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Leases

9 Months Ended

Sep. 30, 2024

Note 9 – Leases

The following table presents the Company’s ROU assets and lease liabilities as of September 30, 2024 and December 31, 2023:


Lease Classification	September 30, 2024		December 31, 2023
ROU Assets:
Operating	$	832,966	$	-
Financing		-		138
Total ROU assets	$	832,966	$	138

Liabilities
Current:
Operating	$	167,021	$	147,943
Finance		-		280
Noncurrent:
Operating		1,893,794		2,021,616
Finance		-		-
Total lease liabilities	$	2,060,815	$	2,169,839

Maturities of lease liabilities as of September 30, 2024 by fiscal year are as follows:


Maturity of Lease Liabilities	Operating			Finance		Total
2024 (October to December)	$	90,395		$	-	$	90,395
2025		368,179			-		368,179
2026		378,279			-		378,279
2027		388,682			-		388,682
2028		399,388			-		399,388
Thereafter		1,338,299			-		1,338,299
Total lease payments		2,963,222			-		2,963,222
Less: Interest		(902,407	)		-		(902,407	)
Present value of lease liabilities	$	2,060,815		$	-	$	2,060,815

Condensed consolidated statements of operations classification of lease costs as of the three and nine months ended September 30, 2024 and 2023 are as follows:

Schedule of lease cost
		Three months ended September 30,				Nine months ended September 30,
Lease Cost	Classification	2024		2023		2024		2023
Operating	Operating expenses	$	58,496	$	175,243	$	175,488	$	484,546
Finance:
Amortization	Operating expenses		-		847		138		2,514
Interest expense	Other expenses		-		-		-		-
Total lease costs		$	58,496	$	176,090	$	175,626	$	487,060

Other lease information as of September 30, 2024 is as follows:

Schedule of other information
Other Information	Total
Weighted average remaining lease term (in years)
Operating leases		7.4
Finance leases		-
Weighted average discount rate:
Operating leases		10.0	%
Finance leases		-	%

Supplemental cash flow information as of the nine months ended September 30, 2024 and 2023 is as follows:


Supplemental Cash Flow Information	2024		2023
Cash paid for amounts included in the measurement of lease liabilities
Cash used in operating activities
Operating leases	$	175,488	$	484,546
Finance leases	$	-	$	-
Cash used in financing activities
Finance leases	$	280	$	2,523
ROU assets obtained in exchange for lease obligations:
Operating leases	$	-	$	801,321