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Leases

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

LEASES

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 nine months ended September 30, 2024, the operating lease cost was $0.56 million.

The Company’s operating leases have remaining lease terms of approximately 35 months. As of September 30, 2024, the weighted average remaining lease term and weighted average discount rate were 2.93 years and 4.80%, respectively.

Maturities of lease liabilities were as follows:

		Operating
As of September 30,		Lease
From October 1, 2024 to September 30, 2025		$	636,941
From October 1, 2025 to September 30, 2026			375,331
From October 1, 2026 to September 30, 2027			269,050
From October 1, 2027 to September 30, 2028			183,817
Total		$	1,465,139
Less: amounts representing interest		$	83,998
Present Value of future minimum lease payments			1,381,141
Less: Current obligations			575,159
Long term obligations		$	805,982

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 $22,334 for nine months ended September 30, 2024.