| LEASES |
NOTE 14 – LEASES
The components of lease cost for operating leases
for the three and six months ended June 30, 2024 and 2023 is as follows:
| Schedule of lease costs for operating leases |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended June 30, 2024
|
|
|
Three Months Ended June 30, 2023
|
|
|
Six Months Ended June 30, 2024
|
|
|
Six Months Ended June 30, 2023
|
|
| Lease Cost |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating lease cost |
|
|
117,249 |
|
|
$ |
117,250 |
|
|
$ |
234,498 |
|
|
$ |
234,499 |
|
| Short-term lease cost |
|
|
37,230 |
|
|
|
29,730 |
|
|
|
75,191 |
|
|
|
89,520 |
|
| Variable lease cost |
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
| Sublease income |
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
| Total lease cost |
|
$ |
154,479 |
|
|
$ |
146,980 |
|
|
$ |
309,689 |
|
|
$ |
324,019 |
|
Supplemental cash flow information related to
leases for the six months ended June 30, 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 |
|
$ |
193,998 |
|
|
$ |
174,365 |
|
| Amortization of right-of-use assets |
|
$ |
194,910 |
|
|
$ |
181,677 |
|
The following table summarizes the lease-related
assets and liabilities recorded on the balance sheet at June 30, 2024 and December 31, 2023:
| Schedule of lease related assets and liabilities |
|
|
|
|
|
|
| |
|
June 30, 2024
|
|
|
December 31, 2023
|
|
| Lease Position |
|
|
|
|
|
|
|
|
| Operating Leases: |
|
|
|
|
|
|
|
|
| Operating lease right-of-use assets |
|
$ |
941,303 |
|
|
$ |
1,136,213 |
|
| Right-of-use liabilities operating leases short-term |
|
|
421,034 |
|
|
|
399,611 |
|
| Right-of-use liabilities operating leases long-term |
|
|
559,749 |
|
|
|
775,170 |
|
| Total operating lease liabilities |
|
$ |
980,783 |
|
|
$ |
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 lease term and discount rate |
|
|
|
|
| Lease Term and Discount Rate |
|
June 30, 2024 |
|
| Weighted-average remaining lease term (years): |
|
|
|
|
| Operating leases |
|
|
2.2 |
|
| Weighted-average discount rate: |
|
|
|
|
| Operating leases |
|
|
6.82% |
|
The following table provides the maturities of lease
liabilities at June, 2024:
| Schedule of maturities of lease liabilities |
|
|
|
| |
|
Operating |
|
| |
|
Leases |
|
| Remainder of 2024 |
|
$ |
238,047 |
|
| 2025 |
|
|
485,702 |
|
| 2026 |
|
|
340,591 |
|
| Total future undiscounted lease payments |
|
|
1,064,340 |
|
| Less: Interest |
|
|
(83,557 |
) |
| Present value of lease liabilities |
|
$ |
980,783 |
|
|