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Accounting Policies, by Policy (Policies)
 12 Months Ended
Dec. 31, 2020
Accounting Policies [Abstract]  
Basis of Presentation

Basis of Presentation


The Company’s financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”).
Use of Estimates

Use of Estimates


The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during the reporting period. Actual results could differ from those estimates. Significant estimates underlying the financial statements include the fair value of stock options and warrants.
Fair Value Measurements and Fair Value of Financial Instruments

Fair Value Measurements and Fair Value of Financial Instruments


The Company adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurements. ASC Topic 820 clarifies the definition of fair value, prescribes methods for measuring fair value, and establishes a fair value hierarchy to classify the inputs used in measuring fair value as follows:


Level 1 - Inputs are unadjusted quoted prices in active markets for identical assets or liabilities available at the measurement date.


Level 2 - Inputs are unadjusted quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, inputs other than quoted prices that are observable, and inputs derived from or corroborated by observable market data.


Level 3 - Inputs are unobservable inputs which reflect the reporting entity’s own assumptions on what assumptions the market participants would use in pricing the asset or liability based on the best available information.


The Company did not identify any assets or liabilities that are required to be presented on the balance sheets at fair value in accordance with ASC Topic 820.


Due to the short-term nature of all financial assets and liabilities, their carrying value approximates their fair value as of the balance sheet dates.
Concentrations of Credit Risk

Concentrations of Credit Risk


The Company maintains its cash accounts at financial institutions which are insured by the Federal Deposit Insurance Corporation. At times, the Company may have deposits in excess of federally insured limits.
Cash and Cash Equivalents

Cash and Cash Equivalents


Cash and cash equivalents include short-term, liquid investments.
Fixed Assets

Fixed Assets


Fixed assets are stated at cost less accumulated depreciation. Cost includes expenditures for furniture, office equipment, laboratory equipment, and other assets. Maintenance and repairs are charged to expense as incurred. When assets are sold, retired, or otherwise disposed of, the cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is reflected in operations. The costs of fixed assets are depreciated using the straight-line method over the estimated useful lives or lease life of the related assets. Depreciation expense was $17,773 for the year ended December 31, 2020 and zero for the year ended for December 31, 2019. Accumulated depreciation was $17,773 as of December 31, 2020 and zero as of December 31, 2019. None of the Company’s fixed assets serve as collateral against any loans as of December 31, 2020 and 2019, other than those subject to the financed asset liability.
Intangible Assets

Intangible Assets


Intangible assets are stated at cost less accumulated amortization. For intangible assets that have definite lives, the assets are amortized using the straight-line method over the estimated useful lives of the related assets. For intangible assets with indefinite lives, the assets are tested periodically for impairment. Amortization expense was zero for the year ended December 31, 2020 and 2019.
Offering Costs

Offering Costs


The Company accounts for offering costs in accordance with ASC 340, Other Assets and Deferred Costs. Prior to the completion of an offering, offering costs were capitalized as deferred offering costs on the balance sheet. The deferred offering costs are netted against the proceeds of the offering in stockholders’ equity (deficit) or the related debt, as applicable. Costs related to unsuccessful offerings are expensed.
Leases

Leases


Under Topic 842, adopted in 2020 with no impact related to adoption, operating lease expense is generally recognized evenly over the term of the lease. The Company has operating leases consisting of office and laboratory space with remaining lease terms of 46 months. Rent and Lease costs were $154,263 and $30,362 for the year ended December 31, 2020 and 2019. There was no sublease rental income for the year ended December 31, 2020 and 2019.


Leases with an initial term of twelve months or less are not recorded on the balance sheet. For lease agreements entered into or reassessed after the adoption of Topic 842, we combine the lease and non-lease components in determining the lease liabilities and right of use (“ROU”) assets.


Our lease agreements generally do not provide an implicit borrowing rate, therefore an internal incremental borrowing rate is determined based on information available at lease commencement date for purposes of determining the present value of lease payments. We used the incremental borrowing rate on December 31, 2020 and 2019 for all leases that commenced prior to that date. In determining this rate, which is used to determine the present value of future lease payments, we estimate the rate of interest we would pay on a collateralized basis, with similar payment terms as the lease and in a similar economic environment.


Lease Costs


   Year Ended
December 31,
2020		   Year Ended
December 31,
2019		 
Components of total lease costs:          
Operating lease expense  $154,263   $- 
Total lease costs  $154,263   $- 

Lease Positions as of December 31, 2020


ROU lease assets and lease liabilities for our operating leases were recorded in the balance sheet as follows:


   December 31,
2020		   December 31,
2019		 
Assets          
Right of use asset – short term  $384,685   $- 
Right of use asset – long term   871,136    - 
Total assets  $1,255,821   $- 
           
Liabilities          
Operating lease liabilities – short term  $391,221   $- 
Operating lease liabilities – long term   858,064    - 
Total lease liability  $1,249,285   $- 

Lease Terms and Discount Rate


Weighted average remaining lease term (in years) – operating lease   2.67 
Weighted average discount rate – operating lease   8.00%

The future annual minimum lease payments as of December 31, 2020 are as follows:


2021  $406,640 
2022   411,753 
2023   363,416 
2024   215,551 
Total future minimum lease payments   1,397,360 
Less: Lease imputed interest   148,075 
Total  $1,249,285 
Stock-Based Compensation

Stock-Based Compensation


The Company accounts for stock-based compensation costs under the provisions of ASC 718, Compensation—Stock Compensation, which requires the measurement and recognition of compensation expense related to the fair value of stock-based compensation awards that are ultimately expected to vest. Stock based compensation expense recognized includes the compensation cost for all stock-based payments granted to employees, officers, and directors based on the grant date fair value estimated in accordance with the provisions of ASC 718. ASC. 718 is also applied to awards modified, repurchased, or cancelled during the periods reported. Stock-based compensation is recognized as expense over the employee’s requisite vesting period and over the nonemployee’s period of providing goods or services.
Patents

Patents


The Company incurs fees from patent licenses, which are expensed as incurred. During the year ended December 31, 2020 and 2019, the Company had a licensing fee for the patents of $258,635 and $18,396, respectively.
Research and Development

Research and Development


We incur research and development costs during the process of researching and developing our technologies and future offerings. Our research and development costs mainly consist of licensing costs. We expense these costs as incurred unless such costs qualify for capitalization under applicable guidance.
Basic and Diluted Net Loss per Common Share

Basic and Diluted Net Loss per Common Share


Basic loss per common share is computed by dividing the net loss by the weighted average number of shares of common stock outstanding for each period. Diluted loss per share is computed by dividing the net loss by the weighted average number of shares of common stock outstanding plus the dilutive effect of shares issuable through the common stock equivalents. The weighted-average number of common shares outstanding excludes common stock equivalents because their inclusion would be anti-dilutive. As of December 31, 2020, 2,143,000 stock options and 5,799,146 warrants were excluded from dilutive earnings per share as their effects were anti-dilutive. As of December 31, 2019, 1,102,500 stock options and 1,382,478 warrants were excluded from dilutive earnings per share as their effects were anti-dilutive.
Recent Accounting Pronouncements

Recent Accounting Pronouncements


The FASB issues ASUs to amend the authoritative literature in ASC. There have been several ASUs to date, including those above, that amend the original text of ASC. Management believes that those issued to date either (i) provide supplemental guidance, (ii) are technical corrections, (iii) are not applicable to us or (iv) are not expected to have a significant impact our financial statements.