LEASES

12 Months Ended

Dec. 31, 2023

NOTE 4 — LEASES

We are subject to two non-cancelable operating leases for office space expiring May 31, 2024. These leases do not have significant payment escalations, holidays, concessions, leasehold improvements, or other build-out clauses. Further, the leases do not contain contingent rent provisions. The leases do not include options to renew.

Because our lease does not provide an implicit rate, we use our incremental borrowing rate in determining the present value of the lease payments. The incremental borrowing rate represents an estimate of the interest rate we would incur at lease commencement to borrow an amount equal to the lease payments on a collateralized basis over the term of a lease. The weighted-average discount rate as of December 31, 2023 and December 31, 2022 was 4.5% and the weighted-average remaining lease term was less than one year, and one year, respectively.

Rent expense for office facilities for the year ended December 31, 2023 and 2022 was $68,421 and $73,146, respectively.

The components of our operating leases were as follows for the years ended December 31:

	2023		2022

Operating lease costs	$	21,975	$	21,291
Variable lease cost		19,572		18,325
Short-term lease cost		26,874		33,530
Total	$	68,421	$	73,146

Supplemental balance sheet information consisted of the following at December 31:

Operating Lease	2023			2022
Right-of-use assets	$	9,283		$	16,398

Operating Lease Liability	$	9,283		$	16,562
Less: short term portion		(9,283	)		(16,562	)
Long term portion	$	—		$	—

Maturity analysis under lease agreements consisted of the following as of December 31:

	2023			2022
2023	$	—		$	16,675
2024	$	9,353		$	—
Total lease payments		9,353			16,675
Less: Present value discount		(70	)		(113	)
Present value of lease liabilities	$	9,283		$	16,562

Supplemental cash flow information related to leases for the years ended December 31:

		2023				2022
Operating cash outflow from operating leases		$	69,743			$	75,146