Note 8 - Commitments

3 Months Ended

Mar. 31, 2021

8.	Commitments

Lease Agreement

We lease approximately

8,400

square feet of office and laboratory space pursuant to an operating lease which expires on

December 31, 2022.

Rent expense for the

three

-month periods ended

March 31, 2021

and

2020

was

$42,803

and

$41,539,

respectively. Future minimum lease payments total

$128,410

for the remainder of

2021

and

$176,356

2022,

although the lease

may

be terminated at any time by either party with

ninety

days written notice.

Other Commitments

In the normal course of business, we enter into various firm purchase commitments related to production and testing of our vaccine, conduct of research studies, and other activities. As of

March 31, 2021,

there are approximately

$800,000

of unrecorded outstanding purchase commitments to our vendors and subcontractors, all of which we expect will be due in

2021.

We expect

$211,326

of this amount to be reimbursable to us pursuant to existing government grants.