LEASE

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

LEASE

5.     LEASE

The Company entered into an operating lease for an office space which became effective in June 2020. The lease term is 10 years from the effective date and allows for two optional extensions of five years each. The two optional extensions are not recognized as part of the right-of-use asset or lease liability since it is not reasonably certain that the Company will extend this lease. As of December 31, 2023, the remaining lease term was 6.4 years and the discount rate was 6%.

Operating lease cost included in selling, general and administrative expenses was $757,435 and $736,038 for the years ended December 31, 2023 and 2022, respectively. Cash paid for operating lease was $571,968 and $571,968 for the years ended December 31, 2023 and 2022, respectively.

The following is the lease maturity analysis of our operating lease as of December 31, 2023:

Twelve months ending December 31,

2024	$	571,968
2025		612,006
2026		640,604
2027		640,604
2028		640,604
Thereafter		907,523
Total lease payments		4,013,309
Less: imputed interest		(701,532	)
Present value of future lease payments		3,311,777
Less: current portion of lease liability		(383,699	)
Long-term portion of lease liability	$	2,928,078