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Commitments and Contingencies | 3 Months Ended
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Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract] |
COMMITMENTS AND CONTINGENCIES | Note 12 – Commitments and Contingencies Operating Leases As of March 31, 2022, the Company had one office lease for the corporate headquarters and laboratory space. On April 15, 2021, the Company executed a lease agreement for corporate office space. The lease commenced on May 14, 2021 when the improvements were completed by the landlord and the Company had access to the facility. The lease term is 40 months, and the base rent is approximately $14,000 per month for the first twelve months, with subsequent escalation provisions for future months. The Company paid a security deposit of approximately $47,000. On January 1, 2022, the Company adopted ASC 842. Under this new guidance, lessees are required to recognize assets and liabilities on the balance sheet for the rights and obligations created by all leases. Upon adoption, we recognized ROU assets of $380,000 and corresponding lease liabilities of $429,000 for the one operating lease of the Company. The components of lease expense and supplemental cash flow information related to leases as of and for the three months ended March 31, 2022 are as follows (in thousands):
|  | As of March 31, 2022 |
Operating leases |  |  |
Right-of-use assets |  | $ | 347 |
Operating lease liabilities – short-term |  | $ | 163 |
Operating lease liabilities – long-term |  | $ | 230 |
|  | Three Months Ended |
|  | March 31, 2022 |
Lease Cost: |  |  |
Operating lease cost |  | $ | 45 |
Other Information: |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities |  | $ | 42 |
Weighted average remaining lease term - operating leases (in years) |  |  | 2.4 |
Average discount rate - operating lease |  |  | 10.00 | %
Future minimum lease payments for the operating lease are as follows as of March 31, 2022 (in thousands):
For the years ending December 31, |  |  |
2022 |  | $ | 144 |
2023 |  |  | 164 |
2024 |  |  | 138 |
Total lease payments |  |  | 446 |
Less: Interest |  |  | (53 | )
Total operating lease liability |  | $ | 393 |
Rent expense for the three months ended March 31, 2021 is insignificant. Litigation From time to time, the Company may become involved in various litigation and administrative proceedings relating to claims arising from its operations in the normal course of business. Management is not currently aware of any matters that may have a material adverse impact on the Company’s business, financial position, results of operations or cash flows. Indemnification The Company enters into standard indemnification agreements in the ordinary course of business. Pursuant to these arrangements, the Company indemnifies, holds harmless and agrees to reimburse the indemnified parties for losses suffered or incurred by the indemnified party, in connection with any trade secret, copyright, patent or other intellectual property infringement claim by any third party with respect to its technology. The term of these indemnification agreements is generally perpetual after the execution of the agreement. The maximum potential amount of future payments the Company could be required to make under these agreements is not determinable because it involves claims that may be made against the Company in the future, but have not yet been made. The Company has not incurred costs to defend lawsuits or settle claims related to these indemnification agreements. The Company has entered into indemnification agreements with its directors and officers that may require the Company to indemnify its directors and officers against liabilities that may arise by reason of their status or service as directors or officers, other than liabilities arising from willful misconduct of the individual. No amounts associated with such indemnifications have been recorded as of March 31, 2022.

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