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Note Q - Commitments and Contingencies
 12 Months Ended
Dec. 31, 2020
Notes to Financial Statements  
Commitments Disclosure [Text Block]
NOTE Q
—
COMMITMENTS AND CONTINGENCIES
 
Sales Incentive Agreement with TTI
 
On
March 25, 2020,
the Company entered into a sales incentive agreement Technology Transfer Institute (“TTI”). Terms of the agreement include the following:
 
 
1.
The term of the agreement is
one
year unless notice to terminate (as defined) is given. The agreement will be automatically extended for additional
one
-year terms unless terminated.
 
 
2.
For each
$5,000,000
in revenue (up to a maximum of
$20,000,000
) TTI generates during the
first
year that results in net income of at least
20%
(as defined), the Company will pay TTI a sales incentive fee of
$500,000
payable by the issuance of
62,500
shares of common stock.
 
 
3.
In the event that TTI generates revenue in excess of
$20,000,000
during the
first
year, the Company will issue TTI a
five
-year warrant to purchase
12,500
shares of Common Stock at an exercise price of
$12.00
per share for each
$1,000,000
of revenue in excess of
$20,000,000
(up to a maximum of
$25,000,000
).
 
In
no
event will the Company be obligated to issue more than
250,000
shares of common stock or warrants to purchase more than
62,500
shares of common stock pursuant to this agreement. 
 
There has been
no
revenue generated nor sales incentive fees paid during the period ended
December 31, 2020.
 
Litigation
 
From time to time, we
may
be involved in litigation relating to claims arising out of our operations in the normal course of business. As of
December 31, 2020,
the Company was
not
a party to any pending lawsuits.