Commitments and Contingencies

12 Months Ended

Dec. 31, 2023

Commitments and contingencies (Notes 6 and 8)

Commitments and Contingencies

7. Commitments and Contingencies

Leases.

PrestoCorp leased office space through WeWork in New York on a month-to-month basis which ended in April 2022. On April 12, 2022, PrestoCorp signed a new lease in New York with Spaces for a two-year term at $2,590 per month expiring in April 2024. Upon signing the lease with Spaces, the Company recognized a lease liability and a right of use asset of $56,595 using a discount rate of 10%. The future lease payments under the new lease are as follows:

From January 1, 2024 to April 30, 2024	$	10,360
Subtotal		10,360
Less imputed interest		(128	)
Net lease liability		10,232
Current Portion		(10,232	)
Long-term portion	$	-0-

Rent expense for the years ended December 31, 2023 and 2022 was $35,818 and $40,720, respectively. 

Litigation.

In the ordinary course of business, we may face various claims brought by third parties and we may, from time to time, make claims or take legal actions to assert our rights, including intellectual property disputes, contractual disputes and other commercial disputes. Any of these claims could subject us to litigation. As of December 31, 2023, no claims are outstanding.