Lease Payable

12 Months Ended

Dec. 31, 2023

Lease Payable

Lease Payable

6. Lease Payable

The Company leases its headquarters office. Leases with an initial term of 12 months or less or are immaterial are not included on the balance sheets. During the year ended December 31, 2020, the Company entered into an office lease for its administrative operations. This lease is for a 48.5-month term, expiring on July 31, 2024, with an initial monthly payment of $8,819. Straight-line rent per month was calculated at $9,522. During the year ended December 31, 2023, the Company entered into an additional operating lease that expires in January 2028, with a month rental payment of $9,208.

The components of lease expense included on the Company’s consolidated statements of operations were as follows:

	As of December 31, 2023			As of December 31, 2022
Weighted average remaining lease term (in years)		2.85			1.58
Weighted average discount rate		7.56	%		6.00	%

Amounts relating to operating leases were presented on the consolidated balance sheets as of December 31, 2023 in the following line items:

	December 31, 2023		December 31, 2022
Operating Leases
ROU lease assets	$	346,986	$	168,339
Lease liabilities, short-term		81,805		114,400
Lease liabilities, long-term		288,413		68,953

Future minimum lease payments required under operating leases on an undiscounted cash flow basis as of December 31, 2023 is as follows:

	Operating Lease
Fiscal Year	Payments
2024	$	141,532
2025		103,661
2026		107,020
2027		110,228
2028		9,208
Total minimum lease payments		471,649
Less: imputed interest		(101,431	)
Present value of future minimum lease payments		370,218
Less: current lease liabilities		(81,805	)
Operating lease liabilities, non-current	$	288,413