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Note 8 - Leases

3 Months Ended

Mar. 31, 2024

LEASES

The Company’s leases office space in New Jersey, Minnesota, New Hampshire, Madrid and Hong-Kong with lease termination dates in 2024. On August 11, 2023, the Company signed a new one-year lease starting September 1, 2023 for office space in New Jersey. The property leased in China is paid monthly as used, without a formal agreement. The following tables present the components of lease expense and supplemental balance sheet information related to the operating leases were:

	*3 Months ended*		*3 Months ended*
	*March 31,*		*March 31,*
	*2024*		*2023*

Lease cost
Total lease cost	$	14,553	$	63,973

	*March 31,*			*December 31,*
Balance sheet information	*2024*			*2023*
Operating right-of-use assets	$	23,220		$	36,905

Operating lease liabilities, current portion	$	23,797		$	37,829
Operating lease liabilities, non-current portion		-			-
Total operating lease liabilities	$	23,797		$	37,829

Weighted average remaining lease term (in years) – operating leases		0.42			0.67
Weighted average discount rate – operating leases		5.50	%		5.50	%


Cash paid for amounts included in the measurement of operating lease liabilities for the three months ended March 31, 2024 and 2023:	$	22,613		$	69,821

Maturities of operating lease liabilities were as follows as of March 31, 2024:

2024 (5 months remaining)	$	24,255
2025		-
Total future lease payments	$	24,255
Less: imputed interest		(458	)
Total	$	23,797