Quarterly report pursuant to Section 13 or 15(d)

LEASES

v3.24.3
LEASES
9 Months Ended
Sep. 30, 2024
Leases  
LEASES

NOTE 14 – LEASES

 

The components of lease cost for operating leases for the three and nine months ended September 30, 2024 and 2023 is as follows:

                       
   

Three Months

Ended

September 30, 2024

   

Three Months

Ended

September 30, 2023

   

Nine Months

Ended

September 30, 2024

   

Nine Months

Ended

September 30, 2023

 
Lease Cost                                
Operating lease cost     117,249     $ 117,249     $ 351,747     $ 351,748  
Short-term lease cost     44,400       30,751       119,591       120,271  
Variable lease cost                        
Sublease income                        
Total lease cost   $ 161,649     $ 148,000     $ 471,338     $ 472,019  

  

Supplemental cash flow information related to leases for the nine months ended September 30, 2024 and 2023, is as follows:

           
    2024     2023  
Other Lease Information                
Cash paid for amounts included in the measurement of lease liabilities:                
Operating cash flows from operating leases   $ 295,007     $ 265,161  
Amortization of right-of-use assets   $ 295,019     $ 274,895  

 

The following table summarizes the lease-related assets and liabilities recorded on the balance sheet at September 30, 2024 and December 31, 2023:

           
   

September 30,

2024

   

December 31,

2023

 
Lease Position                
Operating Leases:                
Operating lease right-of-use assets   $ 841,194     $ 1,136,213  
Right-of-use liabilities operating leases short-term     432,059       399,611  
Right-of-use liabilities operating leases long-term     447,717       775,170  
Total operating lease liabilities   $ 879,776     $ 1,174,781  

 

The Company utilizes the incremental borrowing rate in determining the present value of lease payments unless the implicit rate is readily determinable.

     
Lease Term and Discount Rate   September 30, 2024  
Weighted-average remaining lease term (years):        
Operating leases     1.9  
Weighted-average discount rate:        
Operating leases     6.82%  

 

The following table provides the maturities of lease liabilities at September 30, 2024:

     
    Operating  
    Leases  
Remainder of 2024   $ 119,898  
2025     485,702  
2026     340,591  
Total future undiscounted lease payments     946,191  
Less: Interest     (66,415 )
Present value of lease liabilities   $ 879,776