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Leases | 3 Months Ended
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Mar. 31, 2024
Leases [Abstract] |
Leases | 13. LEASES The Company currently leases an office used to conduct business. The Company regularly evaluates the renewal options and when they are reasonably certain of exercise, the Company includes the renewal period in its lease term. As the Company’s lease does not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of the lease payments. In November 2023, the Company entered into a lease amendment that extended the lease by 12 months through December 31, 2024 and contained two options to extend the term of the lease for an additional 12 months each. Each option shall be exercisable, if at all, by giving a nine month written notice to the landlord. In April 2024, the Company extended the option to extend the term of the lease for an additional 12 months into December 2025, which will have no impact on the balance sheet as the option to extend the term of the lease for an additional 12 months was accounted for as of December 31, 2023. As of March 31, 2024, the Company maintained an unamortized Right-Of-Use asset with a corresponding operating lease liability of approximately $0.5 million based on the present value of the minimum rental payments in accordance with ASC Topic 842, Leases. The weighted average discount rate used for leases as of March 31, 2024 is 9.1%. The weighted average remaining lease term as of March 31, 2024 was 1.75 years. The operating lease expense for the three months ended March 31, 2024 was $70.1 thousand. Maturities and balance sheet presentation of the Company’s lease liabilities for all operating leases as of March 31, 2024 is as follows:
2024 remaining total lease payments |  | $ | 492,096 |
Less: effect of discounting |  |  | (39,061 | )
Present value of lease liabilities |  | $ | 453,035 |
Current operating lease liabilities |  | $ | 247,021 |
Non-current operating lease liabilities |  | $ | 206,014 |
Total |  | $ | 453,035 |
The Company’s gross future minimum payments under all non-cancelable operating leases as of March 31, 2024, are:
|  | Total |  |  | 2024 |  |  | 2025 |  |  | 2026 |  |  | 2027 |
Operating lease obligations |  | $ | 492,096 |  |  | $ | 206,891 |  |  | $ | 285,205 |  |  | $ | — |  |  | $ | — |

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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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