Leases

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Leases

Note 12 - Leases

Operating Lease

The Company has three operating leases for its office space and manufacturing equipment and facility.

Operating lease right-of-use assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. The discount rate used to calculate present value is incremental borrowing rate or, if available, the rate implicit in the lease. The Company determines the incremental borrowing rate for each lease based primarily on its lease term which is approximately 4.35% to 5.63%.

Operating lease expenses were $47,246 and $nil 0 for the nine months ended September 30, 2024 and 2023, respectively.

The components of lease expense and supplemental cash flow information related to leases for the period are as follows:

	Nine months ended September 30,
	2024			2023
Lease cost
Operating lease cost	$	61,671		$	-
Other Information
Cash paid for amounts included in the measurement of lease liabilities	$	65,078		$	-
Weighted average remaining lease term – operating leases (in years)		1.91			-
Average discount rate – operating lease		4.67	%		-	%

The supplemental balance sheet information related to leases is as follows:

	September 30, 2024		December 31, 2023
Operating leases
Right-of-use assets, net	$	126,408	$	154,316
Operating lease liabilities	$	137,885	$	159,744

The undiscounted future minimum lease payment schedule as follows:

For the year ending December 31,
2024 (three months remaining)	35,393
2025	60,924
2026	46,615
Thereafter	-
Total undiscounted lease payments	142,932
Less: interest	(4,384	)
Total lease liabilities	137,885