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Leases
 12 Months Ended
Dec. 31, 2021
Leases [Abstract]  
Leases
12.Leases

 

Operating 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 commenced 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 December 31, 2021, the Company had no long-term leases that were classified as financing leases. As of December 31, 2021, the Company did not have additional operating and financing leases that had not yet commenced.

 

At December 31, 2021, the Company had operating lease liabilities of approximately $239,000 and right-of-use assets of approximately $239,000, which are included in the consolidated balance sheets.

 

Total rent expense for the year ended December 31, 2021 was $84,525, of which $4,500 was sublease income. Total rent expense for year ended December 31, 2020 was $206,347, of which $36,095 was sublease income. Rent expense is recorded under general and administrative expense in the consolidated statements of income.

 

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

 

   Years Ended 
   December 31, 
   2021   2020 
Cash paid for amounts included in the measurement of operating lease liabilities:  $74,416   $107,674 
Weighted average assumptions:          
Remaining lease term   2.9    0.9 
Discount rate   2.3%   3.5%

 

As of December 31, 2021, future minimum payments under non-cancelable operating leases were as follows:

 

For the years ending December 31,   Amount  
2022   $ 84,975  
2023     84,975  
2024     77,894  
Total   $ 247,844  
Less: present value adjustment     (8,353 )
Present value of minimum lease payments   $ 239,491