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Leases | 6 Months Ended
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Jun. 30, 2024
Leases [Abstract] |
Leases | Note 5 – Leases Operating Lease: Effective March 5, 2020, the Company entered into a sublease for approximately 11,200 square feet of office space located at 25B Vreeland Road, Suite 300, Florham Park, NJ. The sublease commenced on May 1, 2020 with a term of forty (40) months with an option to renew through October 31, 2027. The sublease term expired on August 31, 2023, and was not renewed. Upon inception of the sublease, the Company recognized approximately $0.7 million of ROU assets and operating lease liabilities. The discount rate used to measure the operating lease liability as of May 1, 2020 was 9.15%. Throughout the period described above, the Company has maintained, and continues to maintain, a month-to-month lease for its research facilities at the Princeton Innovation Center BioLabs located at 303A College Road E, Princeton NJ, 08540. Supplemental cash flow information related to operating leases is as follows:
| As of June 30, |
| 2024 |  | 2023 |
Cash paid for operating lease liabilities |  | $ | – |  |  | $ | 179,136 |
Leases | Financing Lease: The Company has financed certain laboratory equipment as follows:
| As of June 30, |
| 2024 |  | 2023 |
Cash paid for finance lease liabilities | $ |  | 34,925 |  | $ |  | 43,221 |
Maturity of the Company’s financing lease liabilities is as follows:
Year ended December 31, |  |  |
2024 |  | $ | 34,925 |
2025 |  |  | 69,850 |
2026 |  |  | 40,108 |
2027 |  |  | 26,723 |
2028 and after |  |  | 1 |
Total future minimum lease payments |  |  | 171,607 |
Less imputed interest |  |  | (20,102 | )
Remaining lease liability |  | $ | 151,505 |
The Company entered into four financing leases for laboratory equipment with a total cost of $251,959 with four to five-year terms and a capitalized interest rate of 9.15%. Each of the lease agreements include a bargain purchase option to acquire the equipment at the end of the lease term. The aggregate monthly payments are approximately $6,000. During the year ended December 31, 2023, the Company exercised the bargain purchase option, which resulted in recognition of property and equipment of $151,490.

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance 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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- 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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