Property and Equipment |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property, Plant and Equipment [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property and Equipment | Note 4 – Property and Equipment
Property and equipment consisted of the following at September 30, 2025 and December 31, 2024:
Depreciation was approximately $157,000 and $87,000 for the nine months ended September 30, 2025 and 2024, and $52,000 and $52,000 for the three months ended September 30, 2025 and 2024, respectively.
During the three months ended September 30, 2025, the Company recognized an impairment loss of $748,000 on the laboratory equipment that was acquired May 2024 from Theralink Technologies, Inc. This impairment was triggered by a revenue shortfall that resulted in minimal cash flows generated from the use of the laboratory equipment. The net revenue for the nine months ended September 30, 2025 was approximately $23,000. The carrying amount of the laboratory equipment was $748,000 and it was determined that the fair value was $0. The impairment loss was measured as the difference between the carrying amount of the asset group and its estimated fair value.
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