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OPERATING LEASES | 3 Months Ended
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Mar. 31, 2022
Operating Leases |
OPERATING LEASES | NOTE 5 - OPERATING LEASES The Company periodically enters into operating lease contracts for office space and equipment. Arrangements are evaluated at inception to determine whether such arrangements constitute a lease. Right of use assets, which we refer to as “ROU assets,” represent the right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities were recognized on the transition date based on the present value of lease payments over the respective lease term, with the office space ROU asset adjusted for deferred rent liability. The Company has two active operating leases: an office space lease with a remaining lease term of 27 months and a facility lease with a remaining term of 5 months as of March 31, 2022. All other leases are short-term leases, which for practical expediency, the Company has elected to not recognize as ROU assets and lease liabilities. Effective July 1, 2021, the Company assumed an office lease pursuant to the Rochal asset purchase agreement. This lease expires August 31, 2022. The base monthly rent was $8,504 through August 31, 2021, then increased to $8,808 for the remainder of the lease. As the implicit rate in the lease was not determinable, the discount rate applied to determine the present value of lease payments was the 4% borrowing rate on the Company’s line of credit as of the assumption date. The office space lease agreement contains no renewal terms; therefore, no lease liability was recorded beyond the termination date. Additionally, the Company assumed the subleasing of a portion of the office space to a subtenant at a monthly rate of $975. Sublease income was recognized on a straight-line basis over the term of the sublease agreement, whose expiration corresponds to that of the master lease agreement and is presented as a reduction of general and administrative expense in the Company’s consolidated statement of operations. The sublease was terminated on April 20, 2022 due to the Company’s need for additional office space. Sublease income totaled $2,925 during the three months ended March 31, 2022 and $0 for the three months ended March 31, 2021. In accordance with ASC Topic 842, Leases, the Company has recorded ROU assets of $355,081 and a related lease liability of $367,273 as of March 31, 2022. The Company recorded lease expense of $63,407 for the three months ended March 31, 2022 for its leased assets and $37,738 for the three months ended March 31, 2021. Cash paid for amounts included in the measurement of operating lease liabilities was $63,889 for the three months ended March 31, 2022 and $38,089 for the three months ended March 31, 2021. The present value of our operating lease liabilities is shown below. Maturity of Operating Lease Liabilities SCHEDULE OF OPERATING LEASE LIABILITY
|  | March 31, 2022 |
Remainder of 2022 |  |  | 157,905 |
2023 |  |  | 154,271 |
2024 |  |  | 77,870 |
2025 |  |  | - |
2026 |  |  | - |
Thereafter |  |  | - |
Total lease payments |  |  | 390,046 |
Less imputed interest |  |  | (22,773 | )
Present Value of Lease Liabilities |  | $ | 367,273 |
Operating lease liability - current |  |  | 180,233 |
Operating lease liability – long term |  |  | 187,040 |
As of March 31, 2022, the Company’s operating leases have a weighted average remaining lease term of 2.0 years and a weighted average discount rate of 6%.

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=77888251 + Details
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