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COMMITMENTS AND CONTINGENCIES
 3 Months Ended
Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES

NOTE 5 – COMMITMENTS AND CONTINGENCIES

 

In October 2021, the Company entered a lease with Davis & Harrell, LLC on 18,000 SF In October 2023, the Company entered into a lease for an additional 8000 SF of office space adjacent to the original facility. In November 2024 was signed an Amendment to Lease Agreement for extending the lease for both areas from December 2024 till December 2025. The combined monthly expense is $25,832.

 

In December 2022, the Company entered into an agreement with 2701 Maitland Building Associates to rent 8,000 SF of additional office space near the main facility, for our growing sales and marketing program. In February 2025, a Lease Termination Agreement was signed for ending the lease in July 2025. The termination fee for March, April, May, June and July will be $14,912.

 

In October 2024, the Company entered into an agreement with SPI TCM TECHNOLOGY PARK OWNER LLC to rent 46,481SF. The commencement date for the base rent was January 1, 2025. The base rent for the year 2025 is $50,354.

 

As of January 1, 2020, we adopted ASU 2016-02 employing the cumulative-effect adjustment transition method. As of March 31, 2025, our balance sheet shows $4,592,058 as a Right-of-use asset for operating leases, $472,882 as a current operating lease liability, and $4,314,889 as a lease liability less the current portion.

 

SCHEDULE OF OPERATING LEASE EXPENSE

           
   Three months ending March 31, 
   2025
(Unaudited)		   2024
(Unaudited)		 
           
Revenue  $

2,290,282

   $

742,991