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Leases

9 Months Ended

Sep. 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 U.K. facility 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 nine months ended September 30, 2022 and 2021:

The Company recognized operating lease expenses of $46,699 and $159,898 in the nine month periods ending September 30, 2022 and 2021 respectively. Cash payments made during the nine months ended September 30, 2022 and 2021 totaled $46,489 and $166,376 respectively and were presented within cash outflows from operating activities. The remaining lease term as of September 30, 2022 is approximately 2.8 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		$	16
2023			63
2024			65
2025			38
2026			—
Thereafter			—
		$	182