Commitments and Contingencies

9 Months Ended

Sep. 30, 2023

Commitments and Contingencies [Abstract]

COMMITMENTS AND CONTINGENCIES

NOTE 4 - COMMITMENTS AND CONTINGENCIES

Operating Leases

In October 2018, the Company entered into a lease agreement for office space in Doylestown, Pennsylvania. The lease commenced on October 15, 2018 and expires on October 31, 2023, as amended. The lease has an additional one-year option for renewal, and the base rent is $37,080 per year. The Company determined that the lease agreement is considered a short-term lease under ASC 842 and has not recorded a right-of-use asset or liability. The Company did not renew the lease upon its expiration. The Company rents another office space on a month-to-month basis with no long-term commitment, which is considered a short-term lease as well. In May 2022, the Company entered into a lease agreement for lab space in Austin, Texas. The lease commenced on June 1, 2022 and expires on May 31, 2025. The lease has an additional three-year option for renewal, which the Company has determined it is not reasonably certain to exercise.

Supplemental balance sheet information related to leases was as follows:

	September 30, 2023		December 31, 2022
Operating leases:
Operating lease right-of-use assets	$	139,230	$	196,044
Operating lease liability - current portion	$	82,725	$	80,625
Operating lease liability - long-term portion		52,230		110,094
Total operating lease liabilities	$	134,955	$	190,719

Supplemental lease expense related to leases was as follows:

	Statement of Operations	For The Three Months Ended September 30,				For The Nine Months Ended September 30,
Lease	Classification	2023		2022		2023		2022
Operating lease cost	Research and development	$	22,275	$	22,275	$	66,825	$	29,700
Short-term lease cost	Research and development		-		6,244		-		18,733
Short-term lease cost	General and administrative		21,570		21,000		64,910		62,659
Total lease expense		$	43,845	$	49,519	$	131,735	$	111,092

Other information related to operating leases:

	September 30, 2023			December 31, 2022
Weighted-average remaining lease term		1.7 years			2.4 years
Weighted-average discount rate		8	%		8	%

Supplemental cash flow information related to operating leases was as follows:

	For The Nine Months Ended September 30,
	2023		2022
Cash paid for operating lease liabilities	$	65,775	$	29,869

Approximate future minimum lease payments under non-cancellable leases (including short-term leases) are as follows:

Fiscal Year Ending December 31,
2023 (Remaining)	$	18,000
2024		91,000
2025		38,000
Total minimum lease payments		147,000
Less: Imputed interest		(9,000	)
Total	$	138,000

Legal

The Company may be involved, from time to time, in legal proceedings and claims arising in the ordinary course of its business. Such matters are subject to many uncertainties and outcomes and are not predictable with assurance. While management believes that such matters are currently insignificant, matters arising in the ordinary course of business for which the Company is or could become involved in litigation may have a material adverse effect on its business and financial condition. To the Company’s knowledge, neither the Company nor any of its properties are subject to any pending legal proceedings.