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Lease
 6 Months Ended
Jun. 30, 2020
Leases [Abstract]  
LEASE

NOTE 5 – LEASE 

 

In May 2019, the Company signed a sublease agreement with a related party for office space in La Jolla, California, which serves as the headquarters of the Company. The lease has a 61-month term, which corresponds to the lease term of the lessor. The lessor is CTI Clinical Trial & Consulting Services ("CTI"). CTI is majority-owned by a member of the Company's Board of Directors. The lessor may extend its lease for an additional 5 years, and, if it does, the Company may also extend its sublease for 5 years. The Company did not include the option to extend in the calculation of the lease liabilities as such extension is not reasonably certain to occur. Variable lease costs for the Company's lease consists of operating expenses for the spaces. Below is a summary of the Company's right-of-use assets and liabilities as of June 30, 2020:

  

Right-of-use asset – related party  $174,649 
      
Operating lease, current liability – related party  $6,950 
Long-term operating lease liability – related party   145,430 
Total lease liability  $152,380 
      
Weighted-average remaining lease term   4.0 years 
      
Weighted-average discount rate   10.00%

 

During the six months ended June 30, 2020, the Company recognized $26,214 in operating lease expense, which is included in general and administrative expenses in the Company's consolidated statement of operations.