Note 7 - Leases

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Lessee, Operating Leases and Finance Lease [Text Block]

Note 7. Leases

On July 2, 2024, the Company has entered into an operating lease for our corporate office located at 700 Dorval Drive in Oakville Ontario. The lease commences September 1, 2024 with a expiration date of August 31, 2028. Our lease has a remaining lease term of forty-seven months. Future renewal options that are not likely to be executed as of the balance sheet date and are excluded from right-of-use assets and related lease liabilities.

We report operating lease assets, as well as operating lease current and noncurrent obligations on our condensed consolidated balance sheets for the right to use the building in our business.

The components of lease expense were as follows:

	Three Months Ended September 30, 2024		Three Months Ended September 30, 2023
Operating lease cost	$	6,494	$	4,503

	Nine Months Ended September 30, 2024		Nine Months Ended September 30, 2023
Operating lease cost	$	17,199	$	23,462

Supplemental cash flow information related to leases was as follows:

	Nine Months Ended September 30, 2024		Nine Months Ended September 30, 2023
Cash paid for amounts included in leases:
Operating cash flows from operating leases	$	15,820	$	24,847

Supplemental balance sheet information related to leases was as follows:

	September 30, 2024		December 31, 2023
Operating leases:
Operating lease right-of-use assets	$	130,481	$	14,161
Current portion of operating lease obligations	$	31,428	$	14,162
Operating lease obligations, net of current portion	$	99,078	$	-
Total operating lease liabilities	$	130,506	$	14,162

	September 30, 2024			December 31, 2023
Weighted Average Remaining Lease Term Operating lease (in years)		3.25			0.7
Weighted Average Discount Rate Operating lease		3.37	%		3.37	%

A summary of future minimum payments under non-cancellable operating lease commitment as of September 30, 2024 is as follows:

Years ending December 31,	Total
2024 (remainder of year)	$	8,830
2025		35,320
2026		35,473
2027		35,933
2028		23,955
Total lease liabilities	$	139,511
Less amount representing interest		(9,005	)
Total		130,506
Less current portion		(31,428	)
Long term portion	$	99,078