Leases

3 Months Ended

Mar. 31, 2024

Leases

Leases

Note 11. Leases

Our Company conducts its operations in leased facilities under a non-cancelable operating lease expiring in 2024.  The lease has been extended for 13 months beginning on May 1, 2024 and expiring on May 31, 2025.

Due to the adoption of the new lease standard under the optional transition method which allows the entity to apply the new lease standard at the adoption date, our Company has capitalized the present value of the minimum lease payments commencing January 1, 2019, using an estimated incremental borrowing rate of 6.5%. The minimum lease payments do not include common area annual expenses which are considered to be non-lease components.

As of January 1, 2019 the operating lease right-of-use asset and operating lease liability amounted to $241,100 with no cumulative-effect adjustment to the opening balance of accumulated deficit.

There are no other material operating leases. Our Company has elected not to recognize right-of-use assets and lease liabilities arising from short-term leases.

Total operating lease costs for each of the three month periods ended March 31, 2024 and March 31, 2023 was $13,300.

Maturities of lease liabilities were as follows:

		Operating Leases
Year ending December 31
2024	$	4,700
Total lease payments		4,700
Less imputed interest		(300	)
Total	$	4,400