Leases

9 Months Ended

12 Months Ended

Sep. 30, 2023

Dec. 31, 2022

Leases

Leases

Note 3. Leases

The Company classifies a lease for its office space at 29 Emmons Drive, Suite B-10 in Princeton, New Jersey as an operating lease, and recorded a related right-of-use lease asset and lease liability accordingly. Pursuant to an amendment executed on June 21, 2022, the lease has been extended to October 2025. The current rent of $11,108 per month will be maintained until November 2023 when it will be increased to $11,367 and then will increase to $11,625 in November 2024 where it will remain until expiration. As of September 30, 2023 and December 31, 2022, the Company’s condensed consolidated balance sheets included a right-of-use lease asset of $258,487 and $340,987 for the office space, respectively. The Company’s condensed consolidated balance sheets as of September 30, 2023 and December 31, 2022 included corresponding lease liabilities of $262,117 and $342,575 for the office space, respectively.

The following represents a reconciliation of contractual lease cash flows to the right-of-use lease asset and liability recognized in the financial statements:

	Operating
	Lease
Right-of-use lease asset:
Right-of-use lease asset, January 1, 2023	$	340,987
Less: reduction/amortization		82,500
Right-of-use lease asset, September 30, 2023	$	258,487
Lease liability:
Lease liability, January 1, 2023	$	342,575
Less: repayments		80,458
Lease liability, September 30, 2023	$	262,117
Lease expense for the nine months ended September 30, 2023:
Lease expense	$	102,016
Total	$	102,016
Lease expense for the nine months ended September 30, 2022:
Lease expense	$	100,887
Total	$	100,887
Contractual cash payments for the remaining lease term as of September 30, 2023:
2023	$	33,841
2024		136,917
2025		116,250
Total	$	287,008
Remaining lease term (months) as of September 30, 2023		25

Note 3. Leases

The Company classifies a lease for its office space at 29 Emmons Drive, Suite B-10 in Princeton, New Jersey as an operating lease, and recorded a related right-of-use lease asset and lease liability accordingly. Pursuant to an amendment executed on June 21, 2022, the lease has been extended to October 2025. The current rent of $11,108 per month will be maintained until November 2023 when it will be increased to $11,367 and then will increase to $11,625 in November 2024 where it will remain until expiration. As of December 31, 2022 and 2021, the Company’s consolidated balance sheets included a right-of-use lease asset of $340,987 and $106,155 for the office space, respectively. The Company’s consolidated balance sheets as of December 31, 2022 and 2021 included corresponding lease liabilities of $342,575 and $106,151 for the office space, respectively.

The following represents a reconciliation of contractual lease cash flows to the right-of-use lease asset and liability recognized in the financial statements:

	Operating
	Lease
Contractual cash payments for the remaining lease term as of December 31, 2022
2023	$	133,817
2024		136,917
2025		116,250
Total	$	386,984
Discount rate applied		8.47	%
Remaining lease term (months) as of December 31, 2022		34
Right-of-use lease asset:
Right-of-use lease asset, January 1, 2021	$	222,445
Less: reduction/amortization		116,290
Right-of-use lease asset, December 31, 2021		106,155
New lease extension June 21, 2022		347,546
Reduction/amortization		112,714
Right of use lease asset, December 31, 2022	$	340,987
Lease liability:
Lease liability, January 1, 2021	$	222,441
Less: repayments		116,290
Lease liability, December 31, 2021		106,151
New lease extension June 21, 2022		347,546
Less: repayments		111,122
Lease liability, December 31, 2022	$	342,575
Lease expense for the year ended December 31, 2021:
Lease expense	$	133,300
Total	$	133,300
Lease expense for the year ended December 31, 2022:
Lease expense	$	134,892
Total	$	134,892