Leases

6 Months Ended

Jun. 30, 2024

Leases

Leases

Note 14 – Leases

The Company leases its offices under operating leases which are subject to various rent provisions and escalation clauses.

The Company is a party to two real property operating leases for the rental of office space. The Company has office space of 3,472 square feet in Boca Raton, Florida that is used for its corporate headquarters with a term through August 31, 2026. The Company also has office space in Newport Beach, California with a term through April 30, 2025.

The Company’s leases expire at various dates through 2026. The escalation clauses are indeterminable and considered not material and have been excluded from minimum future annual rental payments.

Lease expenses amounted to approximately $47,000 and $35,000 for the three months ended June 30, 2024 and 2023, respectively and $82,000 and $72,000 for the six months ended June 30, 2024 and 2023, respectively.

The weighted-average remaining lease term and weighted-average discount rate under operating leases as of June 30, 2024 are:

	June 30,
	2024
Lease term and discount rate
Weighted-average remaining lease term (years)	2.2
Weighted-average discount rate	7.00	%

Maturities of operating lease liabilities as of June 30, 2024, were as follows:

2024 (remainder of year)	$	43,630
2025		88,788
2026		60,593
Total lease payments		193,011
Less imputed interest		(14,544)
Present value of lease liabilities	$	178,467