OPERATING LEASE

9 Months Ended

12 Months Ended

Sep. 30, 2024

Dec. 31, 2023

Operating Lease

OPERATING LEASE

NOTE 10 – OPERATING LEASE

The Company has an office lease dated January 1, 2023, with a term of five years for 1,625 square feet at 1141 W. Randolph Street, Floor 2, Chicago, IL 60607 with 1141 W. Randolph, LLC, a company owned and controlled by Rushi Shah, CEO. The lease requires a monthly rental payment of approximately $4,062 with an annual rate adjustment of 3%. The Company used a discount rate of 6%, based on rates used for similar calculations.

	Balance Sheet Classification	September 30, 2024
Asset
Operating lease asset	Right of use asset	$	276,615
Total lease asset		$	276,615
Liability
Operating lease liability – current portion	Current operating lease liability	$	69,949
Operating lease liability – noncurrent portion	Long-term operating lease liability		297,423
Total lease liability		$	367,372

Lease obligations at September 30, 2024 consisted of the following:

For the year ended December 31:
2024	$	66,300
2025		83,850
2026		83,850
2027		83,850
2028		83,850
Total payments		401,700
Amount representing interest		(34,328	)
Lease obligation, net		367,372
Less current portion		(69,949	)
Lease obligation – long term	$	297,423

Lease expense for the nine months ended September 30, 2024 was $55,749.

Lease expense for the nine months ended September 30, 2023, was $38,569.

NOTE 10 – OPERATING LEASE

The Company has an office lease dated January 1, 2023, with a term of five years for 1,625 square feet at 1141 W. Randolph Street, Floor 2, Chicago, IL 60607 with 1141 W. Randolph, LLC, a company owned and controlled by Rushi Shah, CEO. The lease requires a monthly rental payment of approximately $4,062 with an annual rate adjustment of 3%. The Company used a discount rate of 6%, based on rates used for similar calculations.

	Balance Sheet Classification	December 31, 2023
Asset
Operating lease asset	Right of use asset	$	318,114
Total lease asset		$	318,114
Liability
Operating lease liability – current portion	Current operating lease liability	$	55,036
Operating lease liability – noncurrent portion	Long-term operating lease liability		297,529
Total lease liability		$	352,565

Lease obligations at December 31, 2023 consisted of the following:

For the year ended December 31:
2024	$	66,300
2025		83,850
2026		83,850
2027		83,850
2028		83,850
Total payments		401,700
Amount representing interest		(49,135	)
Lease obligation, net		352,565
Less current portion		(55,036	)
Lease obligation – long term	$	297,529

Lease expense for the year ended December 31, 2023, was $51,510.