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Related Party Transactions
 3 Months Ended
Mar. 31, 2023
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

6. RELATED PARTY TRANSACTIONS

 

NanoHybrids, LLC

 

In December 2021, the Company entered into an agreement with NanoHybrids, LLC (“NanoHybrids”) to utilize the Company’s research and development staff and laboratory facility when available to perform work for NanoHybrids. Any hours worked by Company employees for NanoHybrids is billed to NanoHybrids at a bill rate of the respective employee’s fully burdened personnel cost plus 10%. Additionally, the Company may purchase certain lab supplies for NanoHybrids and rebill these costs to NanoHybrids. NanoHybrids is wholly owned by the Company’s Chief Technology Officer. The table below summarizes the amounts earned and due from NanoHybrids as of and for the three month periods’ ended March 31, 2023 and 2022, and balances due as of March 31, 2023 and December 31, 2022:

 

   Three Months Ended
March 31,		 
   2023   2022 
Income from NanoHybrids included in Other Income  $95,798   $40,886 
Cash receipts from NanoHybrids  $19,731   $22,539 

 

   As of 
   March 31,
2023		   December 31,
2022		 
Amounts receivable from NanoHybrids included in Prepaids and Other Current Assets  $95,798   $19,731