Commitments and Contingencies |
3 Months Ended |
|---|---|
Mar. 31, 2025 | |
| Commitments and Contingencies | |
| Commitments and Contingencies | Note 6. Commitments and Contingencies
Payroll tax liabilities
During 2023, the Company did not remit federal income tax, social security, Medicare or local and state income taxes which were withheld from the Company’s employees payroll. The Company has estimated and accrued fines and penalties associated with the amounts which have not been remitted and includes these amounts in accrued expenses in the accompanying consolidated balance sheets. As of March 31, 2025, the balance due was $643,985.
Customer legal dispute
VMed Services, LLC a subsidiary of the Company, is a plaintiff in a lawsuit that was filed on April 22, 2024 against Meridian Diagnostics LLC in State Court of Fulton County, Georgia. The Company is seeking approximately $170,000 for claims related to the provision of marketing services to the defendant. In response to the filing of the complaint, Meridian Diagnostics filed a counterclaim against the Company and denies the allegations and seeks attorney's fees. This litigation is in the discovery phase, and as such, the Company is unable to estimate the range of potential loss. |