Quarterly report pursuant to Section 13 or 15(d)


3 Months Ended
Dec. 31, 2020
Leases [Abstract]  

5. Leases


The Company adopted ASC 842 - Leases on October 1, 2019. Through September 30, 2019, the Company’s leases consisted of leased office space under various operating leases with terms of one year or less. These leases qualified as short-term leases and as such, there was no cumulative impact from the adoption of ASC 842.


In December 2019, the Company entered a 36-month lease for office space in Princeton, New Jersey, which commenced February 1, 2020. At that time, the Company terminated its existing month-to-month leases for office space.


The components of lease expense for the three months ended December 31, 2020 are as follows:


Lease expense        
Operating lease expense   $ 25,540  
Short-term lease expense     6,586  
Total lease cost   $ 32,126  


At December 31, 2020, the weighted-average remaining lease term was 2 years and the weighted average discount rate was 12%.


Cash paid for amounts included in the measurement of lease liabilities:


Operating cash flow from operating loss   $ 25,063  


Future minimum lease payments under non-cancellable leases at December 31, 2020 are as follows:


Fiscal year        
2021 (excluding the three months ended December 31, 2020)   $ 76,454  
2022     103,440  
2023     34,695  
Total undiscounted lease payments     214,589  
Less: imputed interest     (26,638 )
Total lease liabilities   $ 187,951