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Leases

6 Months Ended

Jun. 30, 2022

10. 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 June 30, 2022, the Company had no long-term leases that were classified as financing leases. As of June 30, 2022, the Company did not have additional operating and financing leases that had not yet commenced.

At June 30, 2022, the Company had operating lease liabilities of approximately $200,000 and ROU assets of approximately $200,000, which are included in the condensed consolidated balance sheets.

Total rent expense for the six months ended June 30, 2022 was $43,075, of which $3,000 was sublease income. Total rent expense for the six months ended June 30, 2021 was $52,119, of which $1,500 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:

	Six Months Ended
	June 30,
	2022			2021
Cash paid for amounts included in the measurement of operating lease liabilities:	$	39,924		$	34,021
Weighted average assumptions:
Remaining lease term		2.4			0.4
Discount rate		2.3	%		3.5	%

As of June 30, 2022, future minimum payments under non-cancelable operating leases were as follows:

For the year ending December 31,	Amount
2022		42,488
2023		84,975
2024		77,893
Total	$	205,356
Less: present value adjustment		(5,789	)
Present value of minimum lease payments	$	199,567