Leases	6 Months Ended
Jun. 30, 2024
Leases [Abstract]
Leases	Note 7. LEASES The Company leases its facilities from 1895 Management, Ltd., a New York corporation controlled by an entity affiliated with a director of the Company, under non-cancellable operating leases. Following entry into a lease extension agreement in August 2022, the lease agreement requires monthly rental payments of $15,048 through October 31, 2024. The Company is responsible for all maintenance, utilities, insurance, and taxes related to the facility. The Company has elected the practical expedient on not separating lease components from non-lease components. The Company accounts for its leases under ASC 842, Leases. Leases with an initial term of 12 months or less are not recorded on the condensed balance sheet. The Company determines if an arrangement is a lease at inception. Right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease right-of-use assets and lease liabilities are recognized based on the present value of lease payments over the lease term. The leases do not provide an implicit rate so in determining the present value of lease payments, the Company uses its incremental borrowing rate for the applicable lease, which was 7.0%. The Company recognizes lease expense on a straight-line basis over the remaining lease term. As of June 30, 2024, the future minimum payments for the operating leases total $60,193, less imputed interest of $868, for an operating lease liability of $59,325. For the six months ended June 30, 2024, and 2023, cash paid for amounts included in the measurement of lease liabilities was $90,289 and $90,289, respectively. Lease expense incurred under the operating lease for each of the three-month periods ended June 30, 2024 and 2023 was $45,144 and, $90,289 for each of the six-month periods ended June 30, 2024 and 2023. Lease expense is a component of general and administrative expense.

Leases

6 Months Ended

Jun. 30, 2024

Note 7. LEASES

The Company leases its facilities from 1895 Management, Ltd., a New York corporation controlled by an entity affiliated with a director of the Company, under non-cancellable operating leases. Following entry into a lease extension agreement in August 2022, the lease agreement requires monthly rental payments of $15,048 through October 31, 2024. The Company is responsible for all maintenance, utilities, insurance, and taxes related to the facility. The Company has elected the practical expedient on not separating lease components from non-lease components.

The Company accounts for its leases under ASC 842, Leases. Leases with an initial term of 12 months or less are not recorded on the condensed balance sheet. The Company determines if an arrangement is a lease at inception. Right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease right-of-use assets and lease liabilities are recognized based on the present value of lease payments over the lease term. The leases do not provide an implicit rate so in determining the present value of lease payments, the Company uses its incremental borrowing rate for the applicable lease, which was 7.0%. The Company recognizes lease expense on a straight-line basis over the remaining lease term.

As of June 30, 2024, the future minimum payments for the operating leases total $60,193, less imputed interest of $868, for an operating lease liability of $59,325. For the six months ended June 30, 2024, and 2023, cash paid for amounts included in the measurement of lease liabilities was $90,289 and $90,289, respectively.

Lease expense incurred under the operating lease for each of the three-month periods ended June 30, 2024 and 2023 was $45,144 and, $90,289 for each of the six-month periods ended June 30, 2024 and 2023. Lease expense is a component of general and administrative expense.