RIGHT-OF-USE ASSETS

9 Months Ended

Sep. 30, 2024

Right-of-use Assets

RIGHT-OF-USE ASSETS

NOTE 4 – 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%. Right-of-Use Assets are recorded on the balance sheet as intangible assets.

The Company has Right-of-Use Assets through leases of property under non-cancelable leases. As of September 30, 2024, the Company had two (2) properties with lease terms in excess of one (1) year. Of these two (2) leases, one (1) lease expires in 2026, and one (1) lease expires in 2030. Lease payables as of September 30, 2024, is $374,190.

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

2024	$	39,000
2025	$	129,543
2026	$	65,967
2027	$	54,000
2028	$	54,000
Thereafter	$	90,000
Total	$	432,510
Less Interest	$	58,320
Present value of minimum lease payments	$	374,190
Less Current Maturities	$	125,364
Long Term Maturities	$	248,826

The weighted average term of the Right-to-Use leases is 56.3 months recorded with a weighted average discount of 7.01%. Total lease expense for the nine (9) months ended September 30, 2024, and 2023, was $125,917 and $128,582, respectively.