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Leases
 6 Months Ended
Jun. 30, 2024
Leases  
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 June 30, 2024:

 

       
2024   $314,270 
2025    543,009 
2026    362,976 
2027    370,236 
2028 and thereafter    30,903 
Subtotal future lease payments    1,621,394 
Less: imputed interest    (232,261)
Total lease liabilities   $1,389,133 
       
Weighted average remaining life    3.10 
       
Weighted average discount rate    9.98%

 

 

For the three-month and six-month periods ended June 30, 2024, operating lease expense was $159,942 and $314,457, respectively, and cash paid for operating leases included in operating cash flows was $162,545 and $325,091, respectively.

 

For the three-month and six-month periods ended June 30, 2023, operating lease expense was $165,446 and $324,722, respectively, and cash paid for operating leases included in operating cash flows was $173,753 and $340,457, respectively.