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Leases

3 Months Ended

Mar. 31, 2024

10. 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 three months ended March 31, 2024, the operating lease cost was $0.18 million.

The Company’s operating leases have remaining lease terms of approximately 53 months. As of March 31, 2024, the weighted average remaining lease term and weighted average discount rate were 3.56 years and 4.75%, respectively.

Maturities of lease liabilities were as follows:

	Operating
As of March 31,	Lease
From April 1, 2024 to March 31, 2025	$	435,223
From April 1, 2025 to March 31, 2026		254,858
From April 1, 2026 to March 31, 2027		241,275
From April 1, 2027 to March 31, 2028		200,526
From April 1, 2028 to March 31, 2029		83,553
Total	$	1,215,435
Less: amounts representing interest	$	86,998
Present Value of future minimum lease payments		1,128,437
Less: Current obligations		382,172
Long term obligations	$	746,265

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 $1,979 for three months ended March 31, 2024.