XML 27 R18.htm IDEA: XBRL DOCUMENT v3.23.1
Commitments and Contingencies
12 Months Ended
Dec. 31, 2022
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 did lease 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 2022 and 2021 amounted to $0 and $26,784, 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.

 

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, 2022 and through the date of this filing.