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LEASES | 6 Months Ended
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Jun. 30, 2023
Leases [Abstract] |
LEASES | LEASES During September 2021, the Company entered into a 10-year lease agreement for its corporate headquarters with a term commencing March 10, 2022, for approximately 19,000 square feet of office space at Hudson Commons in New York, New York. The lease provides for monthly rental payments over the lease term. The base rent under the lease is currently $2.3 million per year. Rent payments commenced 10 months following the commencement date of the lease, or January 10, 2023, and continue for 10 years following the rent commencement date. The Company issued a letter of credit in the amount of $1.9 million in association with the execution of the lease agreement; the letter of credit is characterized as restricted cash on the Company's condensed consolidated balance sheets. The Hudson Commons lease has a remaining lease term of approximately 10 years and includes a single renewal option for an additional five years. The Company did not include the renewal option in the lease term when calculating the lease liability as the Company is not reasonably certain that it will exercise the renewal option. The present value of the lease payments is calculated using an incremental borrowing rate of 7.02%. Lease expense is included in general and administrative and research and development expenses in the condensed consolidated statements of operations. ROU asset and lease liabilities related to the Company's operating lease are as follows:
| June 30, 2023
Right-of-use asset, net | $ | 14,412,068 |
Current lease liability | 944,943 |
Long-term lease liability | $ | 15,389,567 |
The components of operating lease cost for the six months ended June 30, 2023 were as follows:
| June 30, 2023
Operating lease cost | $ | 1,083,617 |
Variable lease cost | — |
Short-term lease cost | — |
Future minimum commitments under the non-cancelable operating lease are as follows:
2023 | 898,709 |
2024 | 2,316,303 |
2025 | 2,316,303 |
2026 | 2,316,303 |
2027 | 2,316,303 |
Thereafter | 12,347,235 |
| $ | 22,511,156 |

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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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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