Operating Leases

12 Months Ended

Dec. 31, 2022

Operating Leases [Abstract]

Operating Leases

Note 12 – Operating Leases:

The Company leases space in four different locations, Arlington, VA, Leesburg, VA, Hoboken, NJ and Minneapolis, MN, under lease agreements which expire at various dates through September 30, 2027. The Company’s leases do not provide an implicit rate, and therefore the Company uses its incremental borrowing rate as the discount rate when measuring operating lease assets and liabilities. The incremental borrowing rate represents an estimate of the interest rate the Company would incur at lease commencement to borrow an amount equal to the lease payments on a collateralized basis over the term of a lease.

The table below reconciles the undiscounted future minimum lease payments under these operating leases to the total operating lease liabilities recognized on the consolidate balance sheet as of December 31, 2022:

Year	Lease Payments Due
2023	$	341,952
2024	$	332,762
2025	$	341,081
2026	$	349,608
2027	$	267,092
Less: imputed Interest	$	(380,239	)
Present Value of operating lease liabilities	$	1,252,254

Other information related to operating lease liabilities consists of the following:

	Year Ended December 31,
	2022			2021
Cash paid for operating lease liabilities	$	125,238		$	26,519
Weighted average remaining lease term in years		4.7			0.8
Weighted average discount rate		10	%		10	%