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Leases
 12 Months Ended
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:

 

   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.