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Operating Leases | 3 Months Ended
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Mar. 31, 2024
Operating Leases [Abstract] |
Operating Leases | 5. Operating Leases The Company leases its office space in Menlo Park, California, under an operating lease agreement dated August 18, 2017, that was originally signed for a term of five years. The lease has been amended and extended several times since the original signing and currently expires in May 2025. Monthly payments are approximately $60,000. The lease includes common area maintenance costs that are paid separately from rent based on actual costs incurred. The Company’s future lease payments under the non-cancellable lease as of March 31, 2024, which are presented as lease liabilities on the Company’s condensed consolidated balance sheet, are as follows:
Period |  | Operating Lease |
Remainder of 2024 |  | $ | 553,636 |
2025 |  |  | 320,526 |
Total lease payments |  |  | 874,162 |
Less: imputed interest |  |  | (21,936 | )
Present value of lease liability |  | $ | 852,226 |
|  | March 31, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
Weighted-average remaining lease term (in years) |  |  | 1.17 |  |  |  | 1.42 |
Weighted -average discount rate |  |  | 3.60 | % |  |  | 3.05 | %
Lease expense under the Company’s operating lease was $180,660 and $142,586 for the three months ended March 31, 2024 and 2023, respectively. The amortization of the operating lease right-of-use assets totaled $171,148 and $138,020 for the three months ended March 31, 2024 and 2023, respectively. The weighted-average discount rate is based on the implicit interest rate of the present value of the remaining lease payments and the remaining lease term.

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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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