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LEASES | NOTE 10 LEASES On January 18, 2023, the Company entered into a new lease agreement for office space in Webster, Texas. The initial lease term is months and thirteen days. Monthly rental payments under the new lease are $5,047, which is comprised of $4,245 of base rent plus $802 of common area maintenance fees. The Company determined that the value of the lease liability and the related right-of-use asset at inception was $51,154, using an estimated incremental borrowing rate of 5%.The Company also leases office space in San Diego, California pursuant to an operating lease which expires May 31, 2024. As of June 30, 2023, the Company does not have any financing leases. During the three and six months ended June 30, 2023, operating lease expense was $65,873 and $131,746, respectively. During the three and six months ended June 30, 2022, operating lease expense was $57,849 and $131,930, respectively. Maturities of lease liabilities as of June 30, 2023 were as follows:
Supplemental cash flow information related to the leases was as follows:
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