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LEASES | 12 Months Ended
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Dec. 31, 2023
Leases |
LEASES | NOTE 10 – LEASES The Company is a party to a lease for 6,800 square feet of space located in Melville, New York (the “Melville Lease”) with respect to its corporate and laboratory operations. The Melville Lease was scheduled to expire in March 2020 (subject to extension at the option of the Company for a period of five years) and provided for an annual base rental during the initial term ranging between $132,600 and $149,260. In June 2019, the Company exercised its option to extend the Melville Lease and entered into a lease amendment with the lessor whereby the five-year extension term commenced on January 1, 2020 with annual base rent ranging between $153,748 and $173,060. When measuring lease liabilities for leases that were classified as operating leases, the Company discounted lease payments using its estimated incremental borrowing rate at August 1, 2019. The weighted average incremental borrowing rate applied was 12%. The following table presents net lease cost and other supplemental lease information: SCHEDULE OF NET LEASE COST AND OTHER SUPPLEMENTAL LEASE INFORMATION
|  | 2023 |  |  | 2022 |
|  | For the Years Ended |
|  | December 31, |
|  | 2023 |  |  | 2022 |
Lease Costs |  |  |  |  |  |  |  |
Operating lease cost (cost resulting from lease payments) |  | $ | 168,028 |  |  | $ | 163,132 |
Net lease costs |  | $ | 168,028 |  |  | $ | 163,132 |
Operating lease - operating cash flows (fixed payments) |  | $ | 168,028 |  |  | $ | 163,132 |
Operating lease - operating cash flows (liability reduction) |  | $ | 139,328 |  |  | $ | 119,055 |
Non-current leases - right of use assets |  | $ | 151,447 |  |  | $ | 241,760 |
Current liabilities - operating lease liabilities |  | $ | 162,317 |  |  | $ | 139,328 |
Non-current liabilities - operating lease liabilities |  | $ | - |  |  | $ | 162,317 |
Future minimum payments under non-cancelable leases for operating leases for the remaining terms of the leases following the year ended December 31, 2023: SCHEDULE OF FUTURE MINIMUM PAYMENTS UNDER NON-CANCELABLE LEASES FOR OPERATING LEASES
Fiscal Year |  | Operating Leases |
2024 |  | $ | 173,060 |
Total future minimum lease payments |  |  | 173,060 |
Amount representing interest |  |  | (10,743 | )
Present value of net future minimum lease payments |  | $ | 162,317 |

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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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