Commitments and Contingencies

6 Months Ended

Jun. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Note 11. Commitments and Contingencies

Operating Leases

For the three and six months ended June 30, 2022 and 2021, the Company had the following operating lease expense:


		Three Months Ended June 30,				Six Months Ended June 30,
	Statement of Operations Location	2022		2021		2022		2021
Operating lease expense	General and administrative		290,769		286,923		581,538		573,846
Total operating lease expense			290,769		286,923		581,538		573,846

Future minimum lease payments of the Company’s operating leases as of June 30, 2022 were as follows:


2022	$	615,000
2023		105,000
2024		—
2025		—
Thereafter		—
Total lease payments		720,000
Less imputed interest		(10,880	)
Present value of operating lease liabilities	$	709,120

In January 2022, the Company entered into an agreement to extend the lease of 22 Cortlandt Street for a term of six months from August 1, 2022 through January 31, 2023. As of June 30, 2022, the remaining lease term for our operating lease was 0.6 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.