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Leases

6 Months Ended

Jun. 30, 2022

Leases [Abstract]

8. Leases

The Company currently has one lease, relating to its facility in Berkeley Heights, New Jersey. On April 4, 2022 the Company extended this lease by three years, expiring July 31, 2025. On May 4, 2021, the Company assigned an operating lease relating to its facility in Dundee, Scotland to the University of Dundee, Scotland, incurring lease assignment costs of approximately $400,000, of which 50% was paid on assignment and the remaining 50% was paid on May 4, 2022. The Company has no further obligations, liabilities or commitments in relation to this facility.

As of and for the six months ended June 30, 2022 and 2021:

The Company recognized operating lease expenses of $30,470 and $144,463 in the six month periods ending June 30, 2022 and 2021 respectively. Cash payments made during the six months ended June 30, 2022 and 2021 totaled $30,870 and $150,941 respectively and were presented within cash outflows from operating activities. The remaining lease term as of June 30, 2022 is approximately 3.1 years for the Berkeley Heights facility. The discount rate used by the Company in determining the lease liability was 12%.

Remaining lease payments under the lease are (in $000’s):


2022		$	31
2023			63
2024			65
2025			38
2026			—
Thereafter			—
		$	197