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Leases
 3 Months Ended
Mar. 31, 2024
Leases  
Leases

Note 6. Leases:

 

The Company’s corporate headquarters is in Baltimore, Maryland, which includes a lease for office space. This lease began in November 2022 and was amended in April 2023. This space is approximately 550 square feet and has a remaining base rent of $0.001 million payable through April 2024. Rent is payable in monthly installments and is subject to yearly price increases.

 

 

TELOMIR PHARMACEUTICALS, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

FOR THE THREE MONTHS ENDED MARCH 31, 2024 AND 2023

(Unaudited)

 

The Company has elected not to disclose a right of use asset and liability as provided for in ASC 842, Leases, given the lease has less than 12 months remaining until maturity and the Company will not be renewing the lease upon expiration. Instead, the Company will move all corporate headquarter related activities to the shared space in Tampa, Florida referenced below within variable lease costs.

 

Variable lease costs

 

Variable lease costs primarily include utilities, property taxes, and other operating costs that are passed on from the lessor. Variable lease costs related to the aircraft include usage expenses, which includes pilot expenses, jet fuel and general flight expenses.

 

Beginning August 1, 2023, the Company’s accounting and administrative staff began sharing office space with a related party in Tampa, Florida. As of March 31, 2024, there is no formal agreement, pending a revised lease agreement from the landlord. As such, the Company has agreed to split the cost of the Tampa lease pending an executed lease. During the quarter ended March 31, 2024, this variable lease cost related to the Tampa, Florida space totaled $0.006 million. 

 

   2024   2023 
   Three Months ended March 31, 
   2024   2023 
Lease Costs          
Operating lease  $53,819   $3,708 
Variable lease costs   326,501    - 
Total lease cost  $380,320   $3,708 

 

 

TELOMIR PHARMACEUTICALS, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

FOR THE THREE MONTHS ENDED MARCH 31, 2024 AND 2023

(Unaudited)