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Note N - Leases

12 Months Ended

Dec. 31, 2023

NOTE N—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:

	*Year ended*			*Year ended*
	*December 31,*			*December 31,*
	*2023*			*2022*
Lease cost
Operating lease cost	$	166,161		$	254,649
Total lease cost	$	166,161		$	254,649

Balance sheet information
Operating right-of-use assets	$	36,905		$	197,355

Operating lease liabilities, current portion	$	37,829		$	159,665
Operating lease liabilities, non-current portion		-			37,829
Total operating lease liabilities	$	37,829		$	197,494

Weighted average remaining lease term (in years) – operating leases		0.67			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	$	213,783		$	259,558

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

2024	$	38,808
2025		-
Total future lease payments	$	38,808
Less: imputed interest		(979	)
Total	$	37,829