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Leases | 12 Months Ended
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Dec. 31, 2023
Leases [Abstract] |
LEASES | NOTE 13 – LEASES In February 2016, the Financial Accounting Standards Board (“FASB”) issued new accounting guidance on leases. The accounting standard, effective January 1, 2019, requires virtually all leases to be recognized on the balance sheet. Under the guidance, we have elected not to separate lease and non-lease components in recognition of the lease-related assets and liabilities, as well as the related lease expense. We had operating leases with terms greater than 12 months for office space in four multi-tenant facilities, which are recorded as ROU assets and Operating lease liabilities. For the years ended December 31, 2023 and 2022, the Company’s lease cost consisted of the following components, each of which is included in operating expenses within the Company’s consolidated statements of operations:
|  | 2023 |  |  | 2022 |
Operating lease cost |  | $ | 95,765 |  |  | $ | 100,771 |
Short-term lease cost (1) |  |  | 38,850 |  |  |  | 75,784 |
Total lease cost |  | $ | 134,615 |  |  | $ | 176,555 |
(1) | Short-term lease cost includes any lease with a term of less than 12 months.
The table below presents the future minimum lease payments to be made under operating leases as of December 31, 2023:
For the year ending December 31, |  |  |
2024 |  | $ | 260,016 |
2025 |  |  | 178,082 |
2026 |  |  | 113,802 |
2027 |  |  | 65,866 |
2028 |  |  | 45,160 |
Total |  |  | 662,926 |
Less: present value discount |  |  | 69,863 |
Total lease liabilities |  | $ | 593,063 |
The weighted average remaining lease term for operating leases is 3.17 and the weighted average discount rate used in calculating the operating lease asset and liability is 6.7%. Cash paid for amounts included in the measurement of lease liabilities was $78,875. For the year ended December 31, 2023, payments on lease obligations were $91,228 and amortization on the right of use assets was $94,564. For the year ended December 31, 2022, payments on lease obligations were $101,405 and amortization on the right of use assets was $101,433.

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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 + Details
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