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Operating Leases | 3 Months Ended
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Mar. 31, 2024
Operating Leases |
Operating Leases | Note 8 – Operating Leases Leases with an initial term of 12 months or less are not recorded on the balance sheet. The Company accounts for the lease and non-lease components of its leases as a single lease component. Rent expense is recognized on a straight-line basis over the lease term. Operating lease Right-of-Use (“ROU”) assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Generally, the implicit rate of interest in arrangements is not readily determinable and the Company utilizes its incremental borrowing rate in determining the present value of lease payments. The Company’s incremental borrowing rate is a hypothetical collateralized borrowing rate based on its understanding of what its credit rating would be. The operating lease ROU asset includes any lease payments made and excludes lease incentives. On November 19, 2021, the Company entered into a sublease with a third party for 4,500 square feet of office space located in Brisbane, California, with a commencement date of January 1, 2022 and maturing on June 30, 2024. As a result of this agreement, the Company recognized ROU asset and liability of $247,294 pursuant to ASC 842, Leases. On February 8, 2022, the Company entered into a copier lease which will end on February 7, 2025. As a result, the Company recognized additional ROU asset and liability of $13,000. In October 2023, this lease was cancelled and the remaining ROU asset of $6,000 was written off against the cancelled lease liability. As a result of these lease agreements, the Company recognized ROU asset and liability in the aggregate of $260,294. The total rent expense related to these leases reflected on the Company’s Condensed Consolidated Statements of Operations totaled $25,000 and $29,000 for the three months ended March 31, 2024 and 2023, respectively. Other information related to leases and future minimum lease payments under non-cancellable operating leases were as follows: Schedule of Other Information Related Leases Under Non-Cancellable
|  | March 31, 2024 (Unaudited) |  |  | March 31, 2023 (Unaudited) |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 30 |  |  | $ | 30 |
Weighted-average remaining lease term (in years): |  |  |  |  |  |  |  |
Operating leases |  |  | 0.25 |  |  |  | 1.5 |
Weighted-average discount rate: |  |  |  |  |  |  |  |
Operating leases |  |  | 10 | % |  |  | 10 | %
Future minimum lease payments under non-cancellable operating leases were as follows (in thousands): Schedule of Future Minimum Lease Payments
|  | March 31, 2024 (Unaudited) |
Within one year |  | $ | 30 |
After one year and within two years |  |  | - |
After two years and within three years |  |  | - |
Thereafter |  |  | - |
Total future minimum lease payments |  |  | 30 |
Less – Discount |  |  | (0 | )
Lease liability |  | $ | 30 |

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- Definition The entire disclosure for lessor's operating leases. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-30/tableOfContent + Details
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