Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Schedule of Lease Term and Discount Rate

This office will replace the New Jersey office as one of the Company’s key operating centers and the total commitment of the lease is approximately $2.1 million. The estimated build out cost for this office space is approximately $800,000.

Lease Term and Discount Rate	As of December 31, 2023			As of December 31, 2022
Weighted average remaining lease term – operating leases (in years)		3.9			2.7
Weighted average discount rate – operating leases		6.9	%		5.0	%

Schedule of Operating Lease Cost

	Year Ended December 31
	2023		2022
Operating lease cost	$	1,326,000	$	1,299,000
Short-term lease cost		392,000		366,000
Variable lease cost		155,000		290,000
Total Rent and occupancy	$	1,873,000	$	1,955,000
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	1,256,000	$	1,380,000
Lease right-of-use assets obtained in exchange for new lease liabilities
Operating leases	$	1,693,000	$	888,000

Schedule of Future Annual Minimum Payments

Future annual minimum payments for operating leases with initial terms of greater than one year as of December 31, 2023 were as follows:

Year	Amount
2024	$	938,000
2025		861,000
2026		694,000
2027		520,000
2028		443,000
Remaining balance of lease payments		3,456,000
Less: difference between undiscounted cash flows and discounted cash flows		470,000
Lease liabilities	$	2,986,000