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Leases | 9 Months Ended
--- | ---
Sep. 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 $7,081 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, 2024. The modification resulted in an increase its ROU assets and lease liabilities of $0.2 million, using a discount rate of 2.30%. As of September 30, 2021, the Company had no long-term leases that were classified as financing leases. As of September 30, 2021, the Company did not have additional operating and financing leases that had not yet commenced. At September 30, 2021, the Company had operating lease liabilities of approximately $259,000 and right-of-use assets of approximately $259,000, which are included in the condensed consolidated balance sheets. Total rent expense for the nine months ended September 30, 2021 was $64,782, of which $3,000 was sublease income. Total rent expense for the nine months ended September 30, 2020 was $183,523, of which $36,095 was sublease income. Rent expense is recorded under general and administrative expense in the condensed consolidated statements of operations. The following table summarizes the Company’s operating leases for the periods presented:
|  | Nine Months Ended |
|  | September 30, |
|  | 2021 |  |  | 2020 |
Cash paid for amounts included in the measurement of operating lease liabilities |  | $ | 54,625 |  |  | $ | 93,123 |
Weighted average assumptions: |  |  |  |  |  |  |  |
Remaining lease term |  |  | 3.2 |  |  |  | 1.2 |
Discount rate |  |  | 2.3 | % |  |  | 3.5 | %
As of September 30, 2021, future minimum payments under non-cancelable operating leases were as follows:
For the year ending December 31, |  | Amount |
2021 |  |  | 21,244 |
2022 |  |  | 84,975 |
2023 |  |  | 84,975 |
2024 |  |  | 77,894 |
Total |  | $ | 269,088 |
Less: present value adjustment |  |  | (9,806 | )
Present value of minimum lease payments |  | $ | 259,282 |

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- Definition The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. + References No definition available. + Details
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- References No definition available. + Details
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