Leases

3 Months Ended

Mar. 31, 2022

Note 5 – Leases

Effective March 5, 2020, the Company entered into a sublease for approximately 11,200 square feet of office space located at 25B Vreeland Road, Suite 300, Florham Park, NJ. The sublease commenced on May 1, 2020 and will continue for a term of forty (40) months with an option to renew through October 31, 2027. As of March 31, 2022 there are seventeen (17) months remaining in the lease term. Upon inception of the lease, the Company recognized approximately $0.7 million of a ROU asset and operating lease liabilities. The discount rate used to measure the operating lease liability as of May 1, 2020 was 9.15%. Throughout the period described above the Company has maintained, and continues to maintain, a month-to-month lease for its research facilities at the Princeton Innovation Center BioLabs located at 303A College Road E, Princeton NJ, 08540.

Supplemental cash flow information related to operating leases is as follows:

	As of March 31,
	2022		2021
Cash paid for operating lease liabilities	$	43,036	$	42,058
Right-of use assets recorded in exchange for lease obligations	$	–	$	–

Maturity of the Company’s operating lease liability is as follows:

Year ended December 31,
2022 (remaining nine months)	$	251,953
2023		239,470
2024		–
2025		–
2026 and after		–
Total future minimum lease payments		491,423
Less imputed interest		(33,132	)
	$	458,291