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Note 8 - Leases

6 Months Ended

Jun. 30, 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. On August 11, 2023, the Company signed a new one-year lease starting September 1, 2023 for office space in New Jersey. 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*		*3 Months ended*
	*June 30,*		*June 30,*
	*2023*		*2022*

Lease cost
Total lease cost	$	48,543	$	55,942

	*6 Months ended*		*6 Months ended*
	*June 30,*		*June 30,*
	*2023*		*2022*

Lease cost
Total lease cost	$	111,682	$	111,161

	*June 30,*			*December 31,*
Balance sheet information	*2023*			*2022*
Operating right-of-use assets	$	84,610		$	197,355

Operating lease liabilities, current portion	$	77,379		$	159,665
Operating lease liabilities, non-current portion		9,570			37,829
Total operating lease liabilities	$	86,949		$	197,494

Weighted average remaining lease term (in years) – operating leases		0.93			0.96
Weighted average discount rate – operating leases		5.50	%		5.50	%


Cash paid for amounts included in the measurement of operating lease liabilities for the six months ended June 30, 2023 and 2022:	$	138,634		$	144,985

Maturities of operating lease liabilities were as follows as of June 30, 2023:

2023 (6 months remaining)	$	50,950
2024		38,808
Total future lease payments	$	89,758
Less: imputed interest		(2,809	)
Total	$	86,949