Leases

12 Months Ended

Dec. 31, 2023

Note 6 – Leases

Operating Lease

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. The sublease term expired on August 31, 2023, and was not renewed. Upon inception of the sublease, the Company recognized approximately $0.7 million of ROU assets 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:

	Year Ended December 31,
	2023		2022
Cash paid for operating lease liabilities	$	239,469	$	294,987

Leases

Financing Lease

The Company has financed certain laboratory equipment as follows:

	Year Ended December 31,
	2023		2022
Cash paid for finance lease liabilities	$	78,146	$	423,880

Maturity of the Company’s financing lease liabilities is as follows:

Year ended December 31,
2024	$	69,850
2025		69,850
2026		40,108
2027		26,721
2028 and after		1
Total future minimum lease payments		206,530
Less imputed interest		(27,763	)
Remaining lease liability	$	178,767

The Company entered into four financing leases for laboratory equipment with a total cost of $251,959 with four to five-year terms and a capitalized interest rate of 9.15%. Each of the lease agreements include a bargain purchase option to acquire the equipment at the end of the lease term. The aggregate monthly payments are approximately $6,000. During the year ended December 31, 2023, the Company exercised a bargain purchase option, which resulted in recognition of property and equipment of $151,490.

Finance lease amortization expense for the years ended December 31, 2023 and 2022 was $39,967 and $48,992, respectively.