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Note 8 - Leases

9 Months Ended

Sep. 30, 2024

LEASES

The Company’s leases office space in New Jersey, Minnesota, New Hampshire, Madrid and Hong-Kong with lease termination dates in 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,*
	*2024*		*2023*

Lease cost
Total lease cost	$	9,702	$	34,145

	*9 Months ended*		*9 Months ended*
	*September 30,*		*September 30,*
	*2024*		*2023*

Lease cost
Total lease cost	$	38,808	$	145,828

	*September 30,*			*December 31,*
Balance sheet information	*2024*			*2023*
Operating right-of-use assets	$	73,636		$	36,905

Operating lease liabilities, current portion	$	24,545		$	37,829
Operating lease liabilities, non-current portion		49,091			0
Total operating lease liabilities	$	73,636		$	37,829

Weighted average remaining lease term (in years) – operating leases		3.00			0.67
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, 2024 and 2023:	$	51,950		$	213,783

Maturities of operating lease liabilities were as follows as of September 30, 2024:

2024 (3 months remaining)	$	6,978
2025		28,191
2026		29,262
2027		22,473
Total future lease payments	$	86,904
Less: imputed interest		(13,268	)
Total	$	73,636