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Leases
 3 Months Ended
Mar. 31, 2025
Leases [Abstract]  
LEASES

7. 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, 2025, the operating lease cost was $0.06 million.

 

The Company’s operating leases have remaining lease terms of approximately 25 months. As of March 31, 2025, the weighted average remaining lease term and weighted average discount rate were 2.08 years and 4.89%, respectively.

 

Maturities of lease liabilities were as follows:

 

   Operating 
As of March 31,  Lease 
From April 1, 2025 to March 31, 2026  $179,218 
From April 1, 2026 to March 31, 2027   145,567 
From April 1, 2027 to March 31, 2028   7,816 
Total  $332,601 
Less: amounts representing interest  $13,043 
Present Value of future minimum lease payments   319,558 
Less: Current obligations   168,901 
Long term obligations  $150,657 

 

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 nil for three months ended March 31, 2025.