Leases

12 Months Ended

Dec. 31, 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 $11,367 per month will be maintained until November 2024 when it will be increased to $11,625 where it will remain until expiration. As of December 31, 2023 and 2022, the Company’s consolidated balance sheets included a right-of-use lease asset of $229,834 and $340,987 for the office space, respectively. The Company’s consolidated balance sheets as of December 31, 2023 and 2022 included corresponding lease liabilities of $233,627 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
Contractual cash payments for the remaining lease term as of December 31, 2023
2024	$	136,917
2025		116,250
Less implied interest		19,540
Total	$	233,627
Discount rate applied		8.47	%
Remaining lease term (months) as of December 31, 2023		22
Right-of-use lease asset:
Right-of-use lease asset, January 1, 2022	$	106,155
New lease extension June 21, 2022		347,546
Less: reduction/amortization		112,714
Right-of-use lease asset, December 31, 2022		340,987
Less: reduction/amortization		111,153
Right-of-use lease asset, December 31, 2023	$	229,834
Lease liability:
Lease liability, January 1, 2022	$	106,151
New lease extension June 21, 2022		347,546
Less: repayments		111,122
Lease liability, December 31, 2022		342,575
Less: repayments		108,948
Lease liability, December 31, 2023	$	233,627
Lease expense for the year ended December 31, 2022:
Lease expense	$	134,892
Total	$	134,892
Lease expense for the year ended December 31, 2023:
Lease expense	$	136,022
Total	$	136,022