Commitment and Contingencies |
3 Months Ended |
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Mar. 31, 2022 | |
| Commitments and Contingencies Disclosure [Abstract] | |
| Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES On May 1, 2019, the Company entered into a month to month lease agreement for our headquarters. The agreement is for an undefined term and can be cancelled at any time, given one month’s notice by either party. The Company’s monthly rent expense associated with this agreement is approximately $1,440. The Company’s month to month headquarters lease is in the name of the Company’s Chief Executive Officer, and the cost is reimbursed monthly.
For the three months ended March 31, 2022 and 2021, rent expense was approximately $4,000 for each year.
On January 31, 2022, the Company entered into a partnership agreement with LIVMOR to build a Company-branded version of the LIVMOR’s Halo+ FDA cleared turnkey solution for RPM to connect physicians and patients. As included in the agreement, the Company and LIVMOR have the right to enter into additional agreements as needed in order to further the Company’s development of its products. The agreement with LIVMOR includes a commitment in 2022 of $1.0 million. As of March 31, 2022 LIVMOR accepted a $0.5 million payment of the $1.0 million committed and $0.5 million is included in prepaid and other assets, of the $0.5 million accepted, $0.4 million has been incurred as R&D expense and the remaining $0.1 million included in prepaid expense. On March 7, 2022, the Company entered into a professional services agreement with Triple Ring Technologies, Inc, a co-development company, to assist in the design and development of the Company’s telehealth complete solution 3D vector ECG collection device for remote heart attack or MI monitoring. The agreement with Triple Ring includes a commitment in 2022 of approximately $2.0 million. A $0.4 million payment has been made as of March 31, 2022, of which $0.1 million expense has been incurred as R&D expense and the remaining $0.3 million is included in prepaid expense
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