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Operating Lease Liabilities
 12 Months Ended
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