Leases |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||
| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||
| Leases | Note 6 — Leases:
The Company entered into a seven-year operating lease agreement in March 2020 for an office space at 300 Connell Drive, Berkeley Heights, New Jersey 07922. The lease agreement, with a monthly average cost of approximately $17,000 commenced in September 2020.
The Company entered into an operating lease for office space in Germany that began in July 2017. The rental agreement has a three-month term which automatically renews and includes a monthly cost of 400 Euros. The Company elected to apply the short-term practical expedient to the office lease.
Operating lease expense in the Company’s condensed consolidated statements of operations and comprehensive loss for each of the three months ended March 31, 2023 and 2022 was approximately $52,000, which includes costs associated with leases for which ROU assets have been recognized as well as short-term leases.
At March 31, 2023, the Company has a total operating lease liability of $770,000, of which $139,000 was classified as operating lease liabilities, short-term and $631,000 was classified as operating lease liabilities, net of current portion, on the condensed consolidated balance sheet. At December 31, 2022, the Company’s total operating lease liability was $803,000 of which $135,000 was classified as operating lease liabilities, short-term and $668,000 was classified as operating lease liabilities, net of current portion, on the condensed consolidated balance sheet. Operating ROU assets as of March 31, 2023 and December 31, 2022 are $743,000 and $775,000, respectively.
For each of the three months ended March 31, 2023 and 2022, cash paid for amounts included in the measurement of lease liabilities in operating cash flows from operating leases was $50,000.
The weighted average remaining lease term as of March 31, 2023 and 2022 were 4.6 and 5.6 years, respectively, and the weighted average discount rate for operating leases was 9% at March 31, 2023 and 2022.
As of March 31, 2023, maturities of lease liabilities were as follows:
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