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Commitments and Contingencies

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

NOTE 9 – COMMITMENTS AND CONTINGENCIES

Legal Proceedings

The Company may be subject to a variety of claims and suits that arise from time to time in the ordinary course of business. We are not a party to any litigation as a defendant where a loss contingency is required to be reflected in our condensed consolidated financial statements.

Contingency

We owe consultants contingent success fees of up to $700,000 upon the approval and issuance of the Environmental Impact Assessment (“EIA”) for our Mexican subsidiary. The EIA has not been approved as of the date of this report, and the contingent success fees have not been accrued.

Lease commitment

At March 31, 2024, the right of use (“ROU”) asset and lease obligations for our two real property operating leases were $73,950 and $78,497, respectively.

The remaining lease payment obligations, which include an interest component of $1,866, are as follows:


Year ending December 31,	Annual payment obligation
2024	$	80,363

	$	80,363

We recognized $56,658 and $54,700 in rent expense associated with these leases for the three months ended March 31, 2024 and 2023, respectively.