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COMMITMENTS AND CONTINGENCIES | 3 Months Ended
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Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract] |
COMMITMENTS AND CONTINGENCIES | 11. COMMITMENTS AND CONTINGENCIES Commitments Operating lease right-of-use (“ROU”) assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our 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 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. Our variable lease payments primarily consist of maintenance and other operating expenses from our real estate leases. Variable lease payments are excluded from the ROU assets and lease liabilities and are recognized in the period in which the obligation for those payments is incurred. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. The Company has lease agreements with lease and non-lease components. The Company has elected to account for these lease and non-lease components as a single lease component. NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS 11. COMMITMENTS AND CONTINGENCIES (Continued) In accordance with ASC 842, the components of lease expense were as follows: SCHEDULE OF OPERATING LEASE EXPENSE
For the three months ended |  | 2024 |  |  | 2023 |
|  | March 31, |
For the three months ended |  | 2024 |  |  | 2023 |
Operating lease expense |  | $ | 245,587 |  |  | $ | 231,970 |
Total lease expense |  | $ | 245,587 |  |  | $ | 231,970 |
In accordance with ASC 842, other information related to leases was as follows: SCHEDULE OF OTHER INFORMATION RELATED TO OPERATING LEASES
For the three months ended |  | 2024 |  |  | 2023 |
Operating cash flows from operating leases |  | $ | 221,460 |  |  | $ | 178,693 |
Cash paid for amounts included in the measurement of lease liabilities |  | $ | 221,460 |  |  | $ | 178,693 |
Weighted-average remaining lease term—operating leases |  |  |  |  |  |  | 7.8 Years |
Weighted-average discount rate—operating leases |  |  |  |  |  |  | 7 | %
SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS
|  | Operating |
Year ending: |  | Lease |
2024 (remaining nine months) |  | $ | 672,302 |
2025 |  |  | 923,862 |
2026 |  |  | 919,143 |
2027 |  |  | 882,733 |
2028 |  |  | 862,836 |
Thereafter |  |  | 3,431,562 |
Total undiscounted cash flows |  | $ | 7,692,438 |
Reconciliation of lease liabilities: |  |  |  |
Weighted-average remaining lease terms |  |  | 7.8 Years |
Weighted-average discount rate |  |  | 7 | %
Present values |  | $ | 6,124,495 |
Lease liabilities—current |  |  | 589,561 |
Lease liabilities—long-term |  |  | 5,534,934 |
Lease liabilities—total |  | $ | 6,124,495 |
Difference between undiscounted and discounted cash flows |  | $ | 1,567,945 |
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

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