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Leases
3 Months Ended
Mar. 31, 2024
Leases [Abstract]  
Leases

NOTE 9 — LEASES

The Company is a party to two office leases, each of which expire on December 31, 2028. The Company elected to not recognize ROU assets and lease liabilities arising from short-term leases (leases with initial terms of twelve months or less, which are deemed immaterial) on its consolidated balance sheets.

When measuring lease liabilities for leases that were classified as operating leases, the Company discounted lease payments using its estimated incremental borrowing rate at the later of lease inception or January 1, 2020 (the date of adoption). The weighted average incremental borrowing rate applied was 8%.

The following table presents net lease cost and other supplemental lease information:

 

For the three months ended March 31,

 

2024

 

2023

Lease cost:

 

 

 

Operating lease cost

$50,423

 

$50,423

Short-term lease cost

 

Net lease cost

$50,423

 

$52,446

Cash paid for operating lease liabilities

$34,839

 

$31,413

 

The estimated future minimum lease payments, excluding non-lease components, for the remainder of 2024 and future years are as follows:

 

Operating

 

Fiscal Year

Leases

 

2024 (remainder)

$

153,698

 

2025

 

204,930

 

2026

 

204,930

 

2027

 

204,930

 

2028

 

204,930

 

Total future minimum annual lease payments

 

973,418

 

Less: Imputed interest

 

(160,416

)

Present value of lease liabilities

$

813,002