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Note 8 - Leases

3 Months Ended

Mar. 31, 2023

LEASES

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:

	3 Months ended March 31, 2023		3 Months ended March 31, 2022

Lease cost
Total lease cost	$	63,139	$	55,219

Balance sheet information	March 31, 2023			December 31, 2022
Operating right-of-use assets	$	131,223		$	197,355

Operating lease liabilities, current portion	$	96,584		$	159,665
Operating lease liabilities, non-current portion		33,366			37,829
Total operating lease liabilities	$	129,950		$	197,494

Weighted average remaining lease term (in years) – operating leases		0.66			0.96
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 for the three months ended March 31, 2023 and 2022:	$	69,821		$	65,108

Maturities of operating lease liabilities were as follows as of March 31, 2023:

2023 (9 months remaining)	$	95,911
2024		38,808
Total future lease payments	$	134,719
Less: imputed interest		(4,769	)
Total	$	129,950