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Leases

6 Months Ended

Jun. 30, 2024

8. Leases

Our leases are primarily related to office space and are classified as operating leases.

Lease Costs

For the three months ended June 30, 2024 and 2023, we recorded approximately $174,000 and $185,000, respectively, of fixed cost operating lease expense. For the six months ended June 30, 2024 and 2023 we recorded approximately $352,000 and $375,000, respectively, of fixed cost operating lease expense.

Cash paid for operating leases approximated operating lease expense and non-cash right of use asset amortization for the six months ended June 30, 2024 and 2023. We did not obtain any new operating lease right-of-use assets in the six months ended June 30, 2024.

Balance Sheet Classification

The table below presents the lease related assets and liabilities recorded on the balance sheet.


	June 30,		December 31,
	2024		2023
Operating leases:	(Unaudited)
Right-of-use operating lease assets:
Property and equipment, net and other assets	$	1,587,152	$	1,862,455

Lease liabilities:
Accounts payable and accrued liabilities	$	464,651	$	493,928
Other long-term liabilities		1,057,136		1,274,691
Total operating lease liabilities	$	1,521,787	$	1,768,619