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Operating Lease Liabilities | 12 Months Ended
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Dec. 31, 2024
Operating Lease Liabilities [Abstract] |
OPERATING LEASE LIABILITIES |
6. | OPERATING LEASE LIABILITIES
The Company adopted ASU No. 2016-02 and related standards (collectively ASC 842, Leases), which replaced previous lease accounting guidance, on January 1, 2019 using the modified retrospective method of adoption. The Company elected the transition method expedient which allows entities to initially apply the requirements by recognizing a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. As a result of electing this transition method, prior periods have not been restated. Operating lease expense for the years ended December 31, 2024, 2023 and 2022 was $384,000, $551,041, and $1,221,081, respectively. On February 5, 2025, the Company entered into a virtual office lease agreement with a monthly lease payment of $189.60, effective through February 28, 2027. As of December 31, 2024, the lease had not yet commenced and no right-of-use asset or lease liability was recognized. Supplemental balance sheet information related to leases is as follows:
|  | Location on Face of Balance Sheet |  | December 31, 2024 |  |  | December 31, 2023 |
Operating leases: |  |  |  |  |  |  |  |  |  |
Operating lease right of use assets |  | Operating lease, right-of-use assets |  | $ | - |  |  | $ | 377 |
Current operating lease liabilities |  | Operating lease liabilities - current |  | $ | - |  |  | $ | 377 |
Non-current operating lease liabilities |  | Operating lease liabilities |  |  | - |  |  |  | - |
Total operating lease liabilities |  |  |  | $ | - |  |  | $ | 377 |

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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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