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LEASES | 6 Months Ended
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Jun. 30, 2023
LEASES [Abstract] |
LEASES | NOTE 12 - LEASES The Company leases offices space under non-cancellable operating leases. The Company considers those renewal or termination options that are reasonably certain to be exercised in the determination of the lease term and initial measurement of right of use assets and lease liabilities. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Leases with an initial term of 12 months or less are not recorded on the balance sheets. The Company determines whether a contract is or contains a lease at inception of the contract and whether that lease meets the classification criteria of a finance or operating lease. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. A summary of lease cost recognized in the Company’s consolidated statements of operations and comprehensive loss is as follows:
| For the Six Months Ended June 30, |
| 2023 |  | 2022 |
Operating leases cost excluding short-term rental expense |  | $ | 1,830,796 |  |  | $ | 740,871 |
Short-term lease cost |  |  | 487,482 |  |  |  | 38,277 |
Total |  | $ | 2,318,278 |  |  | $ | 779,148 |
A summary of supplemental information related to operating leases is as follows:
| June 30, 2023 |  | June 30, 2022 |
Cash paid for amounts included in the measurement of lease liabilities |  | $ | 1,817,787 |  |  | $ | 552,812 |
Weighted average remaining lease term | 6.42 years |  | 8.87 years |
Weighted average discount rate |  |  | 6.09 | % |  |  | 2.87 | %
The Company’s lease agreements do not have a discount rate that is readily determinable. The incremental borrowing rate is determined at lease commencement or lease modification and represents the rate of interest the Company would have to pay to borrow on a collateralized basis over a similar term and an amount equal to the lease payments in a similar economic environment. The following table summarizes the maturity of lease liabilities under operating leases as of June 30, 2023:
|  | Operating Leases |
For the remaining of 2023 |  | $ | 2,164,170 |
Years ended December 31, |  |  |  |
2024 |  |  | 4,450,712 |
2025 |  |  | 3,657,598 |
2026 |  |  | 3,734,252 |
2027 |  |  | 3,860,963 |
2028 and thereafter |  |  | 6,626,757 |
Total lease payments |  |  | 24,494,452 |
Less: imputed interest |  |  | 4,189,175 |
Total |  |  | 20,305,277 |
Less: current portion |  |  | 4,303,890 |
Non-current portion |  | $ | 16,001,387 |

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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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