Commitments and Contingencies
|9 Months Ended|
Sep. 30, 2020
|Commitments and Contingencies|
|Commitments and Contingencies||
Note 5 – Commitments and Contingencies
The Company is not a party to any leases for office space or equipment.
The Company has undertaken to make contingent milestone payments to the licensors of its portfolio of product candidates. In addition, the Company would pay royalties to such licensors based on a percentage of net sales of each product candidate following regulatory marketing approval (See Note 3).
The Company recognizes a liability for a contingency when it is probable that liability has been incurred and when the amount of loss can be reasonably estimated. When a range of probable loss can be estimated, the Company accrues the most likely amount of such loss, and if such amount is not determinable, then the Company accrues the minimum of the range of probable loss. As of September 30, 2020, and December 31, 2019, there was no litigation against the Company.
The entire disclosure for commitments and contingencies.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef