• Filing Date: 2019-05-13
  • Form Type: 10-Q
  • Description: Quarterly report
v3.19.1
Leases
3 Months Ended
Mar. 31, 2019
Leases [Abstract]  
Leases

6. Leases

 

The Company currently leases 4,500 square feet of corporate office space in Knoxville, Tennessee through an operating lease agreement for a term of five years ending on June 30, 2022. Payments range from approximately $7,300 to $7,800 per month.

 

Total rent expense for the three months ended March 31, 2019 was $34,806, of which, $23,204 was included within research and development and $11,602 was included within general and administrative expenses on the condensed consolidated statement of operations. Total rent expense for the three months ended March 31, 2018 was $22,153, of which, $14,768 was included within research and development and $7,385 was included within general and administrative expenses on the condensed consolidated statement of operations.

 

As of March 31, 2019, the Company had no leases that were classified as a financing lease. As of March 31, 2019, the Company did not have additional operating and financing leases that have not yet commenced. 

 

A summary of the Company’s right-of-use assets and liabilities is as follows:

 

    Three Months Ended
March 31, 2019
 
       
Cash paid for amounts included in the measurement of lease liabilities:        
Operating cash flows from operating leases   $ 22,001  
         
Right-of-use assets obtained in exchange for lease obligations:        
Operating leases   $ 265,550  
         
Weighted Average Remaining Lease Term        
Operating leases     3.25 years  
         
Weighted Average Discount Rate        
Operating leases     8.0 %

 

Future minimum payments under non-cancellable lease as of March 31, 2019 were as follows:

 

For the Years Ending December 31,   Amount  
       
2019   $ 66,883  
2020     90,666  
2021     92,471  
2022     46,687  
Total future minimum lease payments     296,707  
Less: amount representing imputed interest     (35,668 )
Total   $ 261,039