold at a price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$9.00</div> per unit, resulting in gross proceeds of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,246,608</div> and net offering proceeds, after deducting the placement agent’s fees and other estimated offering expenses of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,111,888.</div> The closing of this offering occurred on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 1, 2019. </div>The Company granted the placement agents or its assigns the right to purchase up to an aggregate of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,925</div> units at an exercise price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$11.25</div> per unit. The unit purchase options shall expire on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 27, 2024.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 26, 2019, </div>the Company entered into a placement agency agreement for a registered direct offering in which the Company sold <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">147,875</div> shares of common stock and warrants to purchase up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">73,938</div> shares of common stock. The common stock and warrants were sold in units, with each unit consisting of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.1</div> share of common stock and a warrant to purchase <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.05</div> of a share of the Company’s common stock at an exercise price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$10.00</div> per whole share. The warrants are exercisable at any time on or after the date of issuance and expire on the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">fifth</div> anniversary of issuance. The units were sold at a price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$8.00</div> per unit, resulting in gross proceeds of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,183,101</div> and net offering proceeds, after deducting the placement agent’s fees and other estimated offering expenses of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,053,460.</div> The closing of this offering occurred on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 29, 2019. </div>The Company granted the placement agents or its assigns the right to purchase up to an aggregate of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">73,937</div> units at an exercise price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1.00</div> per unit. The unit purchase options shall expire on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 29, 2024.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 1, 2019, </div>the Company entered into a placement agency agreement for a public offering in which the Company sold <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">633,554</div> shares of the Company’s common stock. The common stock was sold at a price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$5.00</div> per share, resulting in gross proceeds to the Company of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$3,167,769</div> and net offering proceeds, after deducting the placement agents’ fees and other estimated offering expenses of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,811,309.</div> The closing of the offering occurred on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 4, 2019. </div>In addition, the Company granted warrants to the placement agents to purchase up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">63,355</div> shares of common stock. The warrants have an exercise price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$6.25</div> and include a cashless exercise.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-style: italic;">Series E Convertible Preferred Stock</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 2019, </div>the Company entered into a private placement securities purchase agreement with investors for shares of Series E convertible preferred stock. The Company issued <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">258</div> preferred shares. Each preferred share holder shall have the right to convert each Series E convertible preferred share into <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.056857%</div> of the issued and outstanding shares of common stock immediately prior to conversion for each share of Series E convertible stock beginning <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div> months after the initial close date of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 13, 2019. </div>On the date that is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12</div> months after the initial closing date, the Company has the option to convert the preferred shares into common stock upon the same terms and limitations as the above optional conversion. The preferred shares include a contingent beneficial conversion amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$289,936,</div> representing the intrinsic value of the shares at the time of issuance. The Company determined the Series E convertible preferred stock should be classified as permanent equity and the beneficial conversion feature amount is being accreted to the earliest redemption date of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div> months after the initial closing of the Series E convertible preferred stock. This offering was closed in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 2019.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" margin: 0pt 0; font-size: 10pt"></div> <div style=" font-size: 10pt; margin: 0pt 0"></div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-style: italic;"> </div></div> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-style: italic;"></div></div> <!-- Field: Page; Sequence: 88; Value: 1 --> <!-- Field: /Page --> <div style=" margin: 0pt 0; font-size: 10pt"></div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-style: italic;">Equity Line</div></div> <div style=" margin: 0pt 0; font-size: 10pt"> </div> <div style=" margin: 0pt 0; font-size: 10pt"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 24, 2019, </div>the Company entered into an equity purchase agreement with an investor, providing for an equity financing facility. Upon the terms and subject to the conditions in the purchase agreement, the investor is committed to purchase shares having an aggregate value of up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$15,000,000</div> of the Company’s common stock for a period of up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> years. The Company issued to the investor <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">104,651</div> commitment shares at a fair market value of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$450,000</div> for entering into the agreement. From time to time during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div>-year commitment period, provided that the closing conditions are satisfied, the Company <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>provide the investor with put notices to purchase a specified number of shares subject to certain limitations and conditions and at specified prices, which generally represent discounts to the market price of the common stock. During <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019,</div> the Company issued <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">122,356</div> shares of common stock valued at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$319,196</div> pursuant to the equity line. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019, </div>there was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$14,680,805</div> remaining available balance under the equity line.</div> <div> </div> <div></div> <div style=""></div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-style: italic;">Equity Incentive Plan</div></div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0">The Company has an equity incentive plan, which allows issuance of incentive and non-qualified stock options to employees, directors and consultants of the Company, where permitted under the plan. The exercise price for each stock option is determined by the market price on the date of issuance. Vesting requirements are determined by the Board of Directors when granted and currently range from immediate to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> years. Options outstanding under this plan have a contractual life of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">ten</div> years.</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-style: italic;">Valuation and Accounting for Options and Warrants</div></div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0">ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">718</div> – <div style="display: inline; font-style: italic;">Compensation – Stock Compensation, (“ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">718”</div>)</div> requires that a company that issues equity as compensation needs to record compensation expense on its statements of net loss that corresponds to the estimated cost of those equity grants. ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">718</div> requires companies to estimate the fair value of stock-based payment awards on the date of grant using an option-pricing model or other acceptable means. The Company uses the Black-Scholes option valuation model which requires the input of significant assumptions including an estimate of the average period of time employees will retain vested stock options before exercising them, the estimated volatility of the Company's common stock price over the expected term, the number of options that will ultimately be forfeited before completing vesting requirements, the expected dividend rate and the risk-free interest rate. Changes in the assumptions can materially affect the estimate of fair value of stock-based compensation and, consequently, the related expense recognized. The assumptions the Company uses in calculating the fair value of stock-based payment awards represent the Company's best estimates, which involve inherent uncertainties and the application of management's judgment. As a result, if factors change and the Company uses different assumptions, the Company's equity-based compensation expense could be materially different in the future.</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0">The Company determines the grant date fair value of options and warrants using a Black-Scholes option valuation model based upon assumptions regarding risk-free interest rate, expected dividend rate, volatility and estimated term. Beginning in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019,</div> the Company began calculating the estimated volatility used in the Black-Scholes option valuation model based on the trading history of the Company’s own stock. Given the limited trading history of the Company’s common stock, the Company had previously used the volatility of comparable companies in order to value options and warrants granted in years prior to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019.</div></div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0">The fair value of each option grant is estimated on the grant date using the Black-Scholes option valuation model with the following assumptions:</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt; padding-bottom: 1pt"><div style="display: inline; font-size: 10pt"> </div></td> <td colspan="7" style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt">Year Ended December 31,</div></td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt; padding-bottom: 1pt"><div style="display: inline; font-size: 10pt"> </div></td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt">2019</div></td> <td style="white-space: nowrap; text-align: center; font-size: 10pt; padding-bottom: 1pt"><div style="display: inline; font-size: 10pt"> </div></td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt">2018</div></td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt; padding-bottom: 1pt"><div style="display: inline; font-size: 10pt"> </div></td> <td colspan="7" style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt">Stock Options</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; width: 68%; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt">Expected dividend yield</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; width: 5%; font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div></td> <td style="white-space: nowrap; width: 5%; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.0%</div></div></td> <td style="white-space: nowrap; width: 5%; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"></div></td> <td style="white-space: nowrap; text-align: center; width: 1%; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; width: 5%; font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div></td> <td style="white-space: nowrap; width: 5%; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt">0.0</div>%</td> <td style="white-space: nowrap; width: 5%; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"></div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt">Expected stock price volatility</div></td> <td style="white-space: nowrap; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">78.6%</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> -</div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">82.4%</div><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; text-align: center; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt">66.0</div>%</td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"></div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt">Risk-free interest rate</div></td> <td style="white-space: nowrap; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.50%</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> -</div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.76%</div><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; text-align: center; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"></div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.46%</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3.07%</div></div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt">Expected life of options (in years)</div></td> <td style="white-space: nowrap; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div></td> <td style="white-space: nowrap; text-align: center; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; text-align: center; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap; font-size: 10pt; padding-bottom: 1pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt; padding-bottom: 1pt"><div style="display: inline; font-size: 10pt"> </div></td> <td colspan="7" style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Warrants</div></div></div></div></div></div></div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt">Expected dividend yield</div></td> <td style="white-space: nowrap; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt">0.0</div>%</td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"></div></td> <td style="white-space: nowrap; text-align: center; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt">0.0</div>%</td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"></div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt">Expected stock price volatility</div></td> <td style="white-space: nowrap; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">78.6%</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">82.4%</div><div style="display: inline; font-size: 10pt"></div></td> <td style="white-space: nowrap; text-align: center; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt">59.0</div>%</td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"></div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt">Risk-free interest rate</div></td> <td style="white-space: nowrap; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.39%</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.58%</div><div style="display: inline; font-size: 10pt"></div></td> <td style="white-space: nowrap; text-align: center; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.33%</div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.96%</div></div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt">Expected life of options (in years)</div></td> <td style="white-space: nowrap; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5</div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div></td> <td style="white-space: nowrap; text-align: center; font-size: 10pt"><div style="display: inline; font-size: 10pt"> </div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5</div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div></td> </tr> </table> </div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" margin: 0pt 0; font-size: 10pt"></div> <!-- Field: Page; Sequence: 89; Value: 1 --> <div style=" margin: 0pt 0; font-size: 10pt"></div> <div style=" font-size: 10pt; margin: 0pt 0">The following summarizes transactions for stock options and warrants for the periods indicated:</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold"> </td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center">Stock Options</td> <td style="font-size: 10pt; font-weight: bold"> </td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center">Warrants</td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-size: 10pt; text-align: center"> </td> <td style="white-space: nowrap; font-size: 10pt; font-weight: bold"> </td> <td colspan="3" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Number of<br /> Shares</td> <td style="white-space: nowrap; font-size: 10pt; font-weight: bold"> </td> <td colspan="3" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Average <br /> Exercise <br /> Price</td> <td style="white-space: nowrap; font-size: 10pt; font-weight: bold"> </td> <td colspan="3" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Number of<br /> Shares</td> <td style="white-space: nowrap; font-size: 10pt; font-weight: bold"> </td> <td colspan="3" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Average <br /> Exercise <br /> Price</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; font-size: 10pt">Outstanding at December 31, 2017</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">276,498</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">19.95</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">195,126</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">237.40</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">Issued</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">109,886</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10.13</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">233,615</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10.67</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Forfeited</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(19,456</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20.00</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,071</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,995.53</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 1pt">Exercised</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(65,006</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10.00</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">Outstanding at December 31, 2018</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">366,928</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">17.03</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">362,664</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">41.67</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">Issued</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">423,295</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.53</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,869,299</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9.25</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Forfeited</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(23,799</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13.30</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(653</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,249.28</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 1pt">Exercised</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(59,700</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.10</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 2.5pt">Outstanding at December 31, 2019</td> <td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">766,424</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11.34</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,171,610</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15.26</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> </tr> </table> </div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0">At <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">669,050</div> stock options are fully vested and currently exercisable with a weighted average exercise price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$11.93</div> and a weighted average remaining term of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8.38</div> years. There are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,171,610</div> warrants that are fully vested and exercisable. Stock-based compensation recognized in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,250,422</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,124,928,</div> respectively. The Company has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$201,628</div> of unrecognized compensation expense related to non-vested stock options that are expected to be recognized over the next <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">21</div> months.</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0">The following summarizes the status of options and warrants outstanding at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019:</div></div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Range of Exercise Prices</td> <td style="white-space: nowrap; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Shares</td> <td style="white-space: nowrap; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Weighted <br /> Average <br /> Remaining <br /> Life</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; font-size: 10pt">Options:</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; width: 70%; font-size: 10pt">$2.61 – 6.50</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">157,848</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9.53</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; font-size: 10pt">$7.324 – 8.491</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">285,826</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9.07</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; font-size: 10pt">$9.00 – 14.70</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">310,882</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7.50</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; font-size: 10pt">$21.00 – 51.25</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,045</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.90</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; font-size: 10pt; padding-bottom: 1pt">$657.50 – 5,962.50</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">823</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4.39</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; font-size: 10pt; padding-bottom: 2.5pt">Total</td> <td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">766,424</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; font-size: 10pt">Warrants:</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; font-size: 10pt">$0.10 – 8.36</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">250,145</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4.56</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">$10.00</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,674,088</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4.22</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; font-size: 10pt">$10.71 – 22.50</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">237,970</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3.23</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">$1,237.50</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,407</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.67</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; font-size: 10pt; padding-bottom: 2.5pt">Total</td> <td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,171,610</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> </table> </div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0">Stock options and warrants expire on various dates from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 2020 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 2029.</div></div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" margin: 0pt 0; font-size: 10pt"></div> <!-- Field: Page; Sequence: 90; Value: 1 --> <div style=" margin: 0pt 0; font-size: 10pt"></div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Stock Options and Warrants Granted by the Company</div></div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0">The following table is the listing of outstanding stock options and warrants as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019 </div>by year of grant:</div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0">Stock Options:</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div> <table cellspacing="0" cellpadding="0" style="; border-collapse: collapse; font-size: 10pt; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"><div style="display: inline; font-size: 10pt">Year</div></td> <td style="white-space: nowrap"> </td> <td colspan="3" style="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><div style="display: inline; font-size: 10pt">Shares</div></td> <td style="white-space: nowrap"> </td> <td colspan="5" style="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><div style="display: inline; font-size: 10pt">Price</div></td> </tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="white-space: nowrap; width: 68%"><div style="display: inline; font-size: 10pt">2011</div></td> <td style="white-space: nowrap; width: 1%"> </td> <td style="white-space: nowrap; width: 1%"> </td> <td style="white-space: nowrap; width: 11%; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">17</div></div></td> <td style="white-space: nowrap; width: 1%"> </td> <td style="white-space: nowrap; width: 1%"> </td> <td style="white-space: nowrap; width: 1%"> </td> <td style="white-space: nowrap; width: 5%; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div></td> <td style="white-space: nowrap; width: 5%; text-align: center">$<div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,812.50</div></div></td> <td style="white-space: nowrap; width: 5%"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="white-space: nowrap; width: 1%"> </td> </tr> <tr style="vertical-align: bottom; background-color: white"> <td style="white-space: nowrap"><div style="display: inline; font-size: 10pt">2012</div></td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">171</div></div></td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,312.50</div></div></td> <td style="white-space: nowrap; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">–</div></div></td> <td style="white-space: nowrap"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,500.00</div></div></td> <td style="white-space: nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="white-space: nowrap"><div style="display: inline; font-size: 10pt">2013</div></td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">150</div></div></td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,481.25</div></div></td> <td style="white-space: nowrap; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">–</div></div></td> <td style="white-space: nowrap"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,962.50</div></div></td> <td style="white-space: nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: white"> <td style="white-space: nowrap"><div style="display: inline; font-size: 10pt">2014</div></td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">84</div></div></td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,625.00</div></div></td> <td style="white-space: nowrap; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">–</div></div></td> <td style="white-space: nowrap"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,312.50</div></div></td> <td style="white-space: nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="white-space: nowrap"><div style="display: inline; font-size: 10pt">2015</div></td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">401</div></div></td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">657.50</div></div></td> <td style="white-space: nowrap; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">–</div></div></td> <td style="white-space: nowrap"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">862.50</div></div></td> <td style="white-space: nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: white"> <td style="white-space: nowrap"><div style="display: inline; font-size: 10pt">2016</div></td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,617</div></div></td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">22.50</div></div></td> <td style="white-space: nowrap; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">–</div></div></td> <td style="white-space: nowrap"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">51.25</div></div></td> <td style="white-space: nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="white-space: nowrap"><div style="display: inline; font-size: 10pt">2017</div></td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">235,053</div></div></td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10.10</div></div></td> <td style="white-space: nowrap; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">–</div></div></td> <td style="white-space: nowrap"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">21.00</div></div></td> <td style="white-space: nowrap"> </td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"><div style="display: inline; font-size: 10pt">2018</div></td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">97,636</div></div></td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.19</div></div></td> <td style="text-align: center; white-space: nowrap"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">–</div></div></td> <td style="white-space: nowrap"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13.50</div></div></td> <td style="white-space: nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="white-space: nowrap"><div style="display: inline; font-size: 10pt">2019</div></td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; border-bottom: black 1pt solid"> </td> <td style="white-space: nowrap; border-bottom: black 1pt solid; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">423,295</div></div></td> <td style="white-space: nowrap; border-bottom: black 1pt solid"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.61</div></div></td> <td style="text-align: center; white-space: nowrap; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">–</div></div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9.00</div></div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid"> </td> </tr> <tr style="vertical-align: bottom; background-color: white"> <td style="white-space: nowrap"><div style="display: inline; font-size: 10pt">Total</div></td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; border-bottom: black 2.25pt double"> </td> <td style="white-space: nowrap; border-bottom: black 2.25pt double; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">766,424</div></div></td> <td style="white-space: nowrap; border-bottom: black 2.25pt double"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; border-bottom: black 2.25pt double"> </td> <td style="white-space: nowrap; border-bottom: black 2.25pt double; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.45</div></div></td> <td style="white-space: nowrap; border-bottom: black 2.25pt double; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">–</div></div></td> <td style="white-space: nowrap; border-bottom: black 2.25pt double"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5962.50</div></div></td> <td style="white-space: nowrap; border-bottom: black 2.25pt double"> </td> </tr> </table> </div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0">Warrants:</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div> <table cellspacing="0" cellpadding="0" style="; border-collapse: collapse; font-size: 10pt; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"><div style="display: inline; font-size: 10pt">Year</div></td> <td style="white-space: nowrap"> </td> <td colspan="3" style="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><div style="display: inline; font-size: 10pt">Shares</div></td> <td style="white-space: nowrap"> </td> <td colspan="5" style="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><div style="display: inline; font-size: 10pt">Price</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; width: 68%"><div style="display: inline; font-size: 10pt">2015</div></td> <td style="white-space: nowrap; width: 1%"> </td> <td style="white-space: nowrap; width: 1%"> </td> <td style="white-space: nowrap; width: 11%; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,407</div></div></td> <td style="white-space: nowrap; width: 1%"> </td> <td style="white-space: nowrap; width: 1%"> </td> <td style="white-space: nowrap; width: 1%"> </td> <td style="white-space: nowrap; width: 5%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="white-space: nowrap; width: 5%; text-align: center">$<div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,237.50</div></div></td> <td style="text-align: left; white-space: nowrap; width: 5%"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="white-space: nowrap; width: 1%"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap"><div style="display: inline; font-size: 10pt">2016</div></td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25,233</div></div></td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: right"> </td> <td style="text-align: right; white-space: nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="white-space: nowrap; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10.00</div></div></td> <td style="white-space: nowrap; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="white-space: nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap"><div style="display: inline; font-size: 10pt">2017</div></td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">108,295</div></div></td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: right"> </td> <td style="white-space: nowrap; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10.71</div></div></td> <td style="white-space: nowrap; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">–</div></div></td> <td style="white-space: nowrap; text-align: left"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">22.50</div></div></td> <td style="white-space: nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap"><div style="display: inline; font-size: 10pt">2018</div></td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">219,076</div></div></td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8.36</div></div></td> <td style="white-space: nowrap; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">–</div></div></td> <td style="text-align: left; white-space: nowrap"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13.125</div></div></td> <td style="white-space: nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap"><div style="display: inline; font-size: 10pt">2019</div></td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; border-bottom: black 1pt solid"> </td> <td style="white-space: nowrap; border-bottom: black 1pt solid; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,809,599</div></div></td> <td style="white-space: nowrap; border-bottom: black 1pt solid"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.50</div></div></td> <td style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">–</div></div></td> <td style="text-align: left; white-space: nowrap; border-bottom: black 1pt solid"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11.88</div></div></td> <td style="white-space: nowrap; border-bottom: black 1pt solid"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap"><div style="display: inline; font-size: 10pt">Total</div></td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; border-bottom: black 2.25pt double"> </td> <td style="white-space: nowrap; border-bottom: black 2.25pt double; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,171,610</div></div></td> <td style="white-space: nowrap; border-bottom: black 2.25pt double"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; border-bottom: black 2.25pt double"> </td> <td style="white-space: nowrap; border-bottom: black 2.25pt double; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2.50</div></div></td> <td style="white-space: nowrap; border-bottom: black 2.25pt double; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">–</div></div></td> <td style="text-align: left; white-space: nowrap; border-bottom: black 2.25pt double"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,095.00</div></div></td> <td style="white-space: nowrap; border-bottom: black 2.25pt double"> </td> </tr> </table> </div></div>
10
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;">NOTE <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13</div> – SUBSEQUENT EVENTS</div> </div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-style: italic;">Equity Line Agreement</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> quarter of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2020,</div> the Company issued <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">943,000</div> shares of its common stock valued at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,869,899</div> pursuant to the equity line.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-style: italic;">Short Term Borrowings</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-style: italic;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> quarter of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2020,</div> the Company issued additional short-term notes for a total of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,098,684</div> for cash proceeds of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,020,000</div> and repaid <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$657,105</div> of principal using a portion of proceeds from the equity financing facility.</div> <div style=" margin: 0pt 0; font-size: 10pt"></div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-style: italic;">Promissory Note</div></div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 5, 2020, </div>the Company issued a promissory note with a principal amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,450,000</div> in exchange for cash proceeds of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,200,000.</div> Distributions of proceeds under the note will be made in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> tranches. The principal amount of the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> tranche was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$490,000</div> resulting in cash proceeds to the Company of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$400,000.</div> The principal amount of the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">second</div> tranche received on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 5, 2020, </div>was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$480,000</div> resulting in cash proceeds to the Company of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$400,000.</div> The <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div> tranche, with a principal amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$480,000,</div> will be distributed <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">60</div> days after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 5, 2020. </div>The note is due in full on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 5, 2020. </div>Pursuant to a security agreement between the Company and the investor, the Company has granted to the investor a security interest in its assets to secure repayment of the note. The note accrues interest at a rate of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8%</div> per annum.</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As additional consideration, the Company issued to the investor warrants to purchase <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">94,631</div> shares of the Company’s common stock at the closing of the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> tranche and will issue additional warrants to purchase <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">92,700</div> shares at the distribution of each of the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">second</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div> tranches. The warrants are exercisable beginning on the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">sixth</div> month anniversary of the issuance date at an exercise price equal <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2.992</div> per share. The Company also issued <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">46,875</div> shares of its common stock to the investor at the closing of the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> tranche.</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-style: italic;">Letter of Intent</div></div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" margin: 0pt 0; font-size: 10pt">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 24, 2020, </div>the Company announced that it has signed a letter of intent to acquire Quantitative Medicine (“QM”). QM is a biomedical analytics and computational biology company that has developed a novel, computational drug discovery platform called CoRE. CoRE is designed to dramatically reduce the time, cost, and financial risk of discovering new therapeutic drugs by predicting the main effects of drugs on target molecules that mediate disease.</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" margin: 0pt 0; font-size: 10pt"></div> <!-- Field: Page; Sequence: 98; Value: 1 --> <div style=" margin: 0pt 0; font-size: 10pt"></div> <div style=" font-size: 10pt; margin: 0pt 0">Completion of the transaction, which is expected to be completed in the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">second</div> quarter of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2020,</div> is subject to the negotiation of a definitive agreement and other terms and conditions.</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" margin: 0pt 0; font-size: 10pt"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-style: italic;">Term Sheet with InventaBio Tech</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-style: italic;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 2, 2020, </div>the Company signed a term sheet with InventaBio Tech and its subsidiary Soluble to purchase certain assets including but <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> limited to certain intellectual property relating to CRO services and technology, certain equipment useful in such services and technology and all other assets held by Soluble relating to CRO as well as all intellectual property and other assets held by BioDtech, Inc., a related party to InventaBio, in exchange for termination and waiver of all remaining amounts due and payable under the note receivable from CytoBioscience and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">125,000</div> shares of the Company’s common stock. Completion of the transaction is subject to certain closing conditions including the execution and delivery of the agreements for each, the Soluble and the BioDtech, Inc assets and other conditions customary for transactions of this type.</div> <div style=" margin: 0pt 0; font-size: 10pt"></div> <div style=" margin: 0pt 0; font-size: 10pt"> </div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-style: italic;">CEO Promissory Note Exchange Agreement </div></div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">During <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 2020, </div>the Company entered into an exchange agreement with its CEO, Dr. Schwartz. Under the exchange agreement, the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> outstanding notes were cancelled and in exchange a new promissory note in the amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,115,000</div> bearing <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12%</div> interest per annum and maturing on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2020 </div>was issued. In addition to the promissory note, Dr. Schwartz received <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">50,000</div> shares of the Company’s common stock. All warrants issued under the prior promissory notes were cancelled under the exchange agreement; <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> rights and obligations remain under the cancelled notes. Beginning in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 2019, </div>the Company and Dr Schwartz began to renegotiate the note. Due to the negotiations, the company did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> issue any additional warrants because they would be cancelled under the new deal. The Company determined that the exchange agreement had in substance occurred at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019 </div>and is therefore included within the financial statements as of and for the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019 </div>and a related loss on debt extinguishment of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$310,000</div> was recognized in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019.</div></div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0"></div> <div style=" font-size: 10pt; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-style: italic;">Shares Issued to Vendor</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font-size: 10pt; margin: 0">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 4, 2020, </div>the Company issued <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">150,000</div> shares of common stock in payment for public relations services.</div> <div style=" font-size: 10pt; margin: 0"><div style="display: inline; font-style: italic;"> </div></div> <div style=" font-size: 10pt; margin: 0"><div style="display: inline; font-style: italic;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 2020 </div>Private Placement</div></div> <div style=" margin: 0; font-size: 10pt"><div style="display: inline; font-style: italic;"> </div></div> <div style=" font-size: 10pt; margin: 0">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 15, 2020, </div>the Company entered into a securities purchase agreement with certain accredited investors for the sale in a private placement of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">260,000</div> shares of the Company’s common stock at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2.12</div> per share. For each offering share an investor purchases, the investor received: (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div>) a warrant to purchase <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> share of common stock, exercisable immediately and terminating <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">five</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div>-half years after the date of issuance and (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div>) a warrant to purchase <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> share of common stock, exercisable immediately and terminating <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> years after the date of issuance. All such warrants issued are exercisable at a price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1.88</div> per share.</div> <div style=" margin: 0; font-size: 10pt"> </div> <div style=" font-size: 10pt; margin: 0">In addition, and in lieu of common shares, certain investors purchased prefunded warrants to purchase <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,390,166</div> shares of common stock at a purchase price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2.12</div> per prefunded warrant, which represents the per share offering price, minus the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.0001</div> per share exercise price of each such prefunded warrant.</div> <div style=" font-size: 10pt; margin: 0"> </div> <div style=" margin: 0; font-size: 10pt">The sale of the offering shares and prefunded warrants resulted in gross proceeds of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$3,498,612</div> and net proceeds of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$3,127,112</div> after deducting the placement agent fees and estimated offering expenses payable by the Company. The Company agreed to use the net proceeds from the offering for general corporate purposes. The offering closed on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 18, 2020, </div>subject to the satisfaction of customary closing conditions.</div> <div style=" font-size: 10pt; margin: 0"><div style="display: inline; font-style: italic;"> </div></div> <div style=" margin: 0; font-size: 10pt"><div style="display: inline; font-style: italic;">Extension of Notes Payable</div></div> <div style=" font-size: 10pt; margin: 0"> </div> <div style=" margin: 0; font-size: 10pt">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 19, 2020, </div>the Company entered into an agreement to extend the due date of its outstanding notes payable from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 27, 2020 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2020 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 27, 2020. </div>The Company increased the principal amount due on the notes payable by <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$300,000</div> and issued <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30,000</div> shares of its common stock as consideration for these extensions. The Company has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> determined if the extension will be accounted for as a modification or an extinguishment under <div style="display: inline; font-style: italic;">ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">470</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">50</div> Debt, Modifications and extinguishments.</div></div> <div style=" margin: 0; font-size: 10pt"> </div> <div style=" margin: 0; font-size: 10pt"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-style: italic;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019</div> Coronavirus Outbreak</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 2019, </div>a novel strain of coronavirus (“COVID-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">19”</div>) was reported to have surfaced in Wuhan, China and has since spread to other parts of the world. The impact of the outbreak of COVID-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">19</div> on the business is unknown. State and local authorities in the United States, like their counterparts in many other countries, have since forced many businesses to temporarily shut down in an attempt to slow the spread of the virus, and Americans are being told by public officials to practice “social distancing”. Global stock markets have reacted very negatively, and many economists are projecting a sharp economic slowdown, at least in the near term, even if governments take emergency relief measures. Regardless of the extent of any economic slowdown, the outbreak could impact the Company’s ability to develop business, conduct operations, and obtain components used in its business in any region that is significantly impacted by the outbreak. The situation is constantly evolving, however, so the extent to which the COVID-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">19</div> outbreak will impact business and the economy is highly uncertain and cannot be predicted. Accordingly, the Company cannot predict the extent to which its financial condition and results of operations will be affected.</div></div>
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Upon the acquisition, all outstanding shares of Helomics stock not already held by the Company were converted into the right to receive a proportionate share of 400,000 shares of common stock and 3,500,000 shares of Series D convertible preferred stock of the Company. The fair value of these shares on the date of issuance was $5,612,250;
the Company forgave notes and interest due from Helomics relating to previous cash advances equaling $2,210,381;
the Company eliminated debt owed by Helomics to noteholders by issuing 863,732 shares of common stock to the noteholders, the value of the shares was $6,463,309;
the Company issued 14,245,063 warrants in exchange for warrants to purchase 23,741,772 shares of Helomics common stock to the Helomics noteholders agreeing to extinguish or extend their notes. An additional 597,000 warrants were exchanged for warrants held by other parties; the total consideration of all the exchanged warrants was valued by using the Black Scholes method and equaled $6,261,591;
as the Company's acquisition of Helomics was a business combination achieved in stages, the initial 25% purchase of Helomics in 2018 was required to be revalued at current fair value on the acquisition date. Immediately prior to the acquisition date the recorded value of the equity method investment was zero. On the acquisition date the Company determined the fair value of the previous equity method investment was $6,164,260 and recorded a gain for the same amount in order to recognize the investment at its fair value. The gain was calculated as the difference between the implied fair value of the Company’s previous equity method investment in Helomics and the recorded book value immediately prior to the acquisition date. The implied fair value was calculated based on the purchase consideration exchanged to acquire the remaining 75% of Helomics and factoring a 10% discount for lack of control.
Leasehold improvements are depreciated over the shorter of the useful life or the remaining lease term.
The loss to investee was calculated at 80% for the initial period of ownership, January 11, 2018 – February 27, 2018, and at 75% for the period of February 28, 2018 – April 4, 2019 at the current equity investment percentage owned by the Company.
(1) The following is a summary of the number of underlying shares outstanding at the end of the respective periods that have been excluded from the diluted calculations because the effect on loss per common share would have been anti-dilutive: Year Ended December 31, 2019 2018 Options 766,424 366,928 Warrants 2,171,610 362,664 Convertible debt 82,751 329,409 Preferred stock: series B 7,925 7,925 Preferred stock: series D 350,000 - Preferred stock: series E 594,383 -
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