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RESTRUCTURING AND SEVERANCE
6 Months Ended
Jun. 30, 2024
Restructuring and Related Activities [Abstract]  
RESTRUCTURING AND SEVERANCE

4. RESTRUCTURING AND SEVERANCE

 

Restructuring and severance charges consist of the following for the six months ended June 30, 2024 and 2023, respectively:

 

   June 30, 2024   June 30, 2023 
         
Severance expense  $1,404,038   $800,000 
Rent expense   10,800    567,372 
Total restructuring and severance  $1,414,838   $1,367,372 

 

The changes in the carrying amount of restructuring and severance liabilities for the period from January 1, 2024 through June 30, 2024 consisted of the following:

 

Balance, January 1, 2024  $2,250,000 
Additions and adjustments   1,485,000 
Payments and adjustments   (1,202,844)
Balance, June 30, 2024  $2,532,156