Leases (Tables)

6 Months Ended

Jun. 30, 2024

Leases

Schedule of Operating Leases Right of Use Asset

	June 30, 2024		December 31, 2023
Operating Leases
Office space	$	171,760	$	—
Vehicles		184,690		155,253
Total right–of–use asset	$	356,450	$	155,253
Office space	$	174,384	$	—
Vehicles		168,968		135,706
Total lease liability	$	343,351	$	135,706

Schedule of Components of Lease Costs

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Operating lease cost	$	50,654	$	—	$	89,925	$	—
Short–term lease cost (1)		12,600		—		25,200		—
Total lease cost	$	63,254	$	—	$	115,125	$	—

⁽¹⁾ One of the Company’s office space operating leases, which expired in June 2024, had an initial lease term of less than 12 months and was considered a short-term lease. The Company does not capitalize short–term leases, instead the costs are expensed as they are incurred.

The Company’s weighted–average remaining lease terms and discount rates as of June 30, 2024 are as follows:

	Operating Leases
Weighted–average lease term (years)		1.8
Weighted–average discount rate		10.2	%

 

Schedule of Future Commitments of Operating Lease Liabilities

As of June 30, 2024, the Company’s future lease commitments by year consisted of the following:

	Operating Leases
2024	$	96,776
2025		197,138
2026		82,479
2027		3,738
Total lease payments		380,131
Less: imputed interest		(36,780	)
Total lease liability	$	343,351

Schedule of Supplemental Cash Flow Related to Leases

The Company’s supplemental cash flow disclosures related to operating leases are presented below for the periods indicated:

	Six Months Ended June 30,
	2024		2023
Cash paid for amounts included in the measurement of lease liabilities – operating cash flows from operating leases	$	83,261	$	—
Right–of–use assets obtained in exchange for operating liabilities	$	270,290	$	—