Quarterly report pursuant to Section 13 or 15(d)

11. Commitments

11. Commitments
9 Months Ended
Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]  
11. Commitments


The Company determines whether an arrangement is a lease at inception. On October 1, 2020, the Company entered into a two-year lease for its corporate headquarters in Framingham, Massachusetts. This lease calls for total future minimum rent payments of approximately $78,000 and has a termination date of September 30, 2022. The Company does not have options to extend, termination options or material residual value guarantees. As the lease agreement was not executed until October 1, 2020, the Company will record a right-of-use (“ROU”) asset and corresponding lease liability of approximately $71,000 in the fourth quarter of 2020. As the lease does not provide an implicit rate, we used our incremental borrowing rate (10.2%) based on the information available at the lease’s commencement date in determining the present value of lease payments.


Supplemental cash flow information and non-cash activity related to our operating leases are as follows:



Nine Months


September 30,

Operating cash flow information:        
Cash paid for amounts included in the measurement of lease liabilities   $ 20,042  


As the Company’s existing operating lease expired on September 30, 2020, there was no ROU or lease liability reflected on the September 30, 2020 balance sheet.