Leases

6 Months Ended

Jun. 30, 2022

NOTE 9 — LEASES

Operating leases

On May 5, 2021, the Company entered into an office lease agreement with BP Reservoir Place to lease approximately 5,923 rentable square feet of office space located at 1601 Trapelo Road, Waltham, MA 02451. The term of the lease agreement began on August 1, 2021 and expired on July 31, 2022, with an annual rate of $239,881.50 payable in equal monthly installments. The Company has elected to not recognize the lease agreement on the balance sheet as the term of the agreement is 12 months or less. The total operating lease costs during the six months ended June 30, 2022 were $119,941.

Future minimum lease payments under the Company’s non-cancelable operating lease as of June 30, 2022 were as follows:


	Six Months Ended
Future Operating Lease Payments	June 30, 2022
2022	$	19,990
Thereafter		—
Total operating lease liabilities at June 30, 2022	$	19,990

On May 26, 2022, the Company entered into an office lease agreement with Regus to lease office space located at 1500 District Avenue Burlington, MA 01803. The term of the lease agreement began on July 15, 2022 and will expire on January 31, 2023, with a monthly rate of $7,533.00. The Company has elected to not recognize the lease agreement on the balance sheet as the term of the agreement is 12 months or less. The total operating lease costs during the six months ended June 30, 2022 were $0.

Future minimum lease payments under the Company’s non-cancelable operating lease as of June 30, 2022 were as follows:


	Six Months Ended
Future Operating Lease Payments	June 30, 2022
2022	$	41,796
2023		7,533
Thereafter		—
Total operating lease liabilities at June 30, 2022	$	49,329