XML 33 R21.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2
Leases
 3 Months Ended
Mar. 31, 2024
Leases [Abstract]  
Leases

Note 12. Leases

 

Lawrenceville, New Jersey Lease

 

In August 2023, the Company renewed its Lawrenceville office lease for a 24-month agreement for 9,850 square feet with monthly rent payments of approximately $22,983 to $23,394.

 

Huntsville, Alabama Lease

 

In January 2023, the Company renewed its Huntsville facility lease for a 60-month lease agreement for 11,420 square feet with monthly rent payments of approximately $28,550 to $30,903.

 

The following is a table of the lease payments and maturity of the Company’s operating lease liabilities as of March 31, 2024:

 

         
2024   $ 470,581  
2025     543,009  
2026     362,976  
2027     370,236  
2028 and thereafter     30,903  
Subtotal future lease payments     1,777,705  
Less imputed interest     (269,032 )
Total lease liabilities   $ 1,508,673  
         
Weighted average remaining life     3.30  
         
Weighted average discount rate     9.98 %

 

For the three-month period ended March 31, 2024, operating lease expense was $154,514 and cash paid for operating leases included in operating cash flows was $162,545. For the three-month period ended March 31, 2023, operating lease expense was $159,276 and cash paid for operating leases included in operating cash flows was $166,705.