Leases	12 Months Ended
Dec. 31, 2024
Leases
Leases	5. Leases We lease storage space related primarily to the Company’s administrative activities. The Company accounts for its leases in accordance with ASC 842, Leases. The Company determines whether a contract is, or contains, a lease at inception. Operating lease right-of-use (“ROU”) assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. ROU assets represent the Company’s right to use an underlying asset during the lease term, and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. In January 2020, the Company signed a new four-year office lease which covers approximately 2,771 square feet of office and storage space. This lease was effective March 1, 2020 and extended through February 29, 2024. The monthly rent was $15,361. We did not renew this lease upon its expiration. In February 2020, the Company renewed its additional storage space lease, which requires us to make monthly payments of $1,475. The Company recorded a right of use asset and lease liability obligation of $715,310 upon inception of these leases. The Company also reclassified a previously existing right-of-use asset of $66,271 from other assets to right-of-use asset. As of January 1, 2023, the balance of right-of-use assets was $216,786, and the balance of total lease liabilities was $229,607. During the year ended December 31, 2023, the amortization of the right-of-use assets totaled $185,176, and reduction of the lease liabilities totaled $196,001. As of December 31, 2023, the balance of right-of-use assets was $31,610, and the balance of total lease liabilities was $33,606. With the termination of these leases in February 2024, the balance of this right-of-use asset and lease liability obligation was $0 as of December 31, 2024.

Leases

12 Months Ended

Dec. 31, 2024

5. Leases

We lease storage space related primarily to the Company’s administrative activities. The Company accounts for its leases in accordance with ASC 842, Leases. The Company determines whether a contract is, or contains, a lease at inception. Operating lease right-of-use (“ROU”) assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. ROU assets represent the Company’s right to use an underlying asset during the lease term, and lease liabilities represent the Company’s obligation to make lease payments arising from the lease.

In January 2020, the Company signed a new four-year office lease which covers approximately 2,771 square feet of office and storage space. This lease was effective March 1, 2020 and extended through February 29, 2024. The monthly rent was $15,361. We did not renew this lease upon its expiration. In February 2020, the Company renewed its additional storage space lease, which requires us to make monthly payments of $1,475. The Company recorded a right of use asset and lease liability obligation of $715,310 upon inception of these leases. The Company also reclassified a previously existing right-of-use asset of $66,271 from other assets to right-of-use asset.

As of January 1, 2023, the balance of right-of-use assets was $216,786, and the balance of total lease liabilities was $229,607. During the year ended December 31, 2023, the amortization of the right-of-use assets totaled $185,176, and reduction of the lease liabilities totaled $196,001. As of December 31, 2023, the balance of right-of-use assets was $31,610, and the balance of total lease liabilities was $33,606. With the termination of these leases in February 2024, the balance of this right-of-use asset and lease liability obligation was $0 as of December 31, 2024.