LEASES

12 Months Ended

Dec. 31, 2023

Leases

LEASES

NOTE 7. LEASES

The Company leases certain facilities Utah and Dubai under long-term operating leases with lease terms of one year to two years. The lease expense and the cash paid under operating leases was approximately $253,000 and $140,000 for the years ended December 31, 2023 and 2022, respectively.

The following table presents the maturities of lease liabilities:

Fiscal year ending December 31,	Operating Leases
2024	$	253,929
2025		67,200
2026		60,000
2027		40,000
Total undiscounted lease payments		421,129
-Less: Imputed lease interest		(41,615	)
Total lease liabilities	$	379,514

Other information related to operating leases:

	Year Ended December 31,
	2023			2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows	$	253,292		$	216,394
Weighted average remaining lease-term (in years)		2.19			2.86
Weighted average discount rate		7.25	%		7.25	%