Commitments and Contingencies

6 Months Ended

Jun. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

6. Commitments and Contingencies

Profit Sharing Plans

The Company has adopted a 401(k) plan to provide retirement benefits for employees under which the Company makes discretionary matching contributions. During the three months ended June 30, 2022 and 2021, the Company contributed a total of $3,500 and $3,200, respectively. During the six months ended June 30, 2022 and 2021, the Company contributed a total of $15,400 each of these same periods.

Contingencies

During the ordinary course of business, the Company is subject to various potential claims and litigation. Management is not aware of any outstanding litigation which would have a significant impact on the Company’s financial statements.

Lease

The Company leases its’ headquarters office in Concord, New Hampshire under a thirty-six-month noncancelable operating lease agreement which will expire on August 31, 2024. The terms of certain lease agreement provide for increasing rental payments at fixed twelve-month intervals.

Supplemental balance sheet information related to leases as of June 30, 2022 is as follows: 

Future minimum lease payments:
2022	$	15,200
2023		30,700
2024		20,700
Total future minimum lease payments	$	66,600
Less: Lease imputed interest		300
Total	$	66,300