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Leases

9 Months Ended

Sep. 30, 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 September 30, 2023, the Company had no long-term leases that were classified as financing leases. As of September 30, 2023, the Company did not have additional operating or financing leases that had not yet commenced.

As of September 30, 2023, the Company had operating lease liabilities of approximately $98,000 and ROU assets of approximately $98,000, which are included in the accompanying condensed consolidated balance sheets.

Total rent expense for the nine months ended September 30, 2023 was $61,529, of which $4,500 was sublease income. Total rent expense for nine months ended September 30, 2022 was $62,819, of which $3,000 was sublease income. Rent expense is recorded under general and administrative expense in the accompanying condensed consolidated statements of operations.

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

	Nine Months Ended
	September 30, (unaudited)
	2023			2022
Cash paid for amounts included in the measurement of operating lease liabilities:	$	61,454		$	60,059
Weighted average assumptions:
Remaining lease term		1.8			2.2
Discount rate		2.3	%		2.3	%

As of September 30, 2023, future minimum payments under non-cancelable operating leases were as follows:

For the year ending December 31,	Amount
2023		21,244
2024		77,894
Total	$	99,138
Less: present value adjustment		(1,411	)
Present value of minimum lease payments	$	97,727