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Operating Lease Commitments
 6 Months Ended
Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
Operating Lease Commitments

Note 5 – Operating Lease Commitments

 

On August 16, 2021, the Company extended its office space lease with Sunbeam Properties Inc. to rent approximately 5,000 square feet of space in Miramar, Florida. The Company pays $9,027 per month in rent until the end of the extended lease September 30, 2024. The Company has sublet the space to a tenant who pays the Company $9,097 to occupy the space. The Company incurred lease expense for its operating leases of $73,083 and $85,629 for the period ended June 30, 2024 and December 31, 2023, respectively and Company’s remaining lease term relating to its operating lease terminates on September 30, 2024.

 

In June 2024, the Company entered into a lease for office space in Mexico which terminates on June 2026.

 

The following table presents information about the amount and timing of liabilities arising from the Company’s operating leases as of June 30, 2024:

 

Maturity of operating lease liabilities for the following fiscal years:  

     
2024  $42,272 
Total undiscounted operating lease payments   42,272 
Less: imputed interest   1,098 
Present value of operating lease liabilities  $41,174 

 

The Company’s operating leases do not provide an implicit rate that can readily be determined. Therefore, the Company uses a discount rate based on its incremental borrowing rate of 10%, which is determined using the average of borrowing rates explicitly stated in the Company’s convertible debt.