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LEASES | 12 Months Ended
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Dec. 31, 2023
Leases |
LEASES | NOTE 9 — LEASES With the adoption of ASC 842, operating lease agreements are required to be recognized on the balance sheet as ROU assets and corresponding lease liabilities. On January 1, 2022, the Company exercised its right to lease an additional 400 square feet of office space and an increase of monthly rent of $500. In accordance with ASC 842 management accounted for this as a separate lease and, as a result, recorded an ROU asset and lease liability of $11,359. When measuring lease liabilities for leases that were classified as operating leases, the Company discounted lease payments using its estimated incremental borrowing rate at January 1, 2023. The weighted average incremental borrowing rate applied was 9%. The following table presents net lease cost and other supplemental lease information:
Schedule of lease cost |  |  |  |  |  |  |  |
|  | Years Ended December 31, |
|  | 2023 |  |  | 2022 |
Leases costs |  |  |  |  |  |  |  |
Operating lease costs |  | $ | 54,000 |  |  | $ | 54,000 |
Total lease costs |  | $ | 54,000 |  |  | $ | 54,000 |
Operating leases are included in the audited consolidated balance sheets as follows:
Schedule of operating leases |  |  |  |  |  |  |  |  |  |
|  | Classification |  | December 31, 2023 |  |  | December 31, 2022 |
Lease assets |  |  |  |  |  |  |  |  |  |
Operating lease cost ROU assets |  | Assets |  | $ | 496 |  |  | $ | 6,171 |
Total lease assets |  |  |  | $ | 496 |  |  | $ | 6,171 |
Lease liabilities |  |  |  |  |  |  |  |  |  |
Operating lease liabilities, current |  | Current liabilities |  | $ | 4,463 |  |  | $ | 50,797 |
Operating lease liabilities, non-current |  | Liabilities |  |  | - |  |  |  | 4,463 |
Total lease liabilities |  |  |  | $ | 4,463 |  |  | $ | 55,260 |
Future minimum payments under non-cancellable leases for operating leases for the remaining terms of the leases following the year ended December 31, 2023:
Future minimum payments under non-cancelable leases for operating leases |  |  |  |
Fiscal Year |  | Operating Leases |
2024 |  | $ | 4,496 |
Total future minimum lease payments |  |  | 4,496 |
Amount representing interest |  |  | (33 | )
Present value of net future minimum lease payments |  | $ | 4,463 |
Additional information related to leases is presented as follows:
Schedule of additional information related to leases |  |  |  |  |  |
|  | Years Ended December 31, |
|  | 2023 |  |  | 2022 |
Leases |  |  |  |  |  |  |  |
Weighted average remaining lease term |  |  | 0.25 |  |  |  | 1.00 |
Weighted average discount rate |  |  | 9.9 | % |  |  | 9.9 | %

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- References No definition available. + Details
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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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