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Leases | 9 Months Ended
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Sep. 30, 2024
Leases [Abstract] |
Leases | 13. LEASES The Company currently leases an office used to conduct business. The Company regularly evaluates renewal options, the probability of executing on such options, and the renewal period in the lease term. As the Company’s lease does not provide an implicit rate, the Company, in determining the present value of the lease payments, uses an incremental borrowing rate based on the information available at the lease commencement date. 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). The extension was included in the December 31, 2023 financials. As of September 30, 2024, the Company maintained an unamortized Right-Of-Use asset with a corresponding operating lease liability of approximat ely $0.4 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 September 30, 2024 is 9.1%. The weighted average remaining lease term as of September 30, 2024 was 1.3 years. The operating lease expense for the nine months ended September 30, 2024 was $0.2 million. Maturities and balance sheet presentation of the Company’s lease liabilities for all operating leases as of September 30, 2024 is as follows:
Remaining total lease payments |  | $ | 354,169 |
Less: effect of discounting |  |  | (20,694 | )
Present value of lease liabilities |  | $ | 333,475 |
Current operating lease liabilities |  | $ | 263,241 |
Non-current operating lease liabilities |  | $ | 70,234 |
Total |  | $ | 333,475 |
The Company’s gross future minimum payments under all non-cancelable operating leases as of September 30, 2024 are:
|  | Total |  |  | 2024 |  |  | 2025 |  |  | 2026 |  |  | 2027 |
Operating lease obligations |  | $ | 354,169 |  |  | $ | 68,964 |  |  | $ | 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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