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Leases

12 Months Ended

Dec. 31, 2023

Note 4 - Leases

The Company had two lease agreements during the year which allowed for the use of laboratory facilities. The first was for a monthly payment of $6,480, with a security deposit of $6,480 held for the duration of the lease, that commenced on October 1, 2018, with the first payment made on January 1, 2019 and ended on October 31, 2023.

On February 16, 2023, the Company entered into a new lease agreement for new office and laboratory space, with base rent of $7,206 per month for a period of 64 months, which increases at the rate of 3% per year, that commenced June 1, 2023. The new lease included a six-month 50% rent abatement upon commencement. Additional common area maintenance (“CAM”) fees are charged monthly and revised annually. The estimated monthly CAM fees are $3,300 per month for the first year of the lease, which are being expensed as incurred. An irrevocable letter of credit (“LOC”) for the security deposit of $43,234 and base rent of $3,891, including 50% abatement, and $3,315 of CAM cost, was due and paid on execution of the lease agreement. Alexandria Real Estate (ARE-QRS-CORP) is the beneficiary of the LOC, and the expiry date of the LOC is February 15, 2024. Subsequent to December 31, 2023, the LOC was renewed with an updated expiry date of March 1, 2025.

The following summarizes the right-of use asset and lease information for the Company’s operating leases:

	2023			2022
	Years Ended
	December 31,
	2023			2022

Operating lease cost		112,022			70,175
Variable lease cost		24,222			—
Sublease income		(7,819	)		(7,070	)
Total lease cost		128,425			63,105

Other information
Operating cash flows from operating leases		95,641			76,248
Right-of-use assets obtained in exchange for new operating lease liabilities		365,556			—

Weighted-average remaining lease term - operating leases (year)		4.67			0.80
Weighted-average discount rate - operating leases		10.48	%		10	%

Future non-cancelable minimum lease payments under the operating lease liability as of December 31, 2023, are as follows:

Years ended December 31,
2024	$	91,502
2025		94,247
2026		97,074
2027		99,986
2028		68,235
Total future minimum lease payments		451,044
Less: imputed interest		(94,438	)
Present value of payments	$	356,606