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LEASES

9 Months Ended

Sep. 30, 2022

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 2.25 years as of September 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:

	Nine Months Ended September 30, 2022		Nine Months Ended September 30, 2021
Lease cost
Operating lease cost (cost resulting from lease payments)	$	122,349	$	118,779
Net lease cost	$	122,349	$	118,779

Operating lease – operating cash flows (fixed payments)	$	122,349	$	118,779
Operating lease – operating cash flows (liability reduction)	$	87,945	$	74,749
Non-current leases – right of use assets	$	270,772	$	386,816
Current liabilities – operating lease liabilities	$	134,031	$	114,387
Non-current liabilities – operating lease liabilities	$	198,724	$	332,755

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

Fiscal Year	Operating Leases
Remainder of 2022	$	40,783
2023		168,028
2024		173,060
Total future minimum lease payments		381,871
Amount representing interest		(49,116	)
Present value of net future minimum lease payments	$	332,755