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LEASES
 6 Months Ended
Jun. 30, 2022
Leases  
LEASES

Note 8 - LEASES

 

The Company is a party to a lease for 6,800 square feet of space located in Melville, New York (the “Melville Lease”) with respect to its corporate and laboratory operations. The Melville Lease is scheduled to expire in December 2024 and provides for an annual base rental during the term, which commenced as of January 1, 2020, ranging between $153,748 and $173,060. The remaining term of this lease is approximately 2.5 years at June 30, 2022.

 

When calculating the present value of lease liabilities for operating leases, the Company discounted the lease payments using its estimated incremental borrowing rate at the inception of the term. The weighted average incremental borrowing rate applied to the Melville Lease was 12%.

 

The following table presents net lease cost and other supplemental lease information:

 

  

Six Months Ended June 30, 2022

  

Six Months Ended June 30, 2021

 
Lease cost          
Operating lease cost (cost resulting from lease payments)  $81,566   $79,186 
Net lease cost  $81,566   $79,186 
           
Operating lease – operating cash flows (fixed payments)  $81,566   $79,186 
Operating lease – operating cash flows (liability reduction)  $57,751   $49,085 
Non-current leases – right of use assets  $299,783   $415,827 
Current liabilities – operating lease liabilities  $128,889   $109,856 
Non-current liabilities – operating lease liabilities  $234,060   $362,949 

 

Future minimum payments under non-cancelable leases for operating leases for the remaining terms of the leases as of June 30, 2022:

 

Fiscal Year  Operating Leases 
Remainder of 2022  $81,566 
2023   168,028 
2024   173,060 
Total future minimum lease payments   422,654 
Amount representing interest   (59,705)
Present value of net future minimum lease payments  $362,949