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Commitments and Contingencies | 9 Months Ended
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Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract] |
Commitments and Contingencies | Note 11 – Commitments and Contingencies The Company’s office space lease in Woburn, Massachusetts (the “Woburn Lease”) for the Company’s corporate headquarters was on a month-to-month basis since November 2020 and was terminated in February 2022. The rent expense for this lease was $0 and $52,004 for the three months ended September 30, 2022 and 2021, respectively, and $14,239 and $143,970 for the nine months ended September 30, 2022 and 2021, respectively. On February 2, 2022, the Company entered into a lease agreement for approximately 15,638 square feet of its new corporate office space in Billerica, Massachusetts (the “Billerica Lease”). The Billerica Lease has a term of 92 months from its effective date and included access to certain additional office space until August 1, 2022. In addition, the Company is required to share in certain taxes and operating expenses of the Billerica Lease. The Billerica Lease is classified as an operating lease. At the inception date of the Billerica Lease, the Company recorded a right-of-use asset of $1,481,646 in operating lease right-of-use asset, as well as a lease liability of $12,222 in current liabilities and $1,547,614 in long-term liabilities. The operating lease right-of use asset is less than that of the Company’s lease liabilities as of the lease inception date. This is due to the fact that the Company as part of the Billerica Lease was allowed certain tenant improvement allowances, which amounted to $78,190 at lease inception. This lease liability represented the net present value of future lease payments for the lease utilizing a discount rate of 5.98%, which corresponded to the Company’s incremental borrowing rate. In August 2022, the Company received the tenant improvement allowance from the landlord, which totalled approximately $312,760. This allowance covered the leasehold improvements to the Billerica space and was accounted for as a reduction to the right-of-use asset. As of September 30, 2022, the remaining lease term was 7.1 years. The Company recorded expense related to the Billerica Lease in the amount of $41,893 and $145,709 for the three-and nine-months ended September 30, 2022, respectively. During the three and nine months ended September 30, 2022, the Company made cash payments of $7,850 and $45,418, respectively, for amounts included in the measurement of lease liabilities. The following table reconciles the undiscounted lease liabilities to the total lease liabilities recognized on the condensed consolidated balance sheet as of September 30, 2022:
2022 (remaining) |  | $ | 42,949 |
2023 |  |  | 197,307 |
2024 |  |  | 275,875 |
2025 |  |  | 284,151 |
Thereafter |  |  | 1,142,709 |
Total undiscounted lease liabilities |  | $ | 1,942,991 |
Less effects of discounting |  |  | (368,197 | )
Total lease liabilities |  | $ | 1,574,794 |
Reported as of September 30, 2022: |  |  |  |
Current portion of operating lease liability |  | $ | 83,145 |
Operating lease liability, less current portion |  |  | 1,491,649 |
Total lease liabilities |  | $ | 1,574,794 |

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