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Note 8 - Leases | 9 Months Ended
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Sep. 30, 2023
Notes to Financial Statements |
Lessee, Operating Leases [Text Block] |
8. | 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 |
|  | September 30, |  |  | September 30, |
|  | 2023 |  |  | 2022 |
Lease cost |  |  |  |  |  |  |  |
Total lease cost |  |  | $ 34,145 |  |  |  | $ 63,973 |
|  | 9 Months ended |  |  | 9 Months ended |
|  | September 30, |  |  | September 30, |
|  | 2023 |  |  | 2022 |
Lease cost |  |  |  |  |  |  |  |
Total lease cost |  | $ | 145,828 |  |  | $ | 163,401 |
|  | September 30, |  |  | December 31, |
Balance sheet information |  | 2023 |  |  | 2022 |
Operating right-of-use assets |  | $ | 50,465 |  |  | $ | 197,355 |
Operating lease liabilities, current portion |  | $ | 51,746 |  |  | $ | 159,665 |
Operating lease liabilities, non-current portion |  |  | - |  |  |  | 37,829 |
Total operating lease liabilities |  | $ | 51,746 |  |  | $ | 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 nine months ended September 30, 2023 and 2022: |  | $ | 197,946 |  |  | $ | 144,985 |
Maturities of operating lease liabilities were as follows as of September 30, 2023:
2023 (3 months remaining) |  | $ | 14,553 |
2024 |  |  | 38,808 |
Total future lease payments |  | $ | 53,361 |
Less: imputed interest |  |  | (1,615 | )
Total |  | $ | 51,746 |

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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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