Leases

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 called for total future minimum rent payments of approximately $78,000 at inception and had a termination date of September 30, 2022. The Company recorded a right-of-use (“ROU”) asset and corresponding lease liability on the consolidated balance sheet. The Company did not have options to extend, termination options or material residual value guarantees. The lease was not renewed and the Company entered into a 12-month lease for office space in a shared office location effective October 1, 2022. As this lease has a term of 12 months at inception, the Company did not apply the provisions of ASU 2016-02 and will account for it as an operating lease. As of December 31, 2023, total minimum lease payments on this lease were approximately $15,000.

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

The Company did not apply the provisions of ASU 2016-02 to the lease of its office space in Miami, Florida. Effective November 1, 2023, the Company renewed its Miami office lease for twelve-months to November 2024. As this lease has a term of 12 months at inception, the Company accounts for it as an operating lease. As of December 31, 2023, total minimum lease payments on this lease were approximately $15,000.