Commitments and Contingencies

9 Months Ended

Sep. 30, 2021

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 6. Commitments and Contingencies

Operating Leases

For the three and nine months ended September 30, 2021, the Company had the following operating lease expense:

		Three Months Ended September 30,				Nine Months Ended September 30,
	Statement of Operations Location	2021		2020		2021		2020
Operating lease expense	General and administrative and Research and development	$	286,923	$	—	$	860,769	$	—
Total operating lease expense		$	286,923	$	—	$	860,769	$	—

Future minimum lease payments of the Company’s operating leases as of September 30, 2021 were as follows:

2021	$	270,000
2022		630,000
2023		—
2024		—
2025		—
Thereafter		—
Total lease payments		900,000
Less imputed interest		(19,884	)
Present value of operating lease liabilities	$	880,116

As of September 30, 2021, the remaining lease term for our operating lease was 0.8 years with a discount rate of 6.0%. The interest rate implicit in lease contracts is typically not readily determinable and as such, the Company uses its incremental borrowing rate based on the information available at the lease commencement date, which represents an internally developed rate that would be incurred to borrow, on a collateralized basis, over a similar term, an amount equal to the lease payments in a similar economic environment.