v3.25.1
Leases (Tables)
6 Months Ended
Jun. 30, 2024
Leases [Abstract]  
Schedule of Lease Cost

The following provides information about the Company’s right of use assets and lease liabilities as of June 30, 2024 and December 31, 2023:

 

   Balance Sheet Classification  June 30,
2024
   December 31,
2023
 
Right of use assets operating leases  Operating leases right-of-use asset  $1,129,940   $2,164,862 
              
Lease liabilities             
Current             
Operating leases  Operating lease liabilities, current portion   219,906    1,104,443 
Noncurrent             
Operating leases  Operating lease liabilities, non-current portion   979,828    1,152,900 
Total lease liabilities     $1,199,734   $2,257,343 

 

The components of the Company’s lease costs for the six months ended June 30, 2024 and 2023 are as follows:

 

   Income Statement Classification  June 30,
2024
   June 30,
2024
 
Rent expense  General and administration  $176,229   $263,431 

 

Supplemental cash flow information related to Company’s leases for the six months ended June 30, 2024:

 

   Operating
Leases
 
Cash paid for amounts included in the measurement of lease liabilities  $173,067 

 

Weighted average remaining lease term and weighted average discount rate for the Company’s leases as of June 30, 2024:

 

   Operating
Leases
 
Weighted average remaining term (in years)   4.17 
Weighted average discount rate   12.00%
Schedule of Annual Maturity Analysis of the Company’s Lease Liabilities

Annual maturity analysis of the Company’s lease liabilities as of June 30, 2024:

 

   Operating Leases  
2024$ 173,932  
2025  357,409  
2026  368,132  
2027  379,176  
2028  259,718  
Thereafter 
 
Total payments  1,538,367  
Less: interest  (338,633 )
Present value of lease liability  1,199,734  
Less: Current portion of lease liabilities  (219,906 )
Noncurrent portion of lease liabilities$ 979,828