Company: INDP
Filing Date: 2025-02-12
Form Type: S-1
Source: 0001493152-25-006068
Chunk: 176

Company: Indaptus Therapeutics, Inc.
Filing Date: 2025-02-12
Form: S-1
Chunk 176
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 Periodically, the Company reviews the status of significant matters, if any exist, and assesses its potential financial exposure. If the potential loss from any claim or legal claim is considered probable and the amount of such potential loss can be estimated, the Company accrues liability for the estimated loss. Legal proceedings are subject to uncertainties, and the outcomes are difficult to predict. Because of such uncertainties, accruals are based on the best information available at the time. As additional information becomes available, the Company reassesses the potential liability related to pending claims and litigation.

| F-24 |

Leases

Future minimum annual lease payments and a reconciliation to the Company’s operating lease liability under the Company’s noncancelable operating lease as of September 30, 2024 are as follows:

SUMMARY OF MINIMUM LEASE PAYMENTS

| 2024 (remaining)                                  |     | $ |   25,806 |   |
| Year one                                          |     | $ |   25,806 |   |
| 2025 (lease ends October 31, 2025)                |     |   |   86,862 |   |
| Year two                                          |     |   |   86,862 |   |
| Total minimum lease payments                      |     |   |  112,668 |   |
| Less: amount representing interest                |     |   |   (4,679 | ) |
| Present value of operating lease liability        |     |   |  107,989 |   |
| Less: current portion                             |     |   | (103,982 | ) |
| Operating lease liability, net of current portion |     | $ |    4,007 |   |

The Company recognized rent expense of $ 76,385and $ 75,280during the nine months ended September 30, 2024 and 2023, respectively. The Company recognized rent expense of $ 25,462during each of the three months ended September 30, 2024 and 2023, respectively. Total cash payments for the operating lease totaled $ 75,899and $ 74,148during the nine months ended September 30, 2024 and 2023, respectively.

NOTE 8: SUBSEQUENT EVENTS

The Company evaluated subsequent events from September 30, 2024, the date of these unaudited condensed consolidated financial statements, through November 12, 2024, which represents the date the condensed consolidated financial statements were issued