Leases

9 Months Ended

Sep. 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 September 30, 2021 and December 31, 2020, the Company’s consolidated balance sheets included a right-of-use lease asset of $136,321 and $222,445 for the office space and $0 and $5,582 for the copy machine, respectively. Lease liabilities in the Company’s consolidated balance sheets as of September 30, 2021 and December 31, 2020 included corresponding lease liabilities of $136,319 and $222,441 for the office space and $0 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		(86,124)		(5,582)
Right of use lease asset, September 30, 2021	$	136,321	$	—
Lease liability:
Lease liability, January 1, 2021	$	222,441	$	6,149
Repayments		(86,122)		(6,149)
Lease liability, September 30, 2021	$	136,319	$	—
Lease expense for the nine months ended September 30, 2021:
Lease expense	$	99,975	$	—
Amortization expense		—		5,582
Interest expense		—		259
Total	$	99,975	$	5,841
Contractual cash payments for the remaining lease term as of September 30, 2021:
2021	$	33,325	$	—
2022		111,083		—
Total	$	144,408	$	—
Remaining lease term (months) as of September 30, 2021		13		—