Annual report pursuant to Section 13 and 15(d)

Commitments and Contingencies (Table)

v3.23.1
Commitments and Contingencies (Table)
12 Months Ended
Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]  
Lessee, Operating Lease, Liability, Maturity [Table Text Block]

Future minimum lease payments under these leases at December 31, 2022, are presented by calendar year as follows:.

 

Year

 

 

 

2023

 

$

145,836

 

2024

 

 

150,095

 

2025

 

 

114,966

 

Total lease payments

 

 

410,897

 

Less: imputed interest

 

 

(59,609

)

Present value of operating lease liabilities

 

$

351,288

 

Schedule of Milestone Payment

As consideration for its services, Sphaera has received a fixed fee of $160,000 and is entitled to the following milestone payments upon achievement of specified milestones:

 

Milestone Event

 

Payment

 

First dosing of patient in US Phase 1 trial

 

$

250,000

 

US Phase 1 trial completion with endpoints met

 

 

500,000

 

US Phase 2 trial completion with endpoints met

 

 

875,000

 

FDA Approval

 

 

4,000,000

 

Total potential milestone payments

 

$

5,625,000