COMMITMENTS AND CONTINGENCIES (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2024

Dec. 31, 2023

COMMITMENTS AND CONTINGENCIES

SCHEDULE OF FUTURE MINIMUM ANNUAL LEASE PAYMENTS FOR OPERATING LEASES

As of September 30, 2024, the future minimum annual lease payments under the operating leases were as follows (in thousands):


	Total Minimum
	Lease Payments
2024		$	316
2025			242
Total operating lease payments			558
Less: Amount representing interest			(18)
Present value of net minimum lease payments		$	540

As of December 31, 2023, the future minimum annual lease payments under the operating leases were as follows (in thousands):


	Total Minimum
	Lease Payments
2024		$	466
2025			242
Total operating lease payments			708
Less: Amount representing interest			(33)
Present value of net minimum lease payments		$	675

SCHEDULE OF COMPONENTS OF OPERATING LEASES

As the Company’s leases do not provide an implicit rate, the Company uses an incremental borrowing rate based on the information available at the lease commencement date. The components of operating leases as of September 30, 2024 and as of December 31, 2023 were as follows (in thousands except lease term and discount rate):


		September 30,			December 31,
		2024			2023
Operating lease liabilities:
Current			459			420
Non-current			81			255
Total lease liabilities		$	540		$	675
Weighted-average remaining lease term (in years)			1.1			1.5
Weighted-average incremental borrowing rate			6.4	%		6.0	%

The components of operating leases for the years ended December 31, 2023 and December 31, 2022 were as follows (in thousands except lease term and discount rate):


		December 31,			December 31,
Operating lease liabilities:		2023			2022
Current			420			385
Non-current			255			705
Total lease liabilities		$	675		$	1,090
Weighted-average remaining lease term (in years)			1.5			2.4
Weighted-average incremental borrowing rate			6	%		6	%