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Leases
3 Months Ended
Mar. 31, 2024
Lessee Disclosure [Abstract]  
Leases

8. Leases

Our leases are primarily related to office space and are classified as operating leases.

Lease Costs

For the three months ended March 31, 2024 and 2023, we recorded approximately $178,000 and $190,000, respectively, of fixed cost operating lease expense.

Cash paid for operating leases approximated operating lease expense and non-cash right of use asset amortization for the three months ended March 31, 2024 and 2023. We did not obtain any new operating lease right-of-use assets in the three months ended March 31, 2024.

Balance Sheet Classification

The table below presents the lease related assets and liabilities recorded on the balance sheet. Right-of-use assets and related liabilities related to finance leases at March 31, 2024 are de minimis.

 

March 31,

 

 

December 31,

 

 

2024

 

 

2023

 

Operating leases:

(Unaudited)

 

 

 

 

Right-of-use operating lease assets:

 

 

 

 

 

Property and equipment, net and other assets

$

1,725,715

 

 

$

1,862,455

 

 

 

 

 

 

 

Lease liabilities:

 

 

 

 

 

Accounts payable and accrued liabilities

$

479,482

 

 

$

493,928

 

Other long-term liabilities

 

1,166,633

 

 

 

1,274,691

 

       Total operating lease liabilities

$

1,646,115

 

 

$

1,768,619