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Operating Leases | 12 Months Ended
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Dec. 31, 2023
Operating Leases |
Operating Leases | 15. Operating Leases The Company leases office and lab space in Branford, CT; Groton, CT; and Laval, Quebec. The Company’s leases expire at various dates through May 31, 2027. Most leases are for a fixed term and for a fixed amount. During 2019, the Company entered into a new lease agreement for office and laboratory space in Laval, Canada. The Laval lease required monthly lease payments of $5,221 which increased approximately 10% per year upon renewal. The Laval lease is initially for a one year term with additional one year renewal terms available. AZITRA, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS For the Years Ended December 31, 2023 and 2022 15. Operating Leases (continued) During 2020, the Company entered into a new lease agreement for the Company’s primary office and laboratory space in Branford, CT. The Branford lease requires monthly payments of $13,033 for the first year of the lease, which increases approximately 2% in each of the following years. The Branford lease also requires the Company to pay a pro-rata share of common area maintenance. During May 2021, the Company entered into a new lease for office and laboratory space in Groton, CT. The Groton lease required monthly payments of $4,234, which was increased to $6,824 in September 2021 upon leasing additional space. The Groton lease is initially for a one-year term, with up to three additional years renewal available. Future minimum payments under non-cancelable operating leases with initial or remaining terms in excess of one year during each of the next five years follow: Schedule of Future Minimum Payments Under Non-cancelable Operating Leases
2024 |  | $ | 338,254 |
2025 |  |  | 279,475 |
2026 |  |  | 206,423 |
2027 |  |  | 74,273 |
2028 |  |  | — |
Thereafter |  |  | — |
Total future undiscounted lease payments |  |  | 898,424 |
Less interest |  |  | (53,246 | )
Present value of minimum lease payments |  | $ | 845,178 |
Rent expense for all operating leases was $338,856 for the year ended December 31, 2023. The weighted average lease term for all operating leases is 2.9 years. The weighted average discount rate for all operating leases is 4.25%. Finance Leases During 2023, the Company entered into an agreement with Hewlett Packard to lease equipment. The lease requires monthly payments of $1,478, including tax. The lease is for a 3-year term with option of purchase or extension at term end. The remaining lease term is 2.8 years and the discount rate is 9.60%. Future minimum payments under non-cancelable operating leases with initial or remaining terms in excess of one year during each of the next five years follow: Schedule of Future Minimum Payments Under Finance Leases
2024 |  | $ | 17,740 |
2025 |  |  | 17,740 |
2026 |  |  | 10,349 |
2027 |  |  | — |
Thereafter |  |  | — |
Total future undiscounted lease payments |  |  | 45,829 |
Less interest |  |  | (5,060 | )
Present value of minimum lease payments |  | $ | 40,769 |
Lease expense for the finance lease was $6,450 for the year ended December 31, 2023. Interest expense for the finance lease was $1,707 for the year ended December 31, 2023. AZITRA, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS For the Years Ended December 31, 2023 and 2022

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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