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COMMITMENTS AND CONTINGENCIES (Tables)
6 Months Ended
Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
Summary of Lease Cost

During the periods presented, the Company recognized the following lease costs arising from the lease transaction:

Three Months Ended
June 30,

 

Six months ended June 30,

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Operating lease cost

$

102,938

 

$

85,036

 

$

205,876

 

$

170,073

 

Summary of Cash Flow Transactions Arising from Lease Transaction

The Company recognized the following cash flow transactions arising from lease transactions:

Six months ended June 30,

 

 

2024

 

 

2023

 

Cash paid for amounts included in the measurement of lease liabilities

$

191,691

 

$

186,107

 

Right-of-use assets obtained in exchange for new operating lease liabilities

 

 

 

 

 

Summary of Future Payments and Interest Expense for Operating Lease

On June 30, 2024, the future payments and interest expense for the operating leases are as follows:

Year Ending December 31,

Future Payments

 

2024

$

191,691

 

2025

 

240,834

 

Total undiscounted cash flows

 

 

432,525

 

Less: imputed interest

 

 

(14,363

)

Present value of lease liabilities

$

418,162