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LEASES (Tables) | 6 Months Ended
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Jun. 30, 2024
LEASES [Abstract] |
Supplemental Cash Flow Information and Non-Cash Activity Related to Leases | Supplemental cash flow information and non-cash activity related to leases are as follows:
|  | For the Six Months Ended June 30, |
|  | 2024 |  |  | 2023 |
Cash used in operating leases |  | $ | 10,962 |  |  | $ | 11,412 |
ROU assets obtained in exchange for new lease obligations |  | $ | 46,876 |  |  | $ | — |
ROU Lease Assets and Lease Liabilities | ROU lease assets and lease liabilities for the Company’s operating leases were recorded in the condensed consolidated balance sheet as follows:
|  | June 30, 2024 |  |  | December 31, 2023 |
Right of use assets, net |  | $ | 46,876 |  |  | $ | 10,664 |
Short-term operating lease liabilities |  | $ | 22,872 |  |  | $ | 10,664 |
Long-term operating lease liabilities |  |  | 24,004 |  |  |  | — |
Total lease liabilities |  | $ | 46,876 |  |  | $ | 10,664 |
Weighted average remaining lease term (in years) |  |  | 2.00 |  |  |  | 0.50 |
Weighted average discount rate |  |  | 4.8% |  |  |  | 9.5% |
Components of Lease Expenses | The components of lease expense were as follows for each of the periods presented, which are included in general and administrative expenses in the condensed consolidated statements of operations:
|  | For the Three Months Ended June 30, |  |  | For the Six Months Ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Operating lease expense |  | $ | 5,481 |  |  | $ | 5,481 |  |  | $ | 10,962 |  |  | $ | 11,412 |
Short-term lease expense |  |  | 6,956 |  |  |  | 8,067 |  |  |  | 14,998 |  |  |  | 12,879 |
Total operating lease costs |  | $ | 12,437 |  |  | $ | 13,548 |  |  | $ | 25,960 |  |  | $ | 24,291 |
Future Lease Payments Included in Measurement of Lease Liabilities | Future lease payments included in the measurement of lease liabilities on the condensed consolidated balance sheet as of June 30, 2024, were as follows:
|  | June 30, 2024 |
2024 (remaining) |  | $ | 12,306 |
2025 |  |  | 24,612 |
2026 |  |  | 12,306 |
Total future minimum lease payments |  |  | 49,224 |
Less imputed interest |  |  | (2,348 | )
Total |  | $ | 46,876 |

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- Definition Tabular disclosure of lessee's operating lease assets and liabilities recognized in the statement of financial position. + References No definition available. + Details
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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-4 + Details
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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-6 + Details
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- Definition Tabular disclosure of supplemental cash flow information for the periods presented. + References No definition available. + Details
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