LEASES (Tables)

12 Months Ended

Dec. 31, 2022

LEASES [Abstract]

Summary of Lease Cost

A summary of lease cost recognized in the Company’s consolidated and combined statements of operations and comprehensive loss is as follows:

	For the Years Ended December 31,
	2022		2021
Operating leases cost excluding short-term rental expense	$	1,616,853	$	682,616
Short-term lease cost		238,386		4,974
Total	$	1,855,239	$	687,590

Summary of Supplemental Information Related to Operating Leases

A summary of supplemental information related to operating leases is as follows:

	December 31, 2022			December 31, 2021
Cash paid for amounts included in the measurement of lease liabilities	$	1,108,721		$	879,788
Weighted average remaining lease term	8.36 years			2.00 years
Weighted average discount rate		4.27	%		3.80	%

Summary of Maturity of Lease Liabilities Under Operating Leases

The following table summarizes the maturity of lease liabilities under operating leases as of December 31, 2022:

For the year ending December 31,	Operating Leases
2023	$	1,341,954
2024		1,296,713
2025		1,043,197
2026		1,086,121
2027		1,119,334
2028 and thereafter		4,679,951
Total lease payments		10,567,270
Less: imputed interest		1,832,354
Total		8,734,916
Less: current portion		1,313,334
Non-current portion	$	7,421,582