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Leases
 6 Months Ended
Jun. 30, 2021
Lease of Lessee Disclosure [Abstract]  
Leases
10. Leases

 

On June 7, 2016, the Company entered into a lease agreement with Jericho Executive Center LLC for office space at 30 Jericho Executive Plaza in Jericho, New York, which commenced on September 1, 2016 and runs through November 30, 2021. The Company’s monthly office rent payments under the lease are currently approximately $6,666 per month. On April 9, 2021, the Company entered into a lease extension agreement with Jericho Executive Center LLC for the office space at 30 Jericho Executive Plaza in Jericho, New York, which commences on December 1, 2021 and runs through November 30, 2022. The Company’s monthly office rent payments under the lease are currently approximately $5,900 per month.

 

As of June 30, 2021, the Company had no long-term leases that were classified as financing leases. As of June 30, 2021, the Company did not have additional operating and financing leases that had not yet commenced.

 

At June 30, 2021, the Company had operating lease liabilities of approximately $35,000 and right-of-use assets of approximately $35,000, which are included in the condensed consolidated balance sheets.

 

Total rent expense for the six months ended June 30, 2021 was $52,119, of which $1,500 was sublease income. Total rent expense for the six months ended June 30, 2020 was $160,700, of which $36,095 was sublease income. Rent expense is recorded under general and administrative expense in the condensed consolidated statements of income.

 

The following table summarizes the Company’s operating leases for the periods presented:

 

   Six Months Ended 
   June 30, 
   2021   2020 
Cash paid for amounts included in the measurement of operating lease liabilities  $34,021   $38,529 
Weighted average assumptions:          
Remaining lease term   0.4    2.9 
Discount rate   3.5%   2.5%

 

As of June 30, 2021, future minimum payments under non-cancelable operating leases were as follows:

 

For the year ending December 31,  Amount 
2021   38,723 
Total  $38,723 
Less: present value adjustment   (3,777)
Present value of minimum lease payments  $34,946