COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

NOTE 14 – COMMITMENTS AND CONTINGENCIES

Operating Leases

We lease space under operating leases for manufacturing and laboratory facilities and administrative offices in Cleveland, Ohio, as well as administrative offices in New York, New York. We also lease certain office equipment under operating leases, which have a non-cancelable lease term of less than one year and, therefore, we have elected the practical expedient to exclude these short-term leases from our right-of-use assets and lease liabilities.

Components of lease cost under ASC 842 for the years ended December 31, 2021 and 2020 are as follows:

	For the years ended December 31,
	2021		2020
Operating lease cost	$	1,761,000	$	1,736,000
Variable lease cost	$	445,000	$	337,000
Short-term lease cost	$	183,000	$	61,000

The following table presents information about the amount and timing of cash flows arising from operating leases under ASC 842 as of December 31, 2021:

Maturity of lease liabilities:
2022	$	1,818,000
2023		1,834,000
2024		1,879,000
2025		1,896,000
2026		871,000
Thereafter		3,663,000
Total undiscounted operating lease payments		11,961,000
Less: imputed interest		2,583,000
Present value of operating lease liabilities	$	9,378,000
Balance sheet classification:
Current portion of lease liability	$	1,818,000
Long-term lease liability		7,560,000
Total operating lease liabilities	$	9,378,000
Other information:
Weighted-average remaining lease term for operating leases		86 months
Weighted-average discount rate for operating leases		7.4	%