Annual report pursuant to Section 13 and 15(d)

Commitments and Contingencies (Tables)

v3.24.1
Commitments and Contingencies (Tables)
12 Months Ended
Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]  
Summary of Other Balance Sheet Information Related to Operating Leases

Other Balance Sheet information related to operating leases as of December 31 was as follows:

 

 

December 31,

 

 

December 31,

 

 

2023

 

 

2022

 

 

 

 

 

 

 

Operating leases, Right-of-use assets, net

$

4,609,666

 

 

$

5,009,954

 

Weighted average remaining lease term, in years

 

10

 

 

 

11

 

Weighted Average Discount Rate

 

13

%

 

 

13

%

 

 

 

 

 

 

The following table presents the balance of Operating lease obligations:

 

 

 

 

 

 

 

 

 

 

 

Operating lease liabilities (current)

$

362,165

 

 

$

327,915

 

Operating lease liabilities (long-term)

$

4,371,963

 

 

$

4,734,128

 

Total operating lease liabilities

$

4,734,128

 

 

$

5,062,043

 

Schedule of Future Minimum Payments and sublease Rental Income Required Under Lease Agreements

Future minimum payments and sublease rental income required under the lease agreements as of December 31, 2023 follows:

 

 Year Ended December 31,

 

Operating Lease Payments

 

 

Sublease Rental Income

 

2024

 

$

930,990

 

 

$

268,960

 

2025

 

 

814,170

 

 

 

50,661

 

2026

 

 

744,099

 

 

 

 

2027

 

 

731,627

 

 

 

 

2028

 

 

749,274

 

 

 

 

Thereafter

 

 

4,807,543

 

 

 

 

Total

 

$

8,777,703

 

 

$

319,621

 

Less: Imputed interest

 

 

(4,043,575

)

 

 

 

Present value of lease liabilities

 

$

4,734,128