Quarterly report pursuant to Section 13 or 15(d)

Leases

v3.23.3
Leases
9 Months Ended
Sep. 30, 2023
Leases [Abstract]  
Leases

Note 4 – Leases

 

Operating Leases

 

The Company has lease arrangements for office spaces and an equipment lease. These leases expire at various dates through 2025.

 

    As of and
for the
Three and nine
Months Ended
September 30,
2023
 
       
Operating Lease Expense – 3 months ended September 30, 2023   $ 91,106  
Operating Lease Expense – 9 months ended September 30, 2023   $ 287,958  
Additional Lease Information:        
Weighted average remaining lease term-operating leases (in years)     1.50  
Weighted average discount rate-operating leases     7 %
         
Future minimum lease payments under non-cancellable leases as of September 30, 2023, were as follows:        
October 1, 2023 to December 31, 2023   $ 170,502  
January 1, 2024 to December 31, 2024     276,358  
January 1, 2025 to September 30, 2025     197,940  
Sub-total     644,800  
Less: Portion representing interest     (88,409 )
Total future minimum lease payments     556,391  
Less: Current portion of lease obligations     (310,177 )
Long-term portion of lease obligations   $ 246,214