XML 30 R19.htm IDEA: XBRL DOCUMENT
v3.24.1.1.u2

Leases | 3 Months Ended
--- | ---
Mar. 31, 2024
Leases |
Leases | 11. Leases For operating leases, the Company records a right-of-use assets and corresponding lease liabilities in the unaudited condensed consolidated balance sheets for all leases with terms longer than twelve months. The Company has three operating leases, with no variable lease costs, and no finance leases as of March 31, 2024. The Company has three operating leases, with no variable lease costs, and no finance leases and December 31, 2023. In October 2023, Invizyne made changes to an existing lease agreement that was originally entered into in August 2021, which resulted in an extension of the lease term by an additional 14 months. The revised lease maintained the same escalation rate for lease payments as the previous arrangement. To account for this modification, the Company reevaluated the remaining lease term at the time of execution. As the Company was actively utilizing the premises, adjustments were made to reflect the revaluation of both the right-to-use asset and the corresponding lease liability in line with the updated lease term. This was originally entered into in August 2021, with a term of 60 months beginning on August 24, 2021 and ending on September 30, 2026, with an option to extend for 60 additional months and was further modified on April 3, 2023 for an additional 21 months with the lease ending date of April 30, 2028. At the time the lease commenced, it was not probable the Company would exercise the one five-year option to extend the facility lease; therefore, this extension option is not included in the lease analysis. The initial base rent is $14,371 per month. The lease provides for annual increases. The base rent for the lease in the final year is $16,747 per month. Additionally, Invizyne is responsible for annual operating cost increases of 2.5%, which are included in the rent. Furthermore, in October 2023, Invizyne made changes to a second existing lease agreement that was originally entered into in April 2023, which resulted in an extension of the lease term by an additional 12 months. The revised lease maintained the same escalation rate for lease payments as the previous arrangement. To account for this modification, the Company reevaluated the remaining lease term at the time of execution. As the Company was actively utilizing the premises, adjustments were made to reflect the revaluation of both the right-to-use asset and the corresponding lease liability in line with the updated lease term. This was originally entered into in April 2023, with a term of 60 months beginning on July 1, 2023 and ending on June 30, 2028, with an option to extend for 60 additional months. At the time the lease commenced, it was not probable the Company would exercise the one five-year option to extend the facility lease; therefore, this extension option is not included in the lease analysis. The initial base rent is $13,277per month. The lease provides for annual increases. The base rent for the lease in the final year is $15,391per month. Additionally, Invizyne is responsible for annual operating cost increases of 3.0%, which are included in the rent. On July 1, 2022 the Company executed a lease for new office space in the Dallas, Texas metropolitan area, the expected occupancy of the space is December 20, 2022. The lease with a term of 91 months set to begin once we take control of the space, which is estimated for December 16, 2022 and ending on July 20, 2030, without an option to extend. The initial base rent was $12,556 per month, after 7 months of free rent. The lease provides for annual increases. The base rent for the lease in the final year is $13,937 per month. ROU assets represent the Company’s right to use an underlying asset for the lease term, and lease liabilities represent the Company’s obligation to make lease payments. Operating lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. The Company’s uses the implicit rate in its lease calculations when it is readily determinable. Since the Company’s leases do not provide implicit rates, to determine the present value of lease payments, management uses the Company’s estimated incremental borrowing rate for a fully collateralized loan with a similar term of the lease that is based on the information available at the inception of the lease. Schedule of Operating Lease Cost
|  | March 31, 2024 |  |  | December 31, 2023 |
Operating leases: |  |  |  |  |  |  |  |
Right-of-use assets |  | $ | 2,235,559 |  |  | $ | 2,320,119 |
Operating lease liabilities |  | $ | 2,339,955 |  |  | $ | 2,415,889 |
Weighted average remaining lease term in years |  |  | 5.27 |  |  |  | 5.33 |
Weighted average discount rate |  |  | 7.66 | % |  |  | 7.40 | %
Cash paid for amounts included in the measurement of lease liabilities |  | $ | 121,688 |  |  | $ | 206,837 |
Right-of-use assets obtained in exchange for lease liabilities |  | $ | - |  |  | $ | 1,018,002 |
Operating lease cost |  | $ | 45,754 |  |  | $ | 146,836 |
Short-term lease costs |  |  | 84,560 |  |  |  | 275,589 |
Total operating lease costs |  | $ | 130,314 |  |  | $ | 422,425 |
Future payments due under operating leases as of March 31, 2024 are as follows: Schedule of Future payments Due Under Operating Lease
Year |  | Amount |
Remainder of 2024 |  | $ | 369,936 |
2025 |  |  | 503,684 |
2026 |  |  | 516,001 |
2027 |  |  | 528,586 |
2028 |  |  | 541,674 |
Thereafter |  |  | 451,600 |
Total |  | $ | 2,911,481 |
Less effects of discounting |  |  | (571,526 | )
Total operating lease liabilities |  | $ | 2,339,955 |

X
- References No definition available. + Details
Name: | MDBH_DisclosureLeasesAbstract
Namespace Prefix: | MDBH_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration