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Leases
 9 Months Ended
Sep. 30, 2023
Leases [Abstract]  
LEASES

11. LEASES

 

The Company’s non-cancellable operating leases consist of leases for office space. The Company is the lessee under the terms of the operating leases. For the nine months ended September 30, 2023, the operating lease cost was $0.80 million.

 

The Company’s operating leases have remaining lease terms of approximately 42 months. As of September 30, 2023, the weighted average remaining lease term and weighted average discount rate were 3.50 years and 4.75%, respectively.

 

Maturities of lease liabilities were as follows:

 

   Operating 
As of September 30,  Lease 
From October 1, 2023 to September 30, 2024  $358,374 
From October 1, 2024 to September 30, 2025   204,000 
From October 1, 2025 to September 30, 2026   204,000 
From October 1, 2026 to September 30, 2027   102,000 
Total  $868,374 
Less: amounts representing interest  $65,394 
Present Value of future minimum lease payments   802,980 
Less: Current obligations   289,781 
Long term obligations  $513,199 

 

The Company leases office space and equipment under various short-term operating leases. As permitted by ASC 842, the Company has elected the practical expedient for short-term leases, whereby lease assets and lease liabilities are not recognized on the balance sheet. Short term leases cost was $0.17 million for nine months ended September 30, 2023.