Commitments and Contingencies

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies [Abstract]

COMMITMENTS AND CONTINGENCIES

NOTE 5 - COMMITMENTS AND CONTINGENCIES

Operating Leases

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. The Company rents an office space on a month-to-month basis with no long-term commitment, which is considered a short-term lease.

Supplemental balance sheet information related to leases was as follows:

	September 30, 2024		December 31, 2023
Operating leases:
Operating lease right-of-use assets	$	57,990	$	119,529
Operating lease liability - current portion	$	52,403	$	83,512
Operating lease liability - long-term portion		-		31,742
Total operating lease liabilities	$	52,403	$	115,254

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	2024		2023		2024		2023
Operating lease cost	Research and development	$	22,275	$	22,275	$	66,825	$	66,825
Short-term lease cost	Research and development		7,184		-		24,304		-
Short-term lease cost	General and administrative		12,600		21,570		37,500		64,910
Total lease expense		$	42,059	$	43,845	$	128,629	$	131,735

Other information related to operating leases:

	September 30, 2024			December 31, 2023
Weighted-average remaining lease term		0.7 years			1.4 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,
	2024		2023
Cash paid for operating lease liabilities	$	68,138	$	65,775

Future minimum lease payments under non-cancellable leases are as follows:

Fiscal Year Ending December 31,
2024 (Remaining)	$	15,375
2025		38,438
Total minimum lease payments		53,813
Less: Imputed interest		(1,410	)
Total	$	52,403

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.