Company: NDRA
Filing Date: 2025-04-07
Form Type: 10-K/A
Source: 0001654954-25-003937
Chunk: 24

Company: ENDRA Life Sciences Inc.
Filing Date: 2025-04-07
Form: 10-K/A
Chunk 24
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 replaced with an employment agreement as described in Note 11.

| F-14 |

On November 30, 2023, the Company entered into a Restricted Stock Agreement and Consulting Services Agreement, each with PatentVest, in exchange for certain services related to the Company’s patent portfolio. PatentVest is a wholly-owned subsidiary of MDB Capital Holdings, LLC (“MDB”). Anthony DiGiandomenico, a member of the Company’s board of directors, is the Chief of Transactions and a director of MDB.

In September 2024 the Company began using IS Bookkeeping & Payroll which is a division of Impact Solve, LLC (dba Impact Solutions) an accounting and chief financial officer service firm. As described below in note 11, the Company’s Chief Financial Officer works in a part-time capacity for the Company through Impact Solutions. In 2024, IS Bookkeeping & Payroll provided human resources and payroll processing services to the Company totaling $.

Note 11 - Commitments and Contingencies

Office Lease

Effective January 1, 2015, the Company entered into an office lease agreement with Green Court, LLC, a Michigan limited liability company, for approximately rentable square feet of space, for the initial monthly rent of $, which commenced on January 1, 2015 for an initial term of months. .

On March 15, 2021, the Company entered into an amendment to the lease, increasing the total rentable square feet to , increasing the initial monthly rent to $ effective May 2021, and extending the term of the lease to .

On December 1, 2024, the Company entered into an amendment to the lease, decreasing the total rentable square feet to , decreasing the initial monthly rent to $ effective March 2025 (after three months of no rent) and extending the term of the lease to .

The Company records the lease asset and lease liability at the present value of lease payments over the lease term. The lease typically does not provide an implicit rate; therefore, the Company uses its estimated incremental borrowing rate at the time of lease commencement to discount the present value of lease payments. The Company’s discount rate for operating leases at December 31, 2024 was %. Lease expense is recognized on a straight-line basis over the lease term to the extent that collection is considered probable. As a result, the Company has been recognizing rents as they become payable based on the adoption of ASC Topic 842. The weighted-average remaining lease term is years.

As of December 31,