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Leases
 3 Months Ended
Mar. 31, 2024
Leases [Abstract]  
LEASES

Note 8 — LEASES

 

As discussed in Note 9 – Related Party Transactions, the Company had a property lease with a related party which terminated on March 14, 2024. Lease expenses under this lease were $6,000 for the three months ended March 31, 2024 and 2023, and were included in general and administrative costs in the condensed consolidated statements of operations.

 

On March 1, 2024, the Company’s entered into an operating property lease with an initial term of 5 years, with an option to extend for another five-year term which is not reasonably certain to extend. Lease expenses under this lease were $3,198 and $0 for the three months ended March 31, 2024 and 2023, respectively, and was included in general and administrative costs in the condensed consolidated statements of operations. Total cash paid for operating leases was $2,475 per month with a remaining term of 60 months and a discount rate of 4.69%.

 

At March 31, 2024, approximate future minimum rental payments required under the lease agreement are as follows:

 

   Operating
Lease		 
Remainder of 2024  $22,275 
2025   36,700 
2026   39,370 
2027   40,945 
2028   42,582 
Thereafter   10,714 
Total undiscounted lease payments   192,586 
Less: effects of discounting   (21,747)
Operating Lease Liability  $170,839 
      
Classified as:     
Current lease liabilities  $22,981 
Non-current lease liabilities  $147,858