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LEASES

12 Months Ended

Dec. 31, 2023

LEASES

LEASES

NOTE 7. LEASES

In April 2018, we entered into a 10-year lease agreement for a new 9,000-square-foot facility that contains office, warehouse, lab and research and development space in Frederick, Maryland. The lease agreement commenced in December 2018 when the property was ready for occupancy. The agreement provided for annual rent of $143,460, an escalation clause that increases the rent 3% year over year, a landlord tenant improvement allowance of $405,000 and additional landlord work as discussed in the lease agreement. We took occupancy of the property on December 17, 2018 and the lease was amended in March 2019 to provide for a 4-month rent holiday and a commencement date of April 1, 2019. A 7% discount rate was determined using our incremental borrowing rate based on the information available at adoption date in determining the present value of lease payments. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term.

The balances for our operating lease where we are the lessee are presented as follows within our consolidated balance sheet:

Operating leases:		December 31, 2023				December 31, 2022
Assets:
Operating lease right-of-use asset		$	467,935			$	528,996
Liabilities:
Current Portion of Long-Term Operating Lease		$	115,658			$	100,282
Long-Term Operating Lease, Net of Current Portion			642,527				761,132
Total		$	758,185			$	861,414

The components of lease expense are as follows within our consolidated statement of operations:

		For the Year Ended December 31, 2023				For the Year Ended December 31, 2022
Operating lease expense		$	157,315			$	157,315

Other information related to leases where we are the lessee is as follows:

		December 31, 2023				December 31, 2022
Weighted-average remaining lease term:
Operating leases		5.00 years				6.00 years
Discount rate:
Operating leases			7.00	%			7.00	%

Supplemental cash flow information related to leases where we are the lessee is as follows:

		For the Year Ended December 31, 2023				For the Year Ended December 31, 2022
Cash paid for amounts included in the measurement of lease liabilities:		$	160,290			$	155,621

As of December 31, 2023, the maturities of our operating lease liability are as follows:

Year Ended:		Operating Lease
December 31, 2024		$	165,098
December 31, 2025			170,051
December 31, 2026			175,153
December 31, 2027			180,408
December 31, 2028			185,819
Thereafter			33,751
Total minimum lease payments			910,281
Less:  Interest			152,096
Present value of lease obligations			758,185
Less: Current portion			115,658
Long-term portion of lease obligations		$	642,527

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- References

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- Definition

The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 840
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//840/tableOfContent

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