RIGHT-OF-USE ASSETS, LEASE OBLIGATIONS, AND OTHER LEASES
|9 Months Ended|
Sep. 30, 2021
|RIGHT-OF-USE ASSETS, LEASE OBLIGATIONS, AND OTHER LEASES|
|RIGHT-OF-USE ASSETS, LEASE OBLIGATIONS, AND OTHER LEASES||
NOTE 4. - RIGHT-OF-USE ASSETS, LEASE OBLIGATIONS, AND OTHER LEASES
The Company leases a manufacturing facility and warehouse in North Carolina, and a corporate headquarters in Buffalo, New York.
The following table summarizes the Company’s discount rate and remaining lease terms:
Future minimum lease payments as of September 30, 2021 are as follows:
On July 28, 2021, the Company signed a lease agreement for a new research and development (“R&D”) laboratory in Rockville, MD. The new laboratory space has over four thousand square feet and will support the Company’s continued growth and R&D partnerships. The lease has an initial monthly base rent of $12 (escalating 2.5% annually after the first year), a term of 51 months, and an expected commencement date of early fourth quarter of this year. The lease also calls for abatement of 100% of the base rent for the first five months following the lease commencement date. The Company will recognize the respective right-of-use asset and lease liability for the lease upon lease commencement, which is anticipated during the fourth quarter of 2021.
On October 18, 2021, the Company signed a lease extension for its manufacturing facility and warehouse in North Carolina. The lease has a commencement date upon expiration of the current lease term, which is November 1, 2021. The lease has a monthly base rent of $17 and an initial term of twenty-four months—with one twenty-four month renewal option at the Company’s discretion. The Company will recognize the respective right-of-use asset and lease liability during the fourth quarter of 2021.
The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef