Annual report pursuant to Section 13 and 15(d)

COMMITMENTS AND CONTINGENCIES (Tables)

v3.24.0.1
COMMITMENTS AND CONTINGENCIES (Tables)
12 Months Ended
Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]  
SCHEDULE OF LEASE COSTS

The following table contains a summary of the lease costs recognized under ASC 842 and other information pertaining to the Company’s operating leases for the year ended December 31, 2023 and 2022:

 

 

2023

 

 

2022

 

Lease cost

 

 

 

 

 

 

Operating lease cost

 

$

1,240,473

 

 

$

1,240,473

 

Total lease cost

 

$

1,240,473

 

 

$

1,240,473

 

 

 

 

 

 

 

 

Other information

 

 

 

 

 

 

Weighted average remaining lease term

 

2.8 years

 

 

3.8 years

 

Weighted average discount rate

 

 

8.00

%

 

 

8.00

%

SCHEDULE OF MATURITIES OF OPERATING LEASE LIABILITIES

Pursuant to the terms of the Company’s non-cancelable lease agreements in effect at December 31, 2023, the following table summarizes the Company’s maturities of operating lease liabilities as of December 31, 2023:

 

2024

 

$1,747,447

2025

 

1,794,889

2026

 

1,688,145

Total lease payments

 

$5,230,481

 

 

Less: imputed interest

 

(555,127)

Total

 

$4,675,354

SUMMARY OF UNDISCOUNTED SUBLEASE CASH INFLOWS

Undiscounted sublease cash inflows have been summarized in the following table:

 

2024

 

$279,585

2025

 

291,697

2026

 

252,333

Total sublease payments

 

$823,615