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Leases
 12 Months Ended
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