9. Leases

The Company renewed its office operating lease on February 1, 2023, for 24 months. The Company entered into a two-year operating lease for its corporate office space for a total lease payment of $41,625, and as a result a liability and right-of-use asset of $38,701 was recognized on the lease inception date, February 1, 2023. To calculate the liability and right of use asset, the Company utilized a 7.0% incremental borrowing rate to discount the future rent payments of approximately $1,734 per month over the two-year lease term.

For the three months ended March 31, 2024, the Company expended cash of $5,250 in operating lease payments that were recorded in management and administrative expenses.

The table below displays the future operating lease payments and lease liability as of March 31, 2024, related to the Company's operating lease.

Future Lease Payments		Total Amount
2024 (remaining nine months)	$	16,031
2025		1,781
Total		17,812
Less: Imputed Interest		(558	)
Total lease Liability	$	17,254

The Company's ROU asset decreased through amortization of $4,844 for three months ended March 31, 2024.