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Leases

6 Months Ended

Jun. 30, 2023

Leases [Abstract]

Leases

11. Leases

​

Under ASC 842, Leases, the Company recognized an operating lease related to its corporate office as of June 30, 2023 summarized in the following table:

​

​	​	​	​	​	​	​
​		June 30,			December 31,
​	​	2023		​	2022
Asset	​	​	​	​	​	​
Operating lease right-of-use assets	​	$	-	​	$	31,383
Operating lease right-of-use assets, long term	​	​	495,842	​	​	-
Total operating lease right-of-use assets	​	$	495,842	​	$	31,383
​	​	​	​	​	​	​
Liabilities	​	​	​	​	​	​
Operating lease liabilities	​	$	24,748	​	$	35,299
Operating lease liabilities, long term	​	​	519,652	​	​	-
Total operating lease liabilities	​	$	544,400	​	$	35,299
​	​	​	​	​	​	​
Operating lease costs	​	$	71,652	​	$	32,097
​	​	​	​	​	​	​
Cash paid for amounts included in the measurement of lease liabilities	​	​	​	​	​	​
Operating cash flows from operating leases	​	$	27,010	​	$	106,798
​	​	​	​	​	​	​
Weighted average remaining lease term (years) - operating lease	​	​	3.27	​	​	0.33
Weighted average discount rate (annualized) - operating lease	​	​	8.25%	​	​	8.09%

​

The Company had one office lease that expired in April 2023.  On March 1, 2023, the Company commenced a new office lease with a 70 month lease term and future lease payments estimated to be approximately $0.85 million. There are no other pending leases, and no lease arrangements in which the Company is the lessor. Lease expense for operating leases was $0.07 million and $0.03 million as of June 30, 2023 and December 31, 2022, respectively. This lease expense is presented in other general and administrative expenses in the consolidated statements of operations and comprehensive income.

​

Future minimum lease payments as of June 30, 2023 are as follows:

​

​	​	​	​
​	​	Operating Leases
2023	​	$	—
2024	​	​	134,750
2025	​	​	173,550
2026	​	​	177,021
2027	​	​	180,492
Thereafter	​	​	183,963
Total minimum lease payments	​	​	849,776
Less: imputed interest	​	​	(305,376)
Present value of future minimum lease payments	​	​	544,400
Less: current obligations under leases	​	​	(24,748)
Long-term lease obligations	​	$	519,652
​	​	​	​

​

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- References

No definition available.

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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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-URI https://asc.fasb.org/subtopic&trid=77888251

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