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Operating Lease Right-of-Use Assets and Operating Lease Liabilities | 9 Months Ended
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Sep. 30, 2024
Operating Lease Right-of-Use Assets and Operating Lease Liabilities [Abstract] |
OPERATING LEASE RIGHT-OF-USE ASSETS AND OPERATING LEASE LIABILITIES | NOTE 3 – OPERATING LEASE RIGHT-OF-USE ASSETS AND OPERATING LEASE LIABILITIES In January 2019, the Company renewed and extended the term of its lease facility for another three-year period from January 2019 to December 2021 starting with a monthly base rent of $2,567 plus a pro rata share of operating expenses beginning January 2019. The base rent was subject to annual increases beginning the 2nd and 3rd lease year as defined in the lease agreement. In addition to the monthly base rent, the Company is charged separately for common area maintenance which is considered a non-lease component. These non-lease component payments are expensed as incurred and are not included in operating lease assets or liabilities. On August 27, 2021, the Company entered into an amendment agreement with the same landlord to modify the facility lease to relocate and increase the square footage of the lease premises. The term of the lease commenced on October 1, 2021 and will expire on December 31, 2024 with a new monthly base rent of $7,156 plus a pro rata share of operating expenses beginning January 2022. The base rent will be subject to 3% annual increases beginning in the 2nd and 3rd lease year as defined in the amended lease agreement. For the nine months ended September 30, 2024 and 2023, rent expense amounted to $68,215 and $68,215, respectively, and were included in general and administrative expenses. On August 27, 2021, upon the execution of the amendment agreement, the Company recorded right-of-use assets and operating lease liabilities of $198,898. The remaining lease term for the operating lease is 6 months as of September 30, 2024 and the incremental borrowing rate is 18.0% (based on historical borrowing rates). Right-of- use assets are summarized below:
|  | September 30, 2024 |  |  | December 31, 2023 |
Office lease |  | $ | 198,898 |  |  | $ | 198,898 |
Less accumulated amortization |  |  | (178,986 | ) |  |  | (124,921 | )
Right-of-use asset, net |  | $ | 19,912 |  |  | $ | 73,977 |
Operating Lease liabilities are summarized below:
|  | September 30, 2024 |  |  | December 31, 2023 |
Office lease |  | $ | 198,898 |  |  | $ | 198,898 |
Reduction of lease liability |  |  | (176,047 | ) |  |  | (115,224 | )
Total lease liability |  |  | 22,851 |  |  |  | 83,674 |
Less: current portion |  |  | 22,851 |  |  |  | 83,674 |
Long term portion of lease liability |  | $ | - |  |  | $ | - |
Minimum lease payments under the non-cancelable operating lease on September 30, 2024 are as follows:
For the year ended September 30: |  |  |
2025 |  | $ | 23,540 |
Total |  |  | 23,540 |
Less: present value discount |  |  | (689 | )
Total operating lease liability |  | $ | 22,851 |

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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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- References No definition available. + Details
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