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Commitments and Contingencies (Tables) | 12 Months Ended
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Dec. 31, 2023
Commitments and Contingencies [Abstract] |
Schedule of Milestone Payments | On December 31, 2022, prepaid expense and other current assets – current amounted to $5,000 and prepaid expense – non-current amounted to $60,625 as reflected in the consolidated balance sheets.
Milestone |  | Payment |
Filing of an Investigational New Drug (or any foreign equivalent) for a Licensed Product |  | $ | 50,000 |
Dosing of first patient in a Phase 1 Clinical Trial of a Licensed Product |  | $ | 100,000 |
Dosing of first patient in a Phase 2 Clinical Trial of a Licensed Product |  | $ | 250,000 |
Receipt of New Drug Application (“NDA”) (or foreign equivalent) approval for a Licensed Product |  | $ | 500,000 |
Achievement of First Commercial Sale of Licensed Product |  | $ | 1,000,000 |
Schedule of Minimum Annual Royalty Payments | minimum annual royalty payments, as follows:
Years |  | Minimum Annual Royalty |
Prior to First Commercial Sale |  | $ | N/A |
Year of First Commercial Sale |  | $ | N/A |
First calendar year following the First Commercial Sale |  | $ | 25,000 |
Second calendar year following the First Commercial Sale |  | $ | 25,000 |
Third calendar year following the First Commercial Sale |  | $ | 100,000 |
Schedule of Shall Pay UMB Fees | Pursuant to the July 2021 Sponsored Research Agreement, the Company shall pay UMB the fees below:
|  | Payment |  |  |
1 |  | $ | 92,095 |  |  | Paid upon execution of the July 2021 Sponsored Research Agreement
2 |  | $ | 92,095 |  |  | Paid six months after the start of project work as outlined in the July 2021 Sponsored Research Agreement
3 |  | $ | 92,095 |  |  | Upon completion of the project work as outlined in the July 2021 Sponsored Research Agreement
Schedule of Future Amounts Due Under Sponsored Study and Research Agreements | On December 31, 2023, future amounts due under sponsored study and research agreements between the Company and vendors is as follows:
Year ended December 31, |  | Amount |
2024 |  | $ | 725,244 |
Total |  | $ | 725,244 |

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