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Leases
 3 Months Ended
Mar. 31, 2023
Leases [Abstract]  
LEASES

8. LEASES

 

The Company primarily enters into lease arrangements for office and laboratory space. A summary of supplemental lease information is as follows:

 

   Three Months Ended 
  

March 31,
2023

   March 31,
2023		 
Weighted average remaining lease term – operating leases (in years)   3.5    4.3 
Weighted average remaining lease term – finance leases (in years)   4.8    
-
 
Weighted average discount rate   7.0%   7.0%
Operating cash flows from operating leases  $43,564   $29,248 
Operating cash flows from finance leases  $1,202    
-
 

 

A summary of the Company’s lease assets and liabilities are as follows:

 

   March 31,
2023		   December 31,
2023		 
Operating lease right-of-use asset  $433,361   $465,514 
Finance lease asset – property & equipment, net   21,067    21,067 
Total lease assets   454,428    486,581 
Current portion of operating lease liability included in accrued expenses   168,709    168,706 
Current portion of finance lease liability included in accrued expenses   4,807    4,807 
Non-current operating lease liabilities   289,910    323,915 
Non-current finance lease liabilities included in other non-current liabilities   14,970    15,823 
Total lease liabilities  $478,396   $513,251 

 

A summary of the Company’s estimated operating lease payments are as follows:

 

Year    
2023 (1)  $126,530 
2024   162,991 
2025   100,000 
2026   100,000 
2027   25,000 
Thereafter   
-
 
Total future lease payments   514,521 
Less: Imputed interest   55,902 
Present value of lease liability  $458,619 

 

(1) Excludes the three months ended March 31, 2023