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Leases | 3 Months Ended
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Mar. 31, 2023
Leases [Abstract] |
LEASES | LEASES On November 15, 2021, Cumberland entered into a lease, pursuant to which the Company leases approximately 16,903 rentable square feet of space at the new development Broadwest located in Nashville, Tennessee with 1600 West End Avenue Partners, LLC. The Leased Premise serves as the Company's new corporate headquarters. The initial term of the Lease is one hundred fifty-seven (157) months, with two consecutive options to renew for a period of five years each, with the commencement date of October 25, 2022. This lease currently expires in November 2035. The Company is responsible for paying rent to the Landlord under the Lease beginning three months after the commencement date. The Company pays a base rent of $33.06 per square foot of rentable space with a gradual rental rate increase of 2.5% for each year period thereafter of the prior year's base rental. In addition to the monthly base rent, the Company is responsible for its percentage share of the operating expenses of the Building. The Lease also provides for a tenant improvement allowance for the space. In addition, the Company's operating leases also include the lease of approximately 14,200 square feet of wet laboratory and office space in Nashville, Tennessee by CET, our majority-owned subsidiary, where it operates the CET Life Sciences Center. The research lab space at CET, under an agreement amended in July 2012, is leased through April 2023, with an option to extend the lease through April 2028. The Company also subleases a portion of the space under these leases. Operating lease liabilities were recorded as the present value of remaining lease payments not yet paid for the lease term discounted using the incremental borrowing rate associated with each lease. Operating lease right-of-use assets represent operating lease liabilities adjusted for lease incentives and initial direct costs. As the Company’s leases do not contain implicit borrowing rates, the incremental borrowing rates were calculated based on information available at January 1, 2019 and October 25, 2022. Incremental borrowing rates reflect the Company’s estimated interest rates for collateralized borrowings over similar lease terms. The weighted-average remaining lease term for the Broadwest lease is 12.62 years at March 31, 2023. The weighted-average incremental borrowing rate used to discount the present value of the remaining lease payments is 9.28% for the Broadwest lease and 7.42% for the remaining CET lease. Lease Position At March 31, 2023 and December 31, 2022, the Company's lease assets and liabilities were as follows:
Right-of-Use Assets |  | March 31, 2023 |  | December 31, 2022
Operating lease right-of-use assets |  | $ | 4,919,057 |  |  | $ | 5,218,403 |
Lease Liabilities |  | March 31, 2023 |  | December 31, 2022
Operating lease current liabilities |  | $ | 158,369 |  |  | $ | 172,910 |
Operating lease noncurrent liabilities |  | 4,549,150 |  |  | 4,586,301 |
Total |  | $ | 4,707,519 |  |  | $ | 4,759,211 |
As of March 31, 2023, cumulative future minimum sublease income under non-cancelable operating subleases totals approximately $0.03 million and will be paid through the leases ending in April 2023. Future minimum lease payments under non-cancelable operating leases (with initial or remaining lease terms in excess of one year) are as follows:
Maturity of Lease Liabilities at March 31, 2023 |  | Operating Leases
2023 |  | 587,511 |
2024 |  | 578,759 |
2025 |  | 543,023 |
2026 |  | 608,015 |
2027 |  | 623,199 |
After 2027 |  | 5,324,178 |
Total lease payments |  | 8,264,685 |
Less: Interest |  | 3,557,166 |
Present value of lease liabilities |  | $ | 4,707,519 |
Rent expense is recognized over the expected term of the lease, including renewal option periods, if applicable, on a straight-line basis as a component of general and administrative expense. Rent expense and sublease income were as follows:
|  | Three months ended March 31,
|  | 2023 |  | 2022
Rent expense |  | $ | 234,863 |  |  | $ | 285,963 |
Sublease income |  | $ | 115,631 |  |  | $ | 161,804 |

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=77888251 + Details
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