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Note 8 - Leases

9 Months Ended

Sep. 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*
	*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