The Company has operating leases for approximately 12,250 square feet of space located in Miramar, Florida. The leases have a two-year term which commenced on March 1, 2022 and will terminate on February 29, 2024. Upon the commencement of the leases, the Company used its incremental borrowing rate of 6.0% to determine the amounts to recognize for a ROU asset and a lease liability. There are no obligations under finance leases.

The components of the lease expense for the three months ended March 31, 2022 were as follows:


	Three Months Ended March 31,
	2022
Operating lease cost	$	13,929

Supplemental cash flow information related to lease was as follows:


	Three Months Ended March 31,
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows	$	13,929
Right-of-use assets obtained in exchange for lease obligations:
Operating lease	$	12,543

As of March 31, 2022, the supplemental balance sheet information related to leases were as follows:


	March 31, 2022
Operating lease right-of-use assets	$	306,300
Other current liabilities	$	166,912
Operating lease liabilities, net of current portion		139,597
Total operating lease liabilities	$	306,509

As of March 31, 2022, the remaining lease payments were as follows:


2022 (remaining 9 months)	$	125,358
2023		171,322
2024		28,693
Total future minimum lease payments	$	325,373

For the three months ended March 31, 2021 and 2022, rent expense recognized by the Company was $31,516 and $38,883, respectively, of which $14,431 and $19,207, respectively, is included in research and development in the accompanying condensed statements of operations.

The Company operates under the provisions of agreements with a third-party global contract development and manufacturer of biologics for the manufacture of the Company’s proprietary molecules for use in clinical trials. At December 31, 2021, future payment obligations under such agreements were $2.5 million of which approximately $181,600 was paid in January 2022. At March 31, 2022, future payment obligations under such agreements were $2.1 million.

Management has no knowledge of any pending or unasserted claims against the Company.

In March 2020, the World Health Organization declared the outbreak of a novel coronavirus (COVID-19) as a pandemic, which continues to spread throughout the United States and the world. The spread of COVID-19 has caused significant volatility in the U.S. and international markets. There is significant uncertainty around the breadth and duration of business disruptions related to COVID-19, as well as its impact on the U.S. and international economies and, as such, the Company is unable to determine if it will have a material impact to its operations.