Leases (Tables)

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Schedule of Operating Leases Right of Use Asset

	September 30, 2024		December 31, 2023
Operating Leases
Office space	$	895,623	$	—
Vehicles		168,036		155,253
Total right–of–use asset	$	1,063,659	$	155,253
Office space	$	898,736	$	—
Vehicles		154,092		135,706
Total lease liability	$	1,052,827	$	135,706

Schedule of Components of Lease Costs

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Operating lease cost	$	50,654	$	—	$	140,579	$	—
Short–term lease cost (1)		—		—		25,200		—
Variable lease cost (2)		3,196				9,588
Total lease cost	$	53,850	$	—	$	175,367	$	—

(1)	One of the Company’s office space operating leases, which expired in September 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.
(2)	Variable lease costs include operating costs, such as parking and property taxes, associated with the Company’s office leases. The Company expenses variable lease costs as they are incurred.

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

	Operating Leases
Weighted–average lease term (years)		4.4
Weighted–average discount rate		10.2	%

 

Schedule of Future Commitments of Operating Lease Liabilities

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

	Operating Leases
October 1, 2024 through September 30, 2025	$	247,493
October 1, 2025 through September 30, 2026		327,011
October 1, 2026 through September 30, 2027		235,919
October 1, 2027 through September 30, 2028		219,725
October 1, 2028 through September 30, 2029		224,400
Thereafter		114,537
Total lease payments		1,369,085
Less: imputed interest		(316,258	)
Total lease liability	$	1,052,827

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:

	Nine Months Ended September 30,
	2024		2023
Cash paid for amounts included in the measurement of lease liabilities – operating cash flows from operating leases	$	131,650	$	—
Right–of–use assets obtained in exchange for operating liabilities	$	1,019,744	$	—