5. Leases
The Company
has an operating lease for its office space in Pennsylvania. As of March 31, 2025 and December 31, 2024, the following amounts were recorded
in the Consolidated Balance Sheets relating to the Company’s operating lease.
Schedule of Operating Lease
| | |
March 31, | | |
December 31, | |
| | |
2025 | | |
2024 | |
| Right-of-Use Assets | |
| | | |
| | |
| Operating lease assets | |
$ | 512 | | |
$ | 530 | |
| Lease Liabilities | |
| | | |
| | |
| Operating lease liabilities - Current | |
$ | 74 | | |
$ | 71 | |
| Operating lease liabilities - Non-current | |
$ | 482 | | |
$ | 502 | |
The following table summarizes the contractual maturities
of operating lease liabilities as of March 31, 2025:
Schedule of Maturities of Operating Lease Liabilities
| | |
| | |
| 2025 (remaining) | |
$ | 78 | |
| 2026 | |
| 108 | |
| 2027 | |
| 112 | |
| 2028 | |
| 117 | |
| 2029 | |
| 121 | |
| Thereafter | |
| 126 | |
| Total lease payments | |
| 662 | |
| Less amounts representing interest | |
| (106 | ) |
| Present value of lease payments | |
| 556 | |
| Less: current portion | |
| (74 | ) |
| Non-current lease liabilities | |
$ | 482 | |
The following table illustrates information for the
Company’s operating lease during the three months ended March 31, 2025 and 2024:
Schedule of Operating Lease Cost
| | |
March 31, | | |
December 31, | |
| | |
2025 | | |
2024 | |
| Total operating lease cost | |
$ | 17 | | |
$ | 63 | |
| Short-term lease cost | |
$ | 2 | | |
$ | 14 | |
| Cash paid for amounts included in the measurement of the operating lease liability | |
$ | 26 | | |
$ | 100 | |
| Weighted average remaining lease term (years) | |
| 5.8 | | |
| 6.0 | |
| Weighted average discount rate | |
| 6.00 | % | |
| 6.00 | % |
|