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Leases | 9 Months Ended
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Sep. 30, 2023
Leases [Abstract] |
Leases | Note 8 - Leases Since inception, the Company has entered into three leases for office suites in California, two were short-term and one lease was long-term and expires in 2024. Termination of the lease is prohibited unless there is a violation under the lease agreement. The lease has escalating payments from $15,538 per month to $16,719 per month. In determining the length of the lease term, the Company determined there was no embedded extension option. At lease commencement date, the Company estimated the lease liability and the right-of-use assets at present value using the Company’s estimated incremental borrowing rate of 10.5% Additionally, in October 2023, the Company has entered into a new sublease in Florida, which will become the new headquarters (see Note 16). Rent expense under the operating leases included in the results of operations, inclusive of common area maintenance charges and real estate taxes, was $108,827 and $29,589 for the three months ended September 30, 2023 and 2022, respectively and $220,895 and $72,131 for the nine months ended September 30, 2023 and 2022, respectively. The following amounts were recorded in the Company’s condensed consolidated balance sheets relating to its operating lease and other supplemental information:
|  | September 30, 2023 |  |  | December 31, 2022 |
ROU assets |  | $ | 164,304 |  |  | $ | 293,520 |
Lease liabilities: |  |  |  |  |  |  |  |
Current lease liabilities |  | $ | 168,608 |  |  | $ | 169,275 |
Non-current lease liabilities |  |  | - |  |  |  | 129,762 |
Total lease liabilities |  | $ | 168,608 |  |  | $ | 299,037 |
Other supplemental information: |  |  |  |  |  |  |  |
Weighted average remaining lease term |  |  | 0.92 years |  |  |  | 2 years |
Weighted average discount rate |  |  | 10.50 | % |  |  | 10.50 | %
The following table presents the lease payments relating to the Company’s operating leases:
Fiscal Year |  | September 30, 2023 |  |  | December 31, 2022 |
Remainder of 2023 |  | $ | 48,013 |  |  | $ | 191,183 |
2024 |  |  | 128,035 |  |  |  | 133,753 |
Total lease payments |  |  | 176,048 |  |  |  | 324,936 |
Less: imputed interest |  |  | (7,440 | ) |  |  | (25,899 | )
Present value of operating lease liabilities |  | $ | 168,608 |  |  | $ | 299,037 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating 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 + Details
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