SOLIGENIX, INC. Leases Disclosure
Note 3. Leases
The Company classifies a lease for its office space as an operating lease, and records a related right-of-use lease asset and lease liability accordingly. Pursuant to the lease which expires October 2025, the current rent is $11,625 per month.
The following represents a reconciliation of contractual lease cash flows to the right-of-use lease asset and liability recognized in the financial statements:
Operating | ||||
| Lease |
| ||
Contractual cash payments for the remaining lease term as of December 31, 2024 | ||||
2025 |
| $ | 116,250 | |
Less implied interest | 4,388 | |||
Total | $ | 111,862 | ||
Discount rate applied |
| 8.47 | % | |
Remaining lease term (months) as of December 31, 2024 |
| 10 | ||
Lease expense for the year ended December 31, 2023: |
|
| ||
Lease expense | $ | 136,022 | ||
Total | $ | 136,022 | ||
Lease expense for the year ended December 31, 2024: | ||||
Lease expense | $ | 136,022 | ||
Total | $ | 136,022 | ||
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About Leases Disclosures
Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.
Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.