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Leases

3 Months Ended

Mar. 31, 2022

9. Leases

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 Company’s monthly office rent payments under the lease are currently approximately $7,081 per month. The lease extension resulted in an increase in the Company’s right-of-use (“ROU”) assets and lease liabilities of $0.2 million, using a discount rate of 2.30%.

As of March 31, 2022, the Company had no long-term leases that were classified as financing leases. As of March 31, 2022, the Company did not have additional operating and financing leases that had not yet commenced.

At March 31, 2022, the Company had operating lease liabilities of approximately $220,000 and ROU assets of approximately $220,000, which are included in the condensed consolidated balance sheets.

Total rent expense for the three months ended March 31, 2022 was $23,332, of which $1,500 was sublease income. Total rent expense for three months ended March 31, 2021 was $24,768, 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:

	Three Months Ended
	March 31,
	2022			2021
Cash paid for amounts included in the measurement of operating lease liabilities:	$	19,905		$	16,133
Weighted average assumptions:
Remaining lease term		2.7			0.7
Discount rate		2.3	%		3.5	%

As of March 31, 2022, future minimum payments under non-cancelable operating leases were as follows:

For the year ending December 31,	Amount
2022		63,731
2023		84,975
2024		77,894
Total	$	226,600
Less: present value adjustment		(7,014	)
Present value of minimum lease payments	$	219,586