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Operating Leases | 12 Months Ended
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Dec. 31, 2022
Operating Leases |
Operating Leases | Note 8 – Operating Leases On November 19, 2021, the Company entered into a sublease with a third party for 4,500 square feet of office space located in Brisbane, California, with a commencement date of January 1, 2022 and maturing on June 30, 2024. Leases with an initial term of 12 months or less are not recorded on the balance sheet. The Company accounts for the lease and non-lease components of its leases as a single lease component. Rent expense is recognized on a straight-line basis over the lease term. As a result of this agreement, the Company recognized right-of-use (“ROU”) asset and liability of $247,294 pursuant to ASC 842, Lease. Operating lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Generally, the implicit rate of interest in arrangements is not readily determinable and the Company utilizes its incremental borrowing rate in determining the present value of lease payments. The Company’s incremental borrowing rate is a hypothetical collateralized borrowing rate based on its understanding of what its credit rating would be. The operating lease ROU asset includes any lease payments made and excludes lease incentives. On February 8, 2022, the Company entered another lease which will end on February 7, 2025. As a result, the Company recognized additional ROU asset and liability of $12,861. As a result of these lease agreements, the Company recognized ROU asset and liability in the aggregate of $260,155. The components of rent expense and supplemental cash flow information related to leases for the period are as follows: Schedule of Components Leases Rent Expenses
|  | December 31, 2022 |
Lease Costs (in thousands): |  |  |  |
Operating cash flows from operating leases |  | $ | 109 |
Other Information |  |  |  |
Weighted-average remaining lease term (in years): |  |  | 1.75 |
Weighted-average discount rate: |  |  | 10 | %
The supplemental balance sheet information related to leases for the period is as follows: Schedule of Supplemental Leases
|  | December 31, 2022 |
Operating leases (in thousands) |  |  |  |
Long-term right-of-use assets, net |  | $ | 165 |
Current portion of operating lease liabilities |  | $ | 110 |
Non-current portion of operating lease liabilities |  |  | 64 |
Total operating lease liabilities |  | $ | 174 |
Maturities of the Company’s lease liabilities are as follows (in thousands): Schedule of Maturity Lease Liabilities
Year ending |  | Amount |
2023 |  | $ | 122 |
2024 |  |  | 91 |
2025 |  |  | 1 |
Total lease payments |  |  | 214 |
Less: Imputed interest/present value discount |  |  | (40 | )
Present value of lease liabilities |  | $ | 174 |

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- References No definition available. + Details
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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 -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=77888251 + Details
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