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Leases

6 Months Ended

Jun. 30, 2024

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.