Leases

9 Months Ended

Sep. 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 will be maintained until November 2023 when it will be increased to $11,367 and then will increase to $11,625 in November 2024 where it will remain until expiration. As of September 30, 2022 and December 31, 2021, the Company’s consolidated balance sheets included a right-of-use lease asset of $367,375 and $106,155 for the office space, respectively. The Company’s consolidated balance sheets as of September 30, 2022 and December 31, 2021 included corresponding lease liabilities of $368,282 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 June 21, 2022		347,546
Reduction/amortization		(86,326)
Right of use lease asset, September 30, 2022	$	367,375
Lease liability:
Lease liability, January 1, 2022	$	106,151
New lease extension June 21, 2022		347,546
Repayments		(85,415)
Lease liability, September 30, 2022	$	368,282
Lease expense for the nine months ended September 30, 2022:
Lease expense	$	100,887
Total	$	100,887
Lease expense for the nine months ended September 30, 2021:
Lease expense	$	99,975
Total	$	99,975
Contractual cash payments for the remaining lease term as of September 30, 2022:
2022	$	33,325
2023		133,817
2024		136,917
2025		116,250
Total	$	420,309
Remaining lease term (months) as of September 30, 2022		37