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Leases | 6 Months Ended
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Jun. 30, 2024
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 six months ended June 30, 2024, the operating lease cost was $0.37 million. The Company’s operating leases have remaining lease terms of approximately 50 months. As of Juen 30, 2024, the weighted average remaining lease term and weighted average discount rate were 3.40 years and 4.75%, respectively. Maturities of lease liabilities were as follows:
|  | Operating |
As of June 30, |  | Lease |
From July 1, 2024 to July 31, 2025 |  | $ | 459,107 |
From July 1, 2025 to July 31, 2026 |  |  | 348,050 |
From July 1, 2026 to July 31, 2027 |  |  | 305,433 |
From July 1, 2027 to July 31, 2028 |  |  | 200,526 |
From July 1, 2028 to August 30, 2028 |  |  | 83,553 |
Total |  | $ | 1,396,669 |
Less: amounts representing interest |  | $ | 143,099 |
Present Value of future minimum lease payments |  |  | 1,253,570 |
Less: Current obligations |  |  | 398,522 |
Long term obligations |  | $ | 855,048 |
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 $6,881 for six months ended June 30, 2024.

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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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