Leases

6 Months Ended

Jun. 30, 2021

Leases

Leases

Note 3. Leases

The Company classifies a lease for its office space at 29 Emmons Drive, Suite B-10 in Princeton, New Jersey and a lease for a copy machine in the office as an operating lease and a financing lease, respectively, and recorded related right-of-use lease assets and lease liabilities accordingly. As of June 30, 2021 and December 31, 2020, the Company’s consolidated balance sheets included a right-of-use lease asset of $165,747 and $222,445 for the office space and $1,861 and $5,582 for the copy machine, respectively. Lease liabilities in the Company’s consolidated balance sheets as of June 30, 2021 and December 31, 2020 included corresponding lease liabilities of $165,743 and $222,441 for the office space and $2,101 and $6,149 for the copy machine, respectively.

The following represents a reconciliation of contractual lease cash flows to the right-of-use lease assets and liabilities recognized in the financial statements:

	Operating		Financing
	Lease		Lease
Right-of-use lease asset:
Right-of-use lease asset, January 1,2021	$	222,445	$	5,582
Reduction/amortization		(56,698)		(3,721)
Right of use lease asset, June 30, 2021	$	165,747	$	1,861
Lease liability:
Lease liability, January 1, 2021	$	222,441	$	6,149
Repayments		(56,698)		(4,048)
Lease liability, June 30, 2021	$	165,743	$	2,101
Lease expense for the six months ended June 30, 2021:
Lease expense	$	66,650	$	—
Amortization expense		—		3,721
Interest expense		—		224
Total	$	66,650	$	3,945
Contractual cash payments for the remaining lease term as of June 30, 2021:
2021	$	66,650	$	2,136
2022		111,083		—
Total	$	177,733	$	2,136
Remaining lease term (months) as of June 30, 2021		16		3