LEASES

12 Months Ended

Dec. 31, 2023

Leases

LEASES

16. LEASES

Lawrenceville, New Jersey Lease

In August 2023, the Company renewed its Lawrenceville office lease for a 24-month agreement for 9,850 square feet with monthly rent payments of approximately $22,983 to $23,394.

Huntsville, Alabama Lease

In January 2023, the Company renewed its Huntsville facility lease for a 60-month lease agreement for 11,420 square feet with monthly rent payments of approximately $28,550 to $30,903.

The following is a table of the lease payments and maturity of the Company’s operating lease liabilities as of December 31, 2023:

	For the year ending December 31,
2024	$	626,323
2025		543,009
2026		362,976
2027		370,236
2028 and Thereafter		30,903
Subtotal future lease payments		1,933,447
Less imputed interest		(308,733	)
Total lease liabilities	$	1,624,714
Weighted average remaining life		3.5 years
Weighted average discount rate		9.98	%

For 2023, operating lease expense was $646,633 and cash paid for operating leases included in operating cash flows was $644,593. For 2022, operating lease expense was $587,744 and cash paid for operating leases included in operating cash flows was $601,495. Amortization expense was approximately $472,000 and $535,000 for the years ended December 31, 2023 and 2022, respectively.