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LEASES

9 Months Ended

Sep. 30, 2023

Leases [Abstract]

LEASES

LEASES

The Company’s right-of-use assets and lease liabilities for its operating lease consisted of the following amounts as of September 30, 2023 and December 31, 2022:

			Nine Months Ended September 30, 2023						Year Ended December 31, 2022
Assets:
Operating lease right-of-use assets			$	171,295					$	77,011
Liabilities:
Operating lease liability, current			173,799						48,127
Operating lease liability, non-current			—						29,268
Total lease liability			$	173,799					$	77,395

The Company recognizes lease expense for its operating leases within general, administrative, and other expenses on the Company’s condensed consolidated statements of operations and comprehensive income. The Company’s lease expense for the periods presented consisted of the following:

			Three Months Ended September 30,												Nine Months Ended September 30,
			2023						2022						2023						2022
Operating lease cost			$	69,904					$	12,471					$	94,846					$	36,313
Variable lease cost			20,540						1,221						29,465						2,444
Total lease cost			$	90,444					$	13,692					$	124,311					$	38,757

The following table shows supplemental cash flow information related to lease activities for the periods presented:

			Nine Months Ended September 30,
			2023						2022
Cash paid for amounts included in the measurement of the lease liability
Operating cash flows from operating leases			$	96,891					$	36,121
ROU assets obtained in exchange for new lease liabilities			—						—

The table below shows a weighted-average analysis for lease terms and discount rates for all operating leases for the periods presented:

			Nine Months Ended September 30, 2023						Year Ended December 31, 2022
Weighted-average remaining lease term (in years)			0.80						1.58
Weighted-average discount rate			3.42		%				3.36		%

Future minimum noncancellable lease payments under the Company’s operating leases on an undiscounted basis reconciled to the respective lease liability at September 30, 2023 are as follows:

			Operating leases
Remaining of 2023			$	117,527
2024			118,058
2025			—
2026			—
2027			—
Thereafter			—
Total operating lease payments (undiscounted)			235,585
Less: Imputed interest			(61,786)
Lease liability as of September 30, 2023			$	173,799

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- References

No definition available.

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- Definition

The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//842-20/tableOfContent

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