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Note 5 - Commitments and Contingencies | 12 Months Ended
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Dec. 31, 2020
Notes to Financial Statements |
Commitments and Contingencies Disclosure [Text Block] | Note 5: Commitments and Contingencies Leases Jupiter, Florida Headquarters The Company’s corporate headquarters are located in Jupiter, Florida. On June 30, 2020, the Company’s office lease expired and was extended on a monthly basis. On August 13, 2020, the Company entered into a new lease with the same lessor pursuant to which the leased office space was reduced from approximately 4,900 square feet to 2,000 square feet and the combined monthly rental rate and common area maintenance charges were reduced from approximately $9,700 to $4,200. The new lease became effective September 1, 2020 and will expire on August 31, 2021. The Netherlands Office The Company maintains a small satellite office in Wageningen, The Netherlands. The Company occupies a flexible office space for an annual rental rate of approximately $4,000. The lease expires on January 31, 2022, and thereafter, the Company will reconsider the leased space to align with the future operations of the Company. VTT Research Contract Extension On June 28, 2019, the Company extended its research contract (“Contract”) through June 2022 with VTT Technical Research Centre of Finland Ltd. (“VTT”). Under the terms of this Contract, Dyadic will pay VTT a total of EUR €2.52 million over three years to continue developing Dyadic’s C1 fungal expression system for therapeutic protein production, including C1 host system improvement, glycoengineering, and management of third-party target protein projects. VTT is subject to an additional success bonus up to EUR €450,000 based on the technical targets stipulated in the Contract. Dyadic and its sublicensees will also have the right to use synthetic promoters developed by VTT with an access fee. On October 25, 2019, the Company expanded the Contract to pay an additional EUR €690,000 over 1.5 years to reinforce the glycoengineering work. On March 23, 2020, the Company further expanded the Contract to pay an additional EUR €700,000 over the next 19 months to accelerate the glycoengineering work. Dyadic retains the right to terminate the Contract with 90 days’ notice. Purchase Obligations The following table provides a schedule of commitments related to agreements to purchase certain services in the ordinary course of business, as of December 31, 2020:
2021 |  | $ | 2,458,506 |
2022 |  |  | 771,075 |
2023 |  |  | — |
Total |  | $ | 3,229,581 |
The purchase obligations in the table above are primarily related to our contracts with the Company’s contract research organizations to provide certain research services. The contracts set forth the Company’s minimum purchase requirements that are subject to adjustments based on certain performance conditions. All contracts expire in 2022. Legal Proceedings We are not currently involved in any litigation that we believe could have a materially adverse effect in our financial condition or results of operations. From time to time, the Company is subject to legal proceedings, asserted claims and investigations in the ordinary course of business, including commercial claims, employment and other matters, which management considers immaterial, individually and in the aggregate. The Company makes a provision for a liability when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. The requirement for these provisions is reviewed at least quarterly and adjusted to reflect the impact of negotiations, settlements, rulings, advice of legal counsel and other information and events pertaining to a particular case. Litigation is inherently unpredictable and costly. Protracted litigation and/or an unfavorable resolution of one or more of proceedings, claims or investigations against the Company could have a material adverse effect on the Company’s consolidated financial position, cash flows or results of operations.

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