Quarterly report pursuant to Section 13 or 15(d)

Commitments and Contingencies (Tables)

v3.21.1
Commitments and Contingencies (Tables)
3 Months Ended
Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]  
Schedule of future milestone payments are shown in the table below, converted to dollars from euros
Milestone Event   Percent
Milestone
Fees
    Amount  
100% of patients randomized     10 %   $ 316,529  
90% of case report form pages monitored     5 %   $ 158,265  
PE analysis     5 %   $ 158,265  
Database is locked     10 %   $ 316,529  
Schedule of lease expense
Components of total lease cost:   Three months ended
March 31,
2021
 
       
Operating lease expense   $ 18,207  
Short-term lease expense      
Total lease cost   $ 18,207  
Schedule of supplemental cash flow information related to leases
Cash paid for amounts included in the measurement of lease liabilities:   Three months ended
March 31,
2020
 
       
Operating cash flows for operating leases   $ 10,388  
         
Supplemental non-cash amounts of lease liabilities arising from obtaining right of use assets   $ 294,294  
Schedule of supplemental balance sheet information related to leases
    As of
March 31,
2021
 
Assets      
Lease right of use assets   $ 282,630  
Total lease assets   $ 282,630  
         
Liabilities        
Current liabilities:        
Lease liability - current portion   $ 44,403  
Noncurrent liabilities:        
Lease liability, net of current portion     239,505  
Total lease liability   $ 283,908  
Schedule of weighted-average remaining lease term
          As of
March 31,
2021
Weighted average remaining lease term (in years) - operating leases           4.83
Weighted average discount rate - operating leases           9.00%
Schedule of future lease payments included in the measurement of lease liabilities
Year ending December 31,   Operating Leases  
2021 (remaining)     50,789  
2022     70,202  
2023     72,687  
2024     75,231  
2025     77,864  
2026 and thereafter     6,507  
Total Minimum Lease Payments   $ 353,280  
Less effects of discounting     (69,372 )
Present value of future minimum lease payments   $ 283,908