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Note 9 - Commitments and Contingencies
 9 Months Ended
Sep. 30, 2023
Notes to Financial Statements  
Commitments and Contingencies Disclosure [Text Block]

9. Commitments and Contingencies

 

The Company leases approximately 2,685 square feet of office space in Dallas Texas pursuant to an office lease with Teachers Insurance and Annuity Association of America that expires on September 30, 2028. During the period ended September 30, 2023, the Company’s rental expenses totaled approximately $94,000.

 

The table below shows the future lease payment obligations:

 

Year Ending December 31,

  

Amount

  

2023

   $ 22,151  

2024

     89,948  

2025

     91,122  

2026

     93,136  

2027

     95,150  

Thereafter

     72,495  

Total remaining lease payments

   $ 464,002  

Less: imputed interest

     (181,376 )

Present Value of remaining lease payments

   $ 282,624  
         

Current

   $ 66,079  

Noncurrent

   $ 216,545  
         

Weighted-average remaining lease term (years)

     3.84  

Weighted-average discount rate

     10.00 %  

 

From time to time the Company is party to threatened or actual litigation occurring in the normal course of business but does not believe that the outcome of these matters could have a material effect on the Company’s financial statements.

 

The Company has applied for a tax credit under the CARES Act known as an Employee Retention Credit or “ERC” and has recorded $188,760 as other income on the accompanying statement of operations for the ERC. All tax forms are subject to audit and if audited, the Company may have to return or portion or all of the ERC if the Internal Revenue Service denies some or all of the claims for the credit as the Company may not have met all of the criteria to be eligible for the credit.