Leases

6 Months Ended

Jun. 30, 2023

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 June 30, 2023 and December 31, 2022, the Company’s consolidated balance sheets included a right-of-use lease asset of $286,555 and $340,987 for the office space, respectively. The Company’s consolidated balance sheets as of June 30, 2023 and December 31, 2022 included corresponding lease liabilities of $289,504 and $342,575 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, 2023	$	340,987
Less: reduction/amortization		54,432
Right-of-use lease asset, June 30, 2023	$	286,555
Lease liability:
Lease liability, January 1, 2023	$	342,575
Less: repayments		53,071
Lease liability, June 30, 2023	$	289,504
Lease expense for the six months ended June 30, 2023:
Lease expense	$	68,011
Total	$	68,011
Lease expense for the six months ended June 30, 2022:
Lease expense	$	66,881
Total	$	66,881
Contractual cash payments for the remaining lease term as of June 30, 2023:
2023	$	67,167
2024		136,917
2025		116,250
Total	$	320,334
Remaining lease term (months) as of June 30, 2023		28