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Leases

3 Months Ended

Mar. 31, 2023

8. 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.

As of March 31, 2023, the Company had no long-term leases that were classified as financing leases. As of March 31, 2023, the Company did not have additional operating and financing leases that had not yet commenced.

As of March 31, 2023, the Company had operating lease liabilities of approximately $139,000 and ROU assets of approximately $139,000, which are included in the condensed consolidated balance sheets.

Total rent expense for the three months ended March 31, 2023 was $20,448, of which $1,500 was sublease income. Total rent expense for three months ended March 31, 2022 was $23,332 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:

	Three Months Ended
	March 31,
	2023			2022
Cash paid for amounts included in the measurement of operating lease liabilities:	$	20,367		$	19,905
Weighted average assumptions:
Remaining lease term		1.7			2.7
Discount rate		2.3	%		2.3	%

As of March 31, 2023, future minimum payments under non-cancelable operating leases were as follows:

For the year ending December 31,	Amount
2023		63,731
2024		77,894
Total	$	141,625
Less: present value adjustment		(2,811	)
Present value of minimum lease payments	$	138,814