Leases

12 Months Ended

Dec. 31, 2023

In August 2021, the Company entered into an open-ended office lease agreement, effective November 1, 2021, to lease approximately 2,300 square feet of space on the last two floors of the building located at Dorfstrasse 29, 6300 Zug, Switzerland (the “Office Lease"). The Company estimated the effective duration of the Office Lease at inception and determined a period of 3 years, with expected expiration in November 2024. In December, 2023, the contract was extended, leading to a new estimated effective duration of the lease period of 3 years, with expected expiration in January 2027.

On October 9, 2023, the Company entered into an office lease agreement, effective as of October 9, 2023, to lease approximately 3,900 square feet of office space on the fifth floor of the building located at Rua Manuel Pinto de Azedevo 860, 4150-335, Porto, Portugal. This lease has a 3-year initial term, with two extendable periods of 3 years each. It is expected to be extended once until October 2029.

On October 13, 2023, the Company entered into an office lease agreement, effective as of October 16, 2023, to lease approximately 6,000 square feet of office space on the first floor of the building located at 95 Regent Street, CB2 1AW, Cambridge, England, United Kingdom. This lease has a 3-year term agreement and is set to expire in October 2026.

The weighted average remaining lease term and weighted average discount rate for the operating leases as of December 31, 2023 and December 31, 2022 were as follows:


	December 31, 2023		December 31, 2022
Weighted average remaining lease term (in months)	39		22
Weighted average discount rate	4.9	%	0.8	%

The future minimum annual lease payments under these operating leases as of December 31, 2023 are as follows:


Year ending December 31,	Amount
2024	$	1,343,255
2025	1,343,255
2026	1,029,249
2027	95,794
2028	95,794
Thereafter	65,923
Total lease payments	3,973,270
Less imputed interest	(275,404)
Total lease liability	3,697,866
Less current portion of lease liability	(1,197,876)
Long-term portion operating lease liability	$	2,499,990

The Company recorded lease expense related to its operating leases of $399,882 and $155,552 for the years ended December 31, 2023 and December 31, 2022, respectively.