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FINANCE LEASE OBLIGATIONS

12 Months Ended

Dec. 31, 2023

Disclosure Text Block [Abstract]

Lessee, Finance Leases [Text Block]

NOTE 8 – FINANCE LEASE OBLIGATIONS

The Company has entered into lease commitments for equipment that meet the requirements for capitalization. The equipment has been capitalized and is included in property and equipment in the accompanying consolidated balance sheets. The related obligations are based upon the present value of the future minimum lease payments with the following:

		December 31, 2023				December 31, 2022
Weighted average remaining lease terms			2.92				3.44
Weighted average interest rates			7.15	%			7.31	%

At December 31, 2023, future payments under finance leases are as follows:

2024		$	176,686
2025			115,080
2026			115,080
2027			47,949
Total minimum lease payments			454,795
Less amounts representing interest			(53,342	)
Present value of net minimum lease payments			401,453
Less current portion			(154,336	)
Long-term finance lease obligation		$	247,117

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- References

No definition available.

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- Definition

The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//842-20/tableOfContent

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