Imunon Inc
For the period ended Dec 31, 2024. Filed Feb 27, 2025.
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FY2024 · Filed Feb 27, 2025
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Item 2. PROPERTIES
| ITEM 2. | PROPERTIES |
|---|
We own no real property and have no plans to acquire any real property in the future.
Lawrenceville, NJ Lease
In August 2023, the Company renewed its Lawrenceville office lease for a 24-month agreement for 9,850 square feet with monthly rent payments of approximately $22,983 and $23,394.
Huntsville, AL Lease
In January 2023, the Company renewed its Huntsville facility lease for a 60-month lease agreement for 11,420 square feet with monthly rent payments of approximately $28,550 to $30,903.
We believe our existing facilities are suitable and adequate to conduct our business.
Following is a table of future payments and maturity of our operating lease liabilities as of December 31, 2024:
| For the year ending December 31, | |
|---|---|
| 2025 | $543,009 |
| 2026 | 362,976 |
| 2027 | 370,235 |
| 2028 and thereafter | 30,903 |
| Subtotal future lease payments | 1,307,123 |
| Less imputed interest | (167,830) |
| Total lease liabilities | $1,139,293 |
| Weighted average remaining life | 2.7 years |
| Weighted average discount rate | 9.98% |
For 2024, operating lease expense was $651,681 and cash paid for operating leases included in operating cash flows was $659,161. For 2023, operating lease expense was $646,633 and cash paid for operating leases included in operating cash flows was $644,593.
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