Commitments and contingencies

9 Months Ended

Sep. 30, 2016

Commitments And Contingencies Disclosure [Abstract]

Commitments and contingencies

Note 9 - Commitments and contingencies

Operating leases

During the second quarter of 2015, the Company extended the term of its Gaithersburg, Maryland office lease, effective May 7, 2015, through January 31, 2021, with one additional five-year renewal at the Company’s election. The Company is responsible for all utilities, repairs, insurance, and taxes under this operating lease. Effective July 1, 2015, the Company further modified its lease agreement to add additional leased space to its headquarters. Additionally, the Company leases office space in Denmark; this lease is currently on a month-to-month basis.

The Company also leases a facility in Woburn, Massachusetts under an operating lease that expires in January 2017. On October 17, 2016, AdvanDx, a wholly-owned subsidiary of the Company executed a Lease Extension #6 to Lease Agreement (the “Lease Extension”) between the Company and Cummings Properties, LLC with respect to extension of the existing lease for AdvanDx’s facility in Woburn Massachusetts (as amended, the “Woburn Lease”).  The Lease Extension extends the term of the Woburn Lease for five years, such that the Woburn Lease extends until January 30, 2022. The Company expects the aggregate rent will be approximately $2.2 million over the five-year term, subject to annual cost of living adjustments.  

Rent expense under the Company’s facility operating leases for the nine months ended September 30, 2016 and 2015 was $756,608 and $447,007, respectively.

Capital leases

The Company leases computer equipment, office furniture, and equipment under various capital leases. The leases expire at various dates through 2020. The leases require monthly principal and interest payments.

Registration and other shareholder rights

In connection with the various investment transactions, the Company entered into registration rights agreements with stockholders, pursuant to which the investors were granted certain demand registration rights and/or piggyback and/or resale registration rights in connection with subsequent registered offerings of the Company’s common stock.