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Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

LEASES

11. LEASES

The Company’s noncancelable operating leases consist of leases for office spaces and computer processing center. The Company is the lessee under the terms of the operating leases. For the year ended December 31, 2023, the operating lease cost was $1.29 million.

The Company’s operating leases have remaining lease terms of approximately 42 months. As of December 31, 2023, the weighted average remaining lease term and weighted average discount rate were 3.52 years and 4.75%, respectively.

Maturities of lease liabilities were as follows:

		Operating
As of December 31, 2023		Lease
From January 1, 2024 to December 31, 2024		$	556,658
From January 1, 2025 to December 31, 2025			254,953
From January 1, 2026 to December 31, 2026			254,953
From January 1, 2027 to December 31, 2027			200,526
From January 1, 2028 to March 31, 2028			133,684
Total		$	1,400,774
Less: amounts representing interest		$	104,694
Present Value of future minimum lease payments			1,296,080
Less: Current obligations			498,736
Long term obligations		$	797,344

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 $0.26 million for the year ended December 31, 2023.