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Leases | 12 Months Ended
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Dec. 31, 2022
Leases [Abstract] |
LEASES | NOTE 9 – LEASES Our lease agreements generally do not provide an implicit borrowing rate; therefore, an internal incremental borrowing rate is determined based on information available at lease commencement date for purposes of determining the present value of lease payments. We used the incremental borrowing rate on December 31, 2022 and December 31, 2021 for all leases that commenced prior to that date. In determining this rate, which is used to determine the present value of future lease payments, we estimate the rate of interest we would pay on a collateralized basis, with similar payment terms as the lease and in a similar economic environment. Our corporate headquarters is located in Richmond, Virginia, where we lease approximately 25,000 square feet. The lease expires in August 2026, subject to extension. We also lease approximately 5,810 square feet of laboratory and office space in Mountain View, California. The lease expires in August 2024, subject to extension. Additionally, we lease approximately 3,150 square feet of office space in Melville, New York. The lease expires in December 2024, subject to extension. Subsequent to December 31, 2022 the Company is in arrears on certain lease payments. Lease Costs
|  | Year Ended December 31, 2022 |  |  | Year Ended December 31, 2021 |
Components of total lease costs: |  |  |  |  |  |
Operating lease expense |  | $ | 1,396,875 |  |  | $ | 819,587 |
Total lease costs |  | $ | 1,396,875 |  |  | $ | 819,587 |
Lease Positions as of December 31, 2022 and December 31, 2021 ROU lease assets and lease liabilities for our operating leases are recorded on the balance sheet as follows:
|  | December 31, 2022 |  |  | December 31, 2021 |
Assets |  |  |  |  |  |
Right of use asset – long term |  | $ | 3,160,457 |  |  | $ | 4,097,117 |
Total right of use asset |  | $ | 3,160,457 |  |  | $ | 4,097,117 |
Liabilities |  |  |  |  |  |  |  |
Operating lease liabilities – short term |  | $ | 1,086,658 |  |  | $ | 1,145,126 |
Operating lease liabilities – long term |  |  | 1,885,218 |  |  |  | 2,765,933 |
Total lease liability |  | $ | 2,971,876 |  |  | $ | 3,911,059 |
Lease Terms and Discount Rate as of December 31, 2022
Weighted average remaining lease term (in years) – operating leases |  |  | 2.70 |
Weighted average discount rate – operating leases |  |  | 8.00 | %
Maturities of leases are as follows: Year Ended December 31, 2022
2023 |  | $ | 1,129,853 |
2024 |  |  | 1,004,982 |
2025 |  |  | 710,546 |
2026 |  |  | 423,930 |
2027 |  |  | - |
Thereafter |  |  | - |
Total lease payments |  | $ | 3,269,311 |
Less imputed interest |  |  | (297,436 | )
Less current portion |  |  | (1,086,657 | )
Total maturities, due beyond one year |  | $ | 1,885,218 |

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- Definition The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI https://asc.fasb.org/topic&trid=2208923 + Details
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