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Leases
 9 Months Ended
Sep. 30, 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 September 30, 2024:

 

      
2024  $157,544 
2025   543,009 
2026   362,976 
2027   370,236 
2028 and thereafter   30,903 
Subtotal future lease payments   1,464,668 
Less: imputed interest   (198,492)
Total lease liabilities  $1,266,176 
      
Weighted average remaining life   2.91 
      
Weighted average discount rate   9.98%

 

 

For the three-month and nine-month periods ended September 30, 2024, operating lease expense was $164,944 and $479,401, respectively, and cash paid for operating leases included in operating cash flows was $162,956 and $488,047, respectively.

 

For the three-month and nine-month periods ended September 30, 2023, operating lease expense was $163,201 and $487,923, respectively, and cash paid for operating leases included in operating cash flows was $162,808 and $489,993, respectively.