Company: NDRA
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110887
Chunk: 22

Company: ENDRA Life Sciences Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 22
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 feet of space to 3,950 and the monthly rent to $7,798.

On March 15, 2021, the Company entered into an
amendment to the lease, adding approximately 3,248 rentable square feet, increasing the initial monthly rent to $15,452 effective May
2021, and extending the term of the lease to December 31, 2025.

On December 1, 2024, the Company entered into
an amendment to the lease, decreasing the total rentable square feet to 6,513, decreasing the initial monthly rent to $15,278 effective
March 2025 (after three months of no rent) and extending the term of the lease to March 31, 2029.

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 September 30, 2025 was 10%. 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 3.42 years.

As of September 30, 2025, the maturities of operating lease liabilities are as follows:      

    Operating 

    Lease 
  
    2025 
     45,835 
  
    2026 and beyond 
     579,966 
  
    Total 
    $625,802 
  
    Less: amount representing interest 
     (100,474)
  
    Present value of future minimum lease payments 
     525,328 
  
    Less: current obligations under leases 
     (128,791)
  
    Long-term lease obligations 
    $396,537 

For the nine months ended September 30, 2025 and
2024, the Company incurred rent expenses of $142,914 and $164,405, respectively.

12

Employment and Consulting Agreements

Alexander Tokman -
Effective August 13, 2024, the Board appointed Alexander Tokman as the Company’s acting Chief Executive Officer and Chairman of
the Board of Directors. In connection with his appointment, Mr.