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LEASES

6 Months Ended

Jun. 30, 2024

NOTE 5 - 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 was scheduled to expire in March 2020 (subject to extension at the option of the Company for a period of five years) and provided for an annual base rental during the initial term ranging between $132,600 and $149,260. In June 2019, the Company exercised its option to extend the Melville Lease and entered into a lease amendment with the lessor whereby the five-year extension term commenced on January 1, 2020 with annual base rent ranging between $153,748 and $173,060.

When measuring lease liabilities for leases that were classified as operating leases, the Company discounted lease payments using its estimated incremental borrowing rate at August 1, 2019. The weighted average incremental borrowing rate applied was 12%.

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

	2024		2023
	For the Six Months Ended
	June 30,
	2024		2023
Lease Costs
Operating lease cost (cost resulting from lease payments)	$	86,530	$	84,014
Net lease costs	$	86,530	$	84,014

Operating lease - operating cash flows (fixed payments)	$	86,530	$	84,014
Operating lease - operating cash flows (liability reduction)	$	78,737	$	67,585
Non-current leases - right of use assets	$	78,146	$	183,738
Current liabilities - operating lease liabilities	$	83,580	$	150,480
Non-current liabilities - operating lease liabilities	$	-	$	83,580

Future minimum payments under non-cancellable leases for operating leases for the remaining terms of the leases as of June 30, 2024:

Fiscal Year	Operating Leases
2024	$	86,530
Total future minimum lease payments		86,530
Amount representing interest		(2,950	)
Present value of net future minimum lease payments	$	83,580