Leases

6 Months Ended

Jun. 30, 2022

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 as an operating lease, and recorded a related right-of-use lease asset and lease liability accordingly. Pursuant to an amendment executed on June 21, 2022, the lease has been extended to October 2025. The current rent of $11,108 per month, or approximately $21.50 per square foot will be maintained until November 2023 when it will be increased to $11,367 or approximately $22.00 per square foot and then will increase to $11,625 or approximately $22.50 per square foot in November 2024 where it will remain until expiration. As of June 30, 2022 and December 31, 2021, the Company’s consolidated balance sheets included a right-of-use lease asset of $393,226 and $106,155 for the office space, respectively. The Company’s consolidated balance sheets as of June 30, 2022 and December 31, 2021 included corresponding lease liabilities of $393,453 and $106,151 for the office space, respectively.

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

	Operating
	Lease
Right-of-use lease asset:
Right-of-use lease asset, January 1, 2022	$	106,155
New lease extension 6/21/2022		347,546
Reduction/amortization		(60,475)
Right of use lease asset, June 30, 2022	$	393,226
Lease liability:
Lease liability, January 1, 2022	$	106,151
New lease extension 6/21/2022		347,546
Repayments		(60,244)
Lease liability, June 30, 2022	$	393,453
Lease expense for the six months ended June 30, 2022:
Lease expense	$	66,881
Total	$	66,881
Lease expense for the six months ended June 30, 2021:
Lease expense	$	66,650
Total	$	66,650
Contractual cash payments for the remaining lease term as of June 30, 2022:
2022	$	66,650
2023		133,817
2024		136,917
2025		116,250
Total	$	453,634
Remaining lease term (months) as of June 30, 2022		40