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Note 4 - Commitments and Contingencies
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Commitments and Contingencies Disclosure [Text Block]

Note 4:     Commitments and Contingencies

 

Leases

 

Jupiter Florida Headquarters

 

In  August 2023, the Company entered into a new lease comprising approximately 1,719 square feet of office space located at 1044 N US 1, Jupiter, Florida, commencing  September 1, 2023, and will expire on August 31, 2026. The Company occupies this space for an annual rental rate of approximately $59,000, excluding common area maintenance expenses. 

 

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 $4,600. The lease expires on January 31, 2026, and thereafter, the Company will reconsider the leased space to align with the future operations of the Company.

 

As of  December 31, 2024, the future minimum annual lease payments under the operating leases are below. There are no future minimum annual lease payments after 2026.

 

2025

 $59,901 

2026

  35,638 

2027

  — 

Total

 $95,539 

 

 

       Purchase Obligations

 

Purchase obligations 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. 

 

As of  December 31, 2024, the commitments related to agreements to purchase certain services in the ordinary course of business are below. All current contracts expire in or before 2026.

 

2025

 $2,134,460 

2026

  1,429,044 

2027

  — 

Total

 $3,563,504 

 

Legal Proceedings

 

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 is not currently involved in any litigation that it believes could have a materially adverse effect in our financial condition or results of operations. 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.