|
NOTE 14 – LEASES
The components of lease cost for operating leases
for the year ended December 31, 2024 and 2023 is as follows:
| Schedule of lease cost
for operating leases |
|
|
|
|
|
|
| |
|
2024 |
|
|
2023 |
|
| Lease Cost |
|
|
|
|
|
|
|
|
| Operating lease cost |
|
$ |
468,996 |
|
|
$ |
468,997 |
|
| Short-term lease cost |
|
|
169,051 |
|
|
|
215,289 |
|
| Total lease cost |
|
$ |
638,047 |
|
|
$ |
684,286 |
|
Supplemental cash flow information related to
leases for the year ended December 31, 2024 and 2023, is as follows:
| Schedule of supplemental cash flow information related to leases |
|
|
|
|
|
|
| |
|
2024 |
|
|
2023 |
|
| Other Lease Information |
|
|
|
|
|
|
|
|
| Cash paid for amounts included in the measurement of lease liabilities: |
|
|
|
|
|
|
|
|
| Operating cash flows from operating leases |
|
$ |
399,609 |
|
|
$ |
359,347 |
|
| Amortization of right-of-use assets |
|
$ |
396,979 |
|
|
$ |
369,774 |
|
The following table summarizes the lease-related
assets and liabilities recorded on the balance sheet at December 31, 2024 and December 31, 2023:
| Schedule of lease-related assets and liabilities |
|
|
|
|
|
|
| |
|
2024 |
|
|
2023 |
|
| Lease Position |
|
|
|
|
|
|
|
|
| Operating Leases: |
|
|
|
|
|
|
|
|
| Operating lease right-of-use assets |
|
$ |
739,234 |
|
|
$ |
1,136,213 |
|
| Right-of-use liabilities operating leases short-term |
|
|
443,950 |
|
|
|
399,611 |
|
| Right-of-use liabilities operating leases long-term |
|
|
331,222 |
|
|
|
775,170 |
|
| Total operating lease liabilities |
|
$ |
775,172 |
|
|
$ |
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.
| Schedule of present value lease payments |
|
|
| Lease Term and Discount Rate |
|
December 31, 2024 |
| Weighted-average remaining lease term (years): |
|
|
| Operating leases |
|
1.7 |
| Weighted-average discount rate: |
|
|
| Operating leases |
|
6.82% |
The following table provides the maturities of lease liabilities
at December 31, 2024:
| Schedule of maturities of lease liabilities |
|
|
|
| |
|
Operating |
|
| |
|
Leases |
|
| 2025 |
|
|
485,702 |
|
| 2026 |
|
|
340,591 |
|
| Total future undiscounted lease payments |
|
|
826,293 |
|
| Less: Interest |
|
|
(51,121 |
) |
| Present value of lease liabilities |
|
$ |
775,172 |
|
|