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OPERATING LEASES | 3 Months Ended
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Mar. 31, 2024
Operating Leases |
OPERATING LEASES | NOTE 6 – OPERATING LEASES The Company periodically enters operating lease contracts for office space and equipment. Arrangements are evaluated at inception to determine whether such arrangements constitute a lease. Right of use assets (“ROU assets”) represent the right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities were recognized on the transition date based on the present value of lease payments over the respective lease term, with the office space ROU asset adjusted for deferred rent liability. The Company has three material operating leases for office space. In March and September of 2023, the Company amended its primary office lease to obtain additional space, as well as extend the term. The leases have remaining lease terms of 81, 17 and 34 months as of March 31, 2024. For practical expediency, the Company has elected to not recognize ROU assets and lease liabilities related to short-term leases. In accordance with ASC Topic 842, Leases, the Company has recorded ROU assets of $1,894,687 and a related lease liability of $2,003,403 as of March 31, 2024. The Company recorded lease expense of $138,798 and $88,419 for the three months ended March 31, 2024 and 2023, respectively. Cash paid for amounts included in the measurement of operating lease liabilities was $133,509 and $87,691 for the three months ended March 31, 2024 and 2023, respectively. The present value of the Company’s operating lease liabilities as of March 31, 2024 is shown below. Maturity of Operating Lease Liabilities SCHEDULE OF OPERATING LEASE LIABILITY
|  | March 31, 2024 |
Remainder of 2024 |  | $ | 371,508 |
2025 |  |  | 532,053 |
2026 |  |  | 379,529 |
2027 |  |  | 297,947 |
2028 |  |  | 295,689 |
2029 |  |  | 300,158 |
Thereafter |  |  | 604,049 |
Total lease payments |  |  | 2,780,933 |
Less imputed interest |  |  | (777,530 | )
Present Value of Lease Liabilities |  | $ | 2,003,403 |
Operating lease liabilities – current |  | $ | 377,273 |
Operating lease liabilities – long-term |  | $ | 1,626,130 |
As of March 31, 2024, the Company’s operating leases had a weighted average remaining lease term of 5.8 years and a weighted average discount rate of 7.65%.

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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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