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Leases

9 Months Ended

Sep. 30, 2024

8. Leases

On April 9, 2021, the Company entered into a lease extension agreement with Jericho Executive Center LLC (“JEC”) 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. On May 28, 2024, the Company entered into a lease extension agreement with JEC, which extends the lease period by two years to November 30, 2026. Beginning on December 1, 2024, the monthly rent will be $6,850 per month. The new extension gives the Company an option to terminate the second year in July 2025.

As of September 30, 2024, the Company had no long-term leases that were classified as financing leases and did not have additional operating or financing leases that had not yet commenced.

As of September 30, 2024, the Company had operating lease liabilities of approximately $95,306 and operating lease right-of-use assets of approximately $95,306, which are included in the accompanying condensed consolidated balance sheets.

Total rent expense for the nine months ended September 30, 2024 was $62,883, of which $4,500 was sublease income. Total rent expense for nine months ended September 30, 2023 was $61,529, of which $4,500 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)
	2024			2023
Cash paid for amounts included in the measurement of operating lease liabilities:	$	62,833		$	61,454
Weighted average assumptions:
Remaining lease term		1.2			1.8
Discount rate		2.3	%		2.3	%

As of September 30, 2024, future minimum payments under non-cancelable operating leases were as follows:

For the year ending December 31,	Amount
2024		21,013
2025		75,349
Total	$	96,362
Less: present value adjustment		(1,056	)
Present value of minimum lease payments	$	95,306