| Schedule of Office Spaces and an Equipment Lease |
The Company has lease arrangements for office
spaces and an equipment lease. These leases expire at various dates through 2025.
| |
|
As of and
for the Three and Six
Months
Ended
June 30,
2023 |
|
| |
|
|
|
| Operating Lease Expense – 3 months ended June 30, 2023 |
|
$ |
98,426 |
|
| Operating Lease Expense – 6 months ended June 30, 2023 |
|
$ |
196,852 |
|
| Additional Lease Information: |
|
|
|
|
| Weighted average remaining lease term-operating leases (in years) |
|
|
1.75 |
|
| Weighted average discount rate-operating leases |
|
|
7 |
% |
| |
|
|
|
|
| Future minimum lease payments under non-cancellable leases as of June 30, 2023, were as follows: |
|
|
|
|
| July 1, 2023 to December 31, 2023 |
|
$ |
359,322 |
|
| January 1, 2024 to December 31, 2024 |
|
|
276,358 |
|
| January 1, 2025 to September 30, 2025 |
|
|
197,940 |
|
| Sub-total |
|
|
833,620 |
|
| Less: Portion representing interest |
|
|
106,385 |
|
| Total future minimum lease payments |
|
|
727,235 |
|
| Less: Current portion of lease obligations |
|
|
430,356 |
|
| Long-term portion of lease obligations |
|
$ |
296,879 |
|
|