Annual report [Section 13 and 15(d), not S-K Item 405]

LEASES

v3.25.1
LEASES
 12 Months Ended
Dec. 31, 2024
Leases  
LEASES

NOTE 13 – LEASES

 

The following tables present net related party lease costs and other supplemental lease information:

 

    Year Ended  
   

December 31,

2024

  
Lease cost        
Operating lease cost (cost resulting from lease payments)   $ 90,692  
Sublease income     (90,692 )
Net lease cost   $ -  
         
Operating lease – operating cash flows (fixed payments)   $ 90,692  
Operating lease – operating cash flows (liability reduction)   $ 38,446  
Current leases – right of use assets   $ 538,776  
Current liabilities – operating lease liabilities   $ 67,278  
Non-current liabilities – operating lease liabilities   $ 482,190  
         
Operating lease ROU assets   $ 538,776  
Weighted-average remaining lease term (in years)     5.33  
Weighted-average discount rate     10.91 %

 

    Year Ended  
   

December 31,

2023

  
Lease cost        
Operating lease cost (cost resulting from lease payments)   $ 66,684  
Sublease income     (66,684 )
Net lease cost   $ -  
         
Operating lease – operating cash flows (fixed payments)   $ 66,684  
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 year ended December 31, 2024:

 

Fiscal Year   Operating Leases  
2025   $ 124,000  
2026     130,200  
2027     136,710  
2028     143,546  
2029     150,723  
2030     51,051  
Total future minimum lease payments     736,230  
Less: Imputed Interest     (186,761 )
Present value of net future minimum lease payments   $ 549,468