COMMITMENTS AND CONTINGENCIES
|9 Months Ended|
Sep. 30, 2023
|COMMITMENTS AND CONTINGENCIES.|
|COMMITMENTS AND CONTINGENCIES||
NOTE 8 – COMMITMENTS AND CONTINGENCIES
In conjunction with the Asset purchase in February 2018, the Company is required to make certain milestone payments related to the ongoing development of ACX-362E totaling $700,000 in the aggregate if certain milestones are achieved (which includes $50,000 already paid after the acquisition in February 2018). There were no additional milestones reached for the nine months ended September 30, 2023 and 2022, respectively. The Company is also obligated to make royalty payments equal to 4% of net sales of ACX-362E for a period of time equal to the last to expire of any applicable patents, as defined in the purchase agreement.
The entire disclosure for commitments and contingencies.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef