LEASES |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||
| Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
| LEASES |
NOTE 10 — LEASES Operating leases — The Company leases its office space under operating leases with unrelated entities. The Company leases 21,293 square feet of office space for its headquarters in Torrance, California, at a base rental of $85,920 per month, which lease will expire on September 30, 2026. In addition, the Company leases 2,427 square feet of office space in Dubai, United Arab Emirates, which lease will expire on June 19, 2026. The lease expense during the three months ended September 30, 2023 and 2022 was approximately $291,000 and $272,000, respectively, and during the nine months ended September 30, 2023 and 2022, was approximately $878,000 and $868,000, respectively. Future minimum lease payments under the lease agreements were as follows as of September 30, 2023 (in thousands):
As of September 30, 2023, the Company had an operating lease right-of-use asset of $2.5 million and lease liability of $2.9 million reflected on the condensed consolidated balance sheet. The weighted average remaining term of the Company’s leases as of September 30, 2023 was 3.0 years and the weighted-average discount rate was 12.9%. |
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