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Leases | 12 Months Ended
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Dec. 31, 2021
Leases |
Leases | (8) Leases On August 6, 2004, the Company assumed a non-cancelable operating lease for office space and laboratory facilities in Salt Lake City, Utah. On May 6, 2014, the Company modified and extended the lease through February 28, 2018, on February 8, 2018, the Company extended the lease through February 28, 2019, on January 2, 2019, the Company extended the lease through February 29, 2020, on February 24, 2020, the Company extended the lease through February 28, 2021, on March 3, 2021, the Company extended the lease through February 28, 2022 and on January 24, 2022, the Company extended the lease through February 28, 2023. LIPOCINE INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2021 and 2020
(8) | Leases – (continued)
Future minimum lease payments under non-cancelable operating leases as of December 31, 2021 are: Schedule of Future Minimum Rental Payments for Operating Leases
|  | Operating |
|  | leases |
Year ending December 31: |  |  |  |
2022 |  | $ | 341,429 |
2023 |  | $ | 57,273 |
Total minimum lease payments |  | $ | 398,702 |
The Company’s rent expense was $330,000 for each of the years ended December 31, 2021 and 2020, respectively.

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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