XML 31 R21.htm IDEA: XBRL DOCUMENT v3.22.2.2
Related Party Transactions
 9 Months Ended
Sep. 30, 2022
Related Party Transactions [Abstract]  
Related Party Transactions

(15) Related Party Transactions

 

The general counsel of the Company is a partner with a law firm providing office facilities space that is leased by the Company. Rental expense incurred by the Company to the law firm was $27,000 for both the nine months ended September 30, 2022, and 2021 and $9,000 for both the three months ended September 30, 2022, and 2021, which approximates fair value. As of September 30, 2022, and December 31, 2021, the Company had no outstanding amounts payable under this lease.

 

A member of the Company’s Board of Directors, Peter Werth, is the manager of WFIA, the entity which provided $5.0 million in debt financing to the Company as described in Note 7. Interest expense of $104,839 was recognized during the three months ended September 30, 2022 related to this debt financing. The full principal balance of $5.0 million and accrued interest of $104,839 was outstanding as of September 30, 2022.