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 six months ended June 30, 2024, the Company expended cash of $10,594 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 June 30, 2024, related to the Company's operating lease.

Future Lease Payments		Total Amount
2024 (remaining six months)	$	10,688
2025		1,781
Total		12,469
Less: Imputed Interest		(286	)
Total lease Liability	$	12,183

The Company's ROU asset decreased through amortization of $4,931 and $9,775 for the three and six months ended June 30, 2024.