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Commitments and Contingencies

6 Months Ended

Jun. 30, 2023

Commitments and Contingencies

Commitments and Contingencies

Note 7 – Commitments and Contingencies

Operating Leases

In June 2023, the Company entered into an extension agreement to renew its lease for approximately 3,800 square feet of office space in New York, NY. The lease was due to expire on October 31, 2023. The lease was extended from November 1, 2023 to December 31, 2026.

In February 2023, the Company exercised its options to renew its three leases in Redwood City, California, for a total of approximately 6,700 square feet. The leases were due to expire on August 31, 2023. The leases were extended from September 1, 2023 to August 31, 2025.

A summary of the Company’s right-of-use assets and liabilities as follows:

​

​	​	​	​	​
​		For the Six Months Ended
​	​	June 30, 2023		​
​	​	​	​
Cash paid for amounts included in the measurement of lease liabilities:		​		​
Operating cash flows used in operating activities	​	$	284,996	​
​	​	​	​	​
Right-of-use assets obtained in exchange for lease obligations	​			​
Operating leases	​	$	904,437	​
​	​	​	​	​
​	​	​	​	​
Weighted Average Remaining Lease Term (Years)	​			​
Operating leases	​		3.5 years	​
​	​	​	​	​
Weighted Average Discount Rate	​			​
Operating leases	​		10.0	%

​

Future minimum payments under all of the Company’s operating lease agreements are as follows:

​

​	​	​	​
For the Year Ending December 31,		Minimum Lease Payments
2023	​	$	445,025
2024	​		660,923
2025	​		675,400
2026	​		560,996
2027	​		214,619
Total future minimum lease payments	​		2,556,963
Less: amount representing imputed interest	​		(544,996)
Present value of lease liabilities	​		2,011,967
Less: current portion	​		(427,749)
Lease liabilities, non current portion	​	$	1,584,218

​

Litigations, Claims and Assessments

The Company may be involved in legal proceedings, claims and assessments arising in the ordinary course of business. The Company records legal costs associated with loss contingencies as incurred and accrues for all probable and estimable settlements.

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- References

No definition available.

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- Definition

The entire disclosure for commitments and contingencies.

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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 450
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