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Note N - Leases
12 Months Ended
Dec. 31, 2022
Notes to Financial Statements  
Lessee, Operating Leases [Text Block]

NOTE NLEASES

 

The Company’s leases office space in New Jersey, Minnesota, New Hampshire, Madrid and Hong-Kong with lease termination dates in 2023 and 2024. The property leased in China is paid monthly as used, without a formal agreement. The following tables present the components of lease expense and supplemental balance sheet information related to the operating leases were:

 

   

Year ended

December 31,

2022

   

Year ended

December 31,

2021

 
Lease cost                

Operating lease cost

  $ 254,649     $ 255,892  

Total lease cost

  $ 254,649     $ 255,892  
                 
Balance sheet information          

Operating right-of-use assets

  $ 197,355     $ 254,100  
                 

Operating lease liabilities, current portion

  $ 159,665     $ 177,188  

Operating lease liabilities, non-current portion

    37,829       86,974  

Total operating lease liabilities

  $ 197,494     $ 264,162  
                 

Weighted average remaining lease term (in years) – operating leases

    0.96       1.45  

Weighted average discount rate – operating leases

    5.50

%

    5.50

%

                 
Supplemental cash flow information related to leases were as follows:                
                 

Cash paid for amounts included in the measurement of operating lease liabilities

  $ 259,558     $ 256,977  
                 
Maturities of operating lease liabilities were as follows as of December 31, 2022:                
                 

2023

  $ 164,596          

2024

    38,808          

Total future lease payments

  $ 203,404          

Less: imputed interest

    (5,910

)

       

Total

  $ 197,494