RIGHT-OF-USE ASSETS

12 Months Ended

Dec. 31, 2023

Right-of-use Assets

RIGHT-OF-USE ASSETS

NOTE 5 – RIGHT-OF-USE ASSETS

Right-of-Use Assets consist of assets accounted for under ASC 842. The assets are recorded at present value using implied interest rates between 4.75% and 7.50%. The Right-of-Use Assets were $443,328 and $553,686 in 2023 and 2022, respectively.

The Company has right-of-use assets through leases of properties under non-cancelable leases. As of December 31, 2023, the Company had four (4) properties with lease terms in excess of one (1) year. Of these four (4) leases, two (2) leases expire in 2025; one (1) lease expires in 2026; and one (1) lease expires in 2030. Lease payables as of December 31, 2023, was $458,227.

Future lease liability payments under the terms of these leases are as follows:

2024	$	155,325
2025	$	129,543
2026	$	65,967
2027	$	54,000
2028 and Thereafter	$	144,000
Total	$	548,835
Less Interest	$	90,608
Present value of minimum lease payments	$	458,227
Less Current Maturities	$	127,716
Long Term Maturities	$	330,511

The weighted average term of the right-to-use leases is 60.4 months recorded with a weighted average discount of 6.87%. For the year ended December 31, 2023, total lease expense was $145,485.