Leases

12 Months Ended

Dec. 31, 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 December 31, 2021 and 2020, the Company’s consolidated balance sheets included a right-of-use lease asset of $106,155 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 December 31, 2021 and 2020 included corresponding lease liabilities of $106,151 and $112,294 for the office space and $0 and $6,149 for the copy machine, respectively.

The following represent 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
Contractual cash payments for the remaining lease term as of December 31, 2021:
2022	$	111,083		$	—
Total	$	111,083		$	—
Discount rate applied		10	%		10	%
Remaining lease term (months) as of December 31, 2021		10			—
Right-of-use lease asset:
Right-of-use lease asset, January 1,2020	$	112,388		$	13,025
Add: new lease extension		240,727			—
Less: reduction/amortization		130,670			7,443
Right-of-use lease asset, December 31, 2020		222,445			5,582
Less: reduction/amortization		116,290			5,582
Right-of-use lease asset, December 31, 2021	$	106,155		$	—
Lease liability:
Lease liability, January 1, 2020	$	113,559		$	13,665
Add: new lease extension		240,727
Less: repayments		131,845			7,516
Lease liability, December 31, 2020		222,441			6,149
Less: repayments		116,290			6,149
Lease liability, December 31, 2021	$	106,151		$	—
Lease expenses for the year ending December 31, 2020:
Lease expense	$	139,876		$	—
Amortization expense		—			7,443
Interest expense		—			1,028
Total	$	139,876		$	8,471
Lease expenses for the year ending December 31, 2021:
Lease expense	$	133,300		$	—
Amortization expense		—			5,582
Interest expense		—			259
Total	$	133,300		$	5,841