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:
Schedule of lease costs for operating leases |
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Three Months Ended September 30, 2024
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Three Months Ended September 30, 2023
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Nine Months Ended September 30, 2024
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Nine Months Ended September 30, 2023
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Lease Cost |
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Operating lease cost |
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117,249 |
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$ |
117,249 |
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$ |
351,747 |
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$ |
351,748 |
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Short-term lease cost |
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44,400 |
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30,751 |
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119,591 |
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120,271 |
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Variable lease cost |
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– |
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– |
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– |
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– |
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Sublease income |
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– |
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– |
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– |
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– |
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Total lease cost |
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$ |
161,649 |
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$ |
148,000 |
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$ |
471,338 |
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$ |
472,019 |
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Supplemental cash flow information related to
leases for the nine months ended September 30, 2024 and 2023, is as follows:
Schedule of supplemental cash flow information related to leases |
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2024 |
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2023 |
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Other Lease Information |
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Cash paid for amounts included in the measurement of lease liabilities: |
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Operating cash flows from operating leases |
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$ |
295,007 |
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$ |
265,161 |
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Amortization of right-of-use assets |
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$ |
295,019 |
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$ |
274,895 |
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The following table summarizes the lease-related
assets and liabilities recorded on the balance sheet at September 30, 2024 and December 31, 2023:
Schedule of lease related assets and liabilities |
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September 30, 2024
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December 31, 2023
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Lease Position |
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Operating Leases: |
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Operating lease right-of-use assets |
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$ |
841,194 |
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$ |
1,136,213 |
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Right-of-use liabilities operating leases short-term |
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432,059 |
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399,611 |
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Right-of-use liabilities operating leases long-term |
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447,717 |
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775,170 |
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Total operating lease liabilities |
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$ |
879,776 |
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$ |
1,174,781 |
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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 |
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Lease Term and Discount Rate |
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September 30, 2024 |
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Weighted-average remaining lease term (years): |
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Operating leases |
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1.9 |
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Weighted-average discount rate: |
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Operating leases |
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6.82% |
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The following table provides the maturities of lease liabilities
at September 30, 2024:
Schedule of maturities of lease liabilities |
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Operating |
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Leases |
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Remainder of 2024 |
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$ |
119,898 |
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2025 |
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485,702 |
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2026 |
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340,591 |
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Total future undiscounted lease payments |
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946,191 |
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Less: Interest |
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(66,415 |
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Present value of lease liabilities |
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$ |
879,776 |
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