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Commitments and Contingencies
12 Months Ended
Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES

11. COMMITMENTS AND CONTINGENCIES

 

COVID-19 Pandemic

 

In March 2020, the World Health Organization declared the outbreak of a novel coronavirus (COVID-19) as a pandemic. The full impact of the COVID-19 outbreak is unknown and cannot be reasonably estimated. The magnitude and duration of the COVID-19 outbreak, as well as other factors, could result in a material impact to the Company’s financial statements in future reporting periods.

 

Operating Leases

 

The Company adopted ASU 2016-02 in the first quarter of the fiscal year ending December 31, 2019. The adoption of ASU 2016-02 did not have a material impact on the Company’s consolidated financial statements, as the Company does not have any material lease agreements Rubicon DTP leases a building for its manufacturing and offices, however such lease was not considered material to the Company’s financial statements.

 

Direct Dose’s net rent expense under operating leases in 2021 and 2020 amounted to $26,784 and $34,200, respectively. On January 6, 2021, Direct Dose entered into a one year lease for an aggregate commitment of approximately $35,500, which was terminated early per agreement with lessor as of September 9, 2021. As of December 31, 2020, Direct Dose’s operating lease for its facility was month-to-month.

 

Litigation

 

From time to time, the Company experiences routine litigation in the ordinary course of its business.

  

There are no outstanding material matters as of December 31, 2021 and through the date of this filing.