Commitment and Contingencies

9 Months Ended

Sep. 30, 2024

Commitment and Contingencies

Commitments and Contingencies

6. Commitment and Contingencies

Legal Matters

During the normal course of business, the Company may be named from time to time as a party to claims and litigations arising in the ordinary course of business. When the Company becomes aware of potential litigation, it evaluates the merits of the case in accordance with ASC 450, Contingencies. Litigation and contingency accruals are based on our assessment, including advice of legal counsel, regarding the expected outcome of litigation or other dispute resolution proceedings. If the Company determines that an unfavorable outcome is probable and can be reasonably assessed, it establishes the necessary accruals. As of September 30, 2024 and December 31, 2023, the Company is not aware of any contingent legal liabilities that should be reflected in the consolidated financial statements.

Leases

The Company’s approximate future minimum rental payments under all operating leases as of September 30, 2024 were as follows:

As of September 30, 2024:	Amount
Remainder of fiscal year ending 2024	$	94,600
2025		361,300
2026		266,600
2027		274,600
2028		201,000
Total future minimum payments	$	1,198,100
Less:  Imputed interest		(109,100	)
Total Present Value of Operating Lease Liabilities	$	1,089,000