|
NOTE
11 – LEASES
The
following table presents net lease cost and other supplemental lease information:
SCHEDULE
OF NET LEASE COST AND OTHER SUPPLEMENTAL LEASE
| |
|
Nine Months Ended |
|
| |
|
September 30, 2024 |
|
| Lease cost |
|
|
|
|
| Operating lease cost (cost resulting from lease payments) |
|
$ |
56,683 |
|
| Net lease cost |
|
$ |
56,683 |
|
| |
|
|
|
|
| Operating lease – operating cash flows (fixed payments) |
|
$ |
56,683 |
|
| Operating lease – operating cash flows (liability reduction) |
|
$ |
23,702 |
|
| Current leases – right of use assets |
|
$ |
557,530 |
|
| Current liabilities – operating lease liabilities |
|
$ |
64,003 |
|
| Non-current liabilities – operating lease liabilities |
|
$ |
500,210 |
|
| |
|
|
|
|
| Operating lease ROU assets |
|
$ |
557,530 |
|
| Weighted-average remaining lease term (in years) |
|
|
5.58 |
|
| Weighted-average discount rate(1)
|
|
|
10.91 |
% |
| (1) |
Note that rate is based on
an average of One Month Term SOFR and the Prime Rate, plus applicable margins. |
| |
|
Nine Months Ended |
|
| |
|
September 30, 2023 |
|
| Lease cost |
|
|
|
|
| Operating lease cost (cost resulting from lease payments) |
|
$ |
66,864 |
|
| Short term lease cost |
|
|
- |
|
| Sublease income |
|
|
(66,864 |
) |
| Net lease cost |
|
$ |
- |
|
| |
|
|
|
|
| Operating lease – operating cash flows (fixed payments) |
|
$ |
66,864 |
|
| Operating lease – operating cash flows (liability reduction) |
|
$ |
61,605 |
|
| Current leases – right of use assets |
|
$ |
- |
|
| Current liabilities – operating lease liabilities |
|
$ |
- |
|
| Non-current liabilities – operating lease liabilities |
|
$ |
- |
|
| |
|
|
|
|
| Operating lease ROU assets |
|
$ |
- |
|
| Weighted-average remaining lease term (in years) |
|
|
- |
|
| Weighted-average discount rate |
|
|
2.1 |
% |
Future
minimum payments under non-cancelable leases for operating leases for the remaining terms of the leases following the nine months ended
September 30, 2024:
SCHEDULE
OF FUTURE MINIMUM PAYMENTS UNDER NON CANCELABLE LEASES
| Fiscal Year |
|
Operating Leases |
|
| Remainder of 2024 |
|
|
30,000 |
|
| 2025 |
|
|
124,000 |
|
| 2026 |
|
|
130,200 |
|
| 2027 |
|
|
136,710 |
|
| 2028 |
|
|
143,546 |
|
| 2029 |
|
|
150,723 |
|
| 2030 |
|
|
51,051 |
|
| Total future minimum lease payments |
|
|
766,230 |
|
| Less: Imputed Interest |
|
|
(202,017 |
) |
| Present value of net future minimum lease payments |
|
$ |
564,213 |
|
|