Leases

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

LEASES

Note 7 — LEASES

As discussed in Note 8 – Related Party Transactions, the Company had a property lease with a related party which terminated on March 14, 2024. Lease expenses under this lease were $0 and $6,000 for the three and six months ended June 30, 2024, respectively. For the three and six months ended June 30, 2023, lease expenses under this lease were $8,000 and $12,000, respectively. Lease expense is included in general and administrative costs on the accompanying the condensed consolidated statements of operations.

On March 1, 2024, the Company’s entered into an operating property lease with an initial term of 5 years, with an option to extend for another five-year term which is not reasonably certain to extend. Lease expenses under this lease were $9,593 and $12,791, respectively for the three and six months ended June 30, 2024 which was included in general and administrative costs in the condensed consolidated statements of operations. Total cash paid for operating leases was $2,475 per month with a remaining term of 57 months and a discount rate of 4.69%.

At June 30, 2024, approximate future minimum rental payments required under the lease agreements are as follows:

	Operating Lease
Remainder of 2024	$	14,850
2025		36,700
2026		39,370
2027		40,495
2028		42,583
Thereafter		10,714
Total undiscounted lease payments		185,162
Less: effects of discounting		(19,795	)
Operating Lease Liability	$	165,367
Classified as:
Current lease liabilities	$	25,368
Non-current lease liabilities	$	139,999