Lease

12 Months Ended

Dec. 31, 2024

Lease

Lease

Note 8 – Lease

The Company leases its current corporate headquarters under a three-year lease from STVentures, a related party. The lease, as amended on May 1, 2022, to expand its office space from 2,976 square feet to approximately 5,978 square feet, commenced on July 1, 2021, and provides for a base monthly rent of $10,711, as increased from $5,332 per month, over the three-year term of the lease. The lease was further amended on June 26, 2024 and provides for a base monthly rent of $11,209 per month, over a three-year term of the lease commencing on July 1, 2024. The Company is occupying the space for executive and administrative offices. Rent expense for the years ended December 31, 2024 and 2023 was $131,516 and $128,527, respectively, which is included in selling, general and administrative expenses within the statements of operations.

The components of lease expense were as follows:

	For the Year Ended
	December 31,
	2024		2023
Operating lease cost:
Amortization of ROU asset	$	282,876	$	121,089
Interest on lease liability		16,314		7,438
Total operating lease cost	$	299,190	$	128,527

Supplemental balance sheet information related to leases was as follows:

	December 31,			December 31,
	2024			2023
Operating lease:
Operating lease assets	$	299,190		$	63,199
Current portion of operating lease liability, related party	$	111,978			63,199
Noncurrent operating lease liability, related party		187,212			-
Total operating lease liability	$	299,190		$	63,199
Weighted average remaining lease term:
Operating leases		2.50 years			0.5 years
Weighted average discount rate:
Operating lease		9.25	%		5.75	%

The following payments are required under leases as of December 31, 2024:

				Remaining
	Operating			Term in
	Lease			Years
2025		134,505
2026		134,505
2027		67,252
Total lease payments		336,262
Less: imputed interest		(37,072	)
Present value of lease liability		299,190			2.50