COMMITMENTS AND CONTINGENCIES (Tables)

6 Months Ended

Jun. 30, 2024

COMMITMENTS AND CONTINGENCIES

SCHEDULE OF FUTURE MINIMUM ANNUAL LEASE PAYMENTS FOR OPERATING LEASES

As of June 30, 2024, the future minimum annual lease payments under the operating leases were as follows (in thousands):

	Total Minimum
	Lease Payments
2024		$	468
2025			242
Total operating lease payments			710
Less: Amount representing interest			(29)
Present value of net minimum lease payments		$	681

SCHEDULE OF SUPPLEMENTAL CASH FLOW

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 as of June 30, 2024 and as of December 31, 2023 were as follows (in thousands except lease term and discount rate):

	June 30,			December 31,
Operating lease liabilities:	2024			2023
Current		475			420
Non-current		206			255
Total lease liabilities	$	681		$	675
Weighted-average remaining lease term (in years)		1.4			1.5
Weighted-average incremental borrowing rate		6.4	%		6.0	%

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

	Six months ended June 30,
	2024		2023
Cash paid included in operating cash flows	$	254	$	246

SCHEDULE OF OPERATING LEASE EXPENSE

Rent expense was as follows (in thousands):

	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Operating lease	$	114	$	111	$	228	$	221
Short-term lease		83		—		165		—
Total rent expense	$	197	$	111	$	393	$	221