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Operating Leases
6 Months Ended
Jun. 30, 2023
Leases [Abstract]  
Operating Leases

Note 12 – Operating Leases:

 

The Company leases space in four different locations, Arlington, VA, Leesburg, VA, Hoboken, NJ and Minneapolis, MN, under lease agreements which expire at various dates through September 30, 2027. The Company’s leases do not provide an implicit rate, and therefore the Company uses its incremental borrowing rate as the discount rate when measuring operating lease assets and liabilities. The incremental borrowing rate represents an estimate of the interest rate the Company would incur at lease commencement to borrow an amount equal to the lease payments on a collateralized basis over the term of a lease.

 

The table below reconciles the undiscounted future minimum lease payments under these operating leases to the total operating lease liabilities recognized on the consolidated balance sheet as of June 30, 2023:

 

Year  Lease
Payments
Due
 
Balance of 2023  $142,843 
2024  $344,732 
2025  $341,081 
2026  $349,608 
2027  $267,092 
Less: imputed Interest  $(307,874)
Present Value of operating lease liabilities  $1,137,480 

 

Other information related to operating lease liabilities consists of the following:

 

   Six and Twelve
Months Ended
 
   June 30,
2023
   December 31,
2022
 
         
Cash paid for operating lease liabilities  $217,543   $125,238 
Weighted average remaining lease term in years   4.2    4.7 
Weighted average discount rate   10%   10%