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Leases

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

Leases

11. Leases

​

Under ASC 842, Leases, the Company recognized an operating lease related to its corporate office as of June 30, 2024 summarized in the following table:

​	​	​	​	​	​	​
​		June 30,			December 31,
​	​	2024		​	2023
Asset	​	​	​	​	​	​
Operating lease right-of-use assets, long term	​	$	392,792	​	$	441,987
Total operating lease right-of-use assets	​	$	392,792	​	$	441,987
​	​	​	​	​	​	​
Liabilities	​	​	​	​	​	​
Operating lease liabilities	​	$	103,846	​	$	86,473
Operating lease liabilities, long term	​	​	415,805	​	​	476,911
Total operating lease liabilities	​	$	519,651	​	$	563,384
​	​	​	​	​	​	​
Operating lease costs	​	$	118,343	​	$	144,490
​	​	​	​	​	​	​
Cash paid for amounts included in the measurement of lease liabilities	​	​	​	​	​	​
Operating cash flows from operating leases	​	$	119,914	​	$	27,010
Right-of-use assets obtained in exchange for new operating lease liabilities	​	$	-	​	$	535,149
Weighted average remaining lease term (years) - operating lease	​	​	2.78	​	​	3.00
Weighted average discount rate (annualized) - operating lease	​	​	8.25%	​	​	8.25%

​

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 $0.12 million and $0.14 million as of June 30, 2024 and December 31, 2023, 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, 2024 are as follows:

​

​	​	​	​
​	​	Operating Leases
2024	​	$	67,375
2025	​	​	173,550
2026	​	​	177,021
2027	​	​	180,492
2028	​	​	183,963
Total minimum lease payments	​	​	782,401
Less: imputed interest	​	​	(262,750)
Present value of future minimum lease payments	​	​	519,651
Less: current obligations under leases	​	​	(103,846)
Long-term lease obligations	​	$	415,805

​

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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
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//842-20/tableOfContent

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