Leases

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Leases

NOTE 10 – LEASES

The Company was a party to two office leases, which were scheduled to expire on December 31, 2028. In August 2024, the Company entered into an agreement to terminate one of these leases. In conjunction with this lease termination, the Company recognized a loss of $44,577 for the year ended December 31, 2024. The remaining term of the other lease is four years as of December 31, 2024. The Company has elected to not recognize ROU assets and lease liabilities arising from short-term leases (leases with initial terms of twelve months or less, which are deemed immaterial) on its consolidated balance sheets.

When measuring lease liabilities for leases that are classified as operating leases, the Company discounted lease payments using its estimated incremental borrowing rate at the later of lease inception or January 1, 2020, the date of adoption of ASC 842. The weighted average incremental borrowing rate applied was 8%.

The following table presents net lease cost and other supplemental lease information:

	For the year ended December 31,
	2024		2023
Lease cost:
Operating lease cost	$	168,138	$	201,691
Short-term lease cost	—		—
Net lease cost	$	168,138	$	201,691
Cash paid for operating lease liabilities	$	175,212	$	204,930

As of December 31, 2024, the estimated future minimum lease payments, excluding non-lease components, are as follows:

	Operating
Fiscal Year	Leases
2025		115,776
2026		115,776
2027		115,776
2028		115,776
Total future minimum annual lease payments		463,104
Less: Imputed interest		(65,269	)
Present value of lease liabilities	$	397,835