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Operating Leases

3 Months Ended

Mar. 31, 2024

5. Operating Leases

The Company leases its office space in Menlo Park, California, under an operating lease agreement dated August 18, 2017, that was originally signed for a term of five years. The lease has been amended and extended several times since the original signing and currently expires in May 2025. Monthly payments are approximately $60,000. The lease includes common area maintenance costs that are paid separately from rent based on actual costs incurred.

The Company’s future lease payments under the non-cancellable lease as of March 31, 2024, which are presented as lease liabilities on the Company’s condensed consolidated balance sheet, are as follows:

Period	Operating Lease
Remainder of 2024	$	553,636
2025		320,526
Total lease payments		874,162
Less: imputed interest		(21,936	)
Present value of lease liability	$	852,226

	March 31,			December 31,
	2024			2023
Weighted-average remaining lease term (in years)		1.17			1.42
Weighted -average discount rate		3.60	%		3.05	%

Lease expense under the Company’s operating lease was $180,660 and $142,586 for the three months ended March 31, 2024 and 2023, respectively. The amortization of the operating lease right-of-use assets totaled $171,148 and $138,020 for the three months ended March 31, 2024 and 2023, respectively. The weighted-average discount rate is based on the implicit interest rate of the present value of the remaining lease payments and the remaining lease term.