Note 7 - Commitments

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Commitments Disclosure [Text Block]

7.

         

Commitments

Lease Agreement

We lease approximately

8,400

square feet of office and laboratory space pursuant to an operating lease which expires on

December 31, 2022.

Rent expense for the years ended

December 31, 2020

and

2019

was

$166,577

and

$161,673,

respectively. Future minimum lease payments total

$171,213

in

2021

and

$176,356

in

2022,

although the lease

may

be terminated at any time by either party with

ninety

days written notice.

Other Commitments

In the normal course of business, we enter into various firm purchase commitments related to production and testing of our vaccine, conduct of research studies, and other activities. As of

December 31, 2020,

we had approximately

$190,000

of unrecorded outstanding purchase commitments to our vendors and subcontractors, all of which we expect will be due in

2021.

We expect

$165,500

of this amount to be reimbursable to us pursuant to currently outstanding government grants.