COMMITMENTS AND CONTINGENCIES
|3 Months Ended|
Mar. 31, 2023
|Commitments and Contingencies Disclosure [Abstract]|
|COMMITMENTS AND CONTINGENCIES||
8. COMMITMENTS AND CONTINGENCIES
Operating Lease Commitment
Pursuant to the terms of the Company’s non-cancelable lease agreements in effect at March 31, 2023, the following table summarizes the Company’s maturities of operating lease liabilities as of March 31, 2023:
Effective August 26, 2021, the Company entered into a sublease agreement with a third party to sublease 12,112 square feet of the 30,023 square feet currently being leased under one of its two existing lease agreements. The sublease commenced on October 1, 2021 and ends October 31, 2026. The Company notes sublease income of $55,133 and $55,133 was recognized and offset against rent expense for the three months ended March 31, 2023 and 2022, respectively.
Undiscounted sublease cash inflows have been summarized in the following table:
The entire disclosure for commitments and contingencies.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef