COMMITMENTS AND CONTINGENCIES (Tables)

3 Months Ended

Mar. 31, 2024

COMMITMENTS AND CONTINGENCIES

SCHEDULE OF FUTURE MINIMUM ANNUAL LEASE PAYMENTS FOR OPERATING LEASES

As of March 31, 2024, the future minimum annual lease payments under the operating leases were as follows (in thousands):

	Total Minimum
	Lease Payments
2024		$	571
2025			242
Total operating lease payments			813
Less: Amount representing interest			(39)
Present value of net minimum lease payments		$	774

SCHEDULE OF COMPONENTS OF OPERATING LEASES

As the Company’s leases do not provide an implicit rate, the Company uses an incremental borrowing rate based on the information available at the lease commencement date. The components of operating leases for the three months ended March 31, 2024 and year ended and December 31, 2023 were as follows (in thousands except lease term and discount rate):

	March 31,			December 31,
Operating lease liabilities:	2024			2023
Current		445			420
Non-current		329			255
Total lease liabilities	$	774		$	675
Weighted-average remaining lease term (in years)		1.6			1.5
Weighted-average incremental borrowing rate		6.4	%		6.0	%

SCHEDULE OF SUPPLEMENTAL CASH FLOW

Supplemental cash flow information related to cash paid for amounts included in the measurement of operating lease liabilities was as follows (in thousands):

	Three months ended March 31,
	2024		2023
Cash paid included in operating cash flows	$	127	$	123

SCHEDULE OF OPERATING LEASE EXPENSE

Operating lease expense was as follows (in thousands):

	Three months ended March 31,
	2024		2023
Operating lease	$	113	$	111
Short-term lease		83		—
Total rent expense	$	196	$	111