XML 31 R20.htm IDEA: XBRL DOCUMENT v3.23.1
Note 14 - Commitments and Contingencies
3 Months Ended
Mar. 31, 2023
Notes to Financial Statements  
Commitments and Contingencies Disclosure [Text Block]

NOTE 14: COMMITMENTS AND CONTINGENCIES

 

Lease Commitments

 

The Company evaluates all contractual agreements at inception to determine if they contain a lease. Lease liabilities are measured at the present value of lease payments not yet paid, using a discounted cash flow model that requires the use of a discount rate, or incremental borrowing rate. Leases with a term of 12 months or less are considered short-term operating leases and no asset or liability is recognized.

 

The Company's operating lease consists of an office lease. On November 22, 2022, the Company entered into a new short-term operating lease for office space to pay monthly rent of $2 for a term of 12 months commencing January 1, 2023. The Company had lease expense under a short-term lease of $4 and $8 during the three months ended March 31, 2023 and 2022, respectively.

 

Litigation and Contingencies

 

The Company is subject to legal proceedings and claims that arise in the normal course of business. The Company believes that these matters are either without merit or of a kind that should not have a material effect, individually or in aggregate, on its financial position, results of operations or cash flows. 

 

Contractual Obligations

 

Contractual obligations represent future cash commitments and liabilities under agreements with third party clinical research organizations (CROs) and clinical manufacturing organizations (CMOs). With the exception of one CRO contract, such agreements are cancellable upon written notice by the Company. The one non-cancellable contract expires upon completion of the study and release of the final report, or the contract may be terminated by the CRO, or by the FDA or other governmental agency. As of March 31, 2023, the Company's non-cancellable commitment related to this contract are estimated to be $1,146 and $13 in 2024. As of March 31, 2023, we have incurred $111 under this contract.