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Leases, Continuing Operations

12 Months Ended

Dec. 31, 2024

Leases, Continuing Operations [Abstract]

9. Leases, Continuing Operations

Operating Leases

On April 9, 2021, the Company entered into a lease extension agreement with Jericho Executive Center LLC (“JEC”) for its office space at 30 Jericho Executive Plaza in Jericho, New York, which commenced on December 1, 2021. On May 28, 2024, the Company entered into an additional 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 totaled $6,850 per month. The new extension gives the Company an option to terminate the second year in July 2025. The Company’s monthly office rent payments under the lease are currently approximately $7,081 per month. As of December 31, 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 December 31, 2024, the Company had operating lease liabilities of approximately $74,490 and operating lease right-of-use assets of approximately $74,490, which are included in the accompanying condensed consolidated balance sheets.

Total rent expense for the year ended December 31, 2024 was $85,259, of which $6,000 was sublease income. Total rent expense for the year ended December 31, 2023 was $82,447, of which $6,000 was sublease income. Rent expense is recorded under general and administrative expense in the consolidated statements of operations.

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

	Years Ended
	December 31,
	2024			2023
Cash paid for amounts included in the measurement of operating lease liabilities:	$	82,176		$	82,176
Weighted average assumptions:
Remaining lease term		0.9			0.9
Discount rate		2.3	%		2.3	%

As of December 31, 2024, future minimum payments under non-cancelable operating leases were as follows:

For the years ending December 31,	Amount
2024	$	75,350
Total		75,350
Less: present value adjustment		(860	)
Present value of minimum lease payments	$	74,490