Leases

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Leases

5. Leases

The Company leases its office space in Menlo Park, California, under a lease agreement which expired in February 2022 and was subsequently renewed and amended for an 18-month term that expires in August 2023. Monthly payments are approximately $47,000. The lease includes non-lease components (i.e. common area maintenance costs) that are paid separately from rent based on actual costs incurred.

The Company’s future lease payments under non-cancellable leases as of December 31, 2022 are as follows, which are presented as lease liabilities on the Company’s consolidated balance sheet:

Period	Operating Lease
2023	$	382,326
Less: imputed interest		(5,704	)
Present value of lease liabilities, all current	$	376,622
Weighted-average remaining lease term (in years)		0.67
Weighted-average discount rate		4.40	%

Lease expense under the Company’s operating lease was $517,296 and $236,476 for the years ended December 31, 2022 and 2021, respectively. The amortization of the operating lease right-of-use assets totaled $453,103 and $0 for the years ended December 31, 2022 and 2021, respectively. The weighted-average discount rate is based on the implicit interest rate of the present value of the remaining lease payments and the remaining lease term.