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Leases | 12 Months Ended
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Dec. 31, 2022
Leases [Abstract] |
LEASES | 12. LEASES The Company primarily enters into lease arrangements for office and laboratory space. A summary of supplemental lease information is as follows:
|  | Year ended December 31, 2022 |
Weighted average remaining lease term – operating leases (in years) |  |  | 3.7 |
Weighted average remaining lease term – finance leases (in years) |  |  | 5.1 |
Weighted average discount rate |  |  | 7.0 | %
Operating cash flows from operating leases |  | $ | 149,770 |
A summary of the Company’s lease assets and liabilities are as follows:
|  | December 31, 2022 |
Operating lease right-of-use asset |  | $ | 465,514 |
Finance lease asset included in property & equipment, net |  |  | 21,067 |
Total lease assets |  |  | 486,581 |
Current portion of operating lease liability |  |  | 168,706 |
Current portion of finance lease liability included in accrued expenses |  |  | 4,807 |
Non-current operating lease liabilities |  |  | 323,915 |
Non-current finance lease liabilities included in other non-current liabilities |  |  | 15,823 |
Total lease liabilities |  | $ | 513,251 |
A summary of the Company’s estimated operating lease payments are as follows:
Year |  |  |
2023 |  | $ | 168,706 |
2024 |  |  | 162,991 |
2025 |  |  | 100,000 |
2026 |  |  | 100,000 |
2027 |  |  | 25,000 |
Thereafter |  |  | - |
Total future lease payments |  |  | 556,697 |
Less: Imputed interest |  |  | 64,076 |
Present value of lease liability |  | $ | 492,621 |

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- Definition Tabular disclosure for lessee's operating leases. Includes, but is not limited to, description of lessee's operating lease, existence and terms of renewal or purchase options and escalation clauses, restrictions imposed by lease, such as those concerning dividends, additional debt, and further leasing, rent holidays, rent concessions, or leasehold improvement incentives and unusual provisions or conditions. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=123406913&loc=d3e41499-112717 Reference 2: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 460 -SubTopic 10 -Section 50 -Paragraph 4 -URI https://asc.fasb.org/extlink&oid=124440162&loc=d3e12069-110248 Reference 3: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=123406913&loc=d3e41502-112717 Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=123389372&loc=d3e36991-112694 Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 10 -Section 55 -Paragraph 40 -Subparagraph (Note 3) -URI https://asc.fasb.org/extlink&oid=123403562&loc=d3e38371-112697 + Details
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