Annual report [Section 13 and 15(d), not S-K Item 405]

Commitment and Contingencies

v3.25.1
Commitment and Contingencies
12 Months Ended
Dec. 31, 2024
Commitments And Contingencies Disclosure Abstract  
COMMITMENTS AND CONTINGENCIES

NOTE 10 - COMMITMENTS AND CONTINGENCIES

 

Alimenta Supply Agreement

 

In July 2023, the Company, through its ZIVOLife LLC subsidiary and Alimenta Algae SAC, a Peruvian company, signed a binding Contract Manufacturing Term Sheet (the “Term Sheet”). This binding Term Sheet commits ZIVOLife to purchase all of the ZivolifeTM product produced by Alimenta at the site subject to certain capacity growth plans and overall capacity limitations.  The purchase commitment will end on August 31, 2028. During the year ended December 31, 2024, the Company purchased $108,268 of product subject to this agreement, and in the year ended December 31, 2023, $16,040 of product subject to this agreement was purchased by the Company.  As of December 31, 2024, no products were available that we were obligated to purchase.

 

Legal Contingencies

 

We may become a party to litigation in the normal course of business. In the opinion of management, there are no legal matters involving us that would have a material adverse effect upon our financial condition, results of operation or cash flows.