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Note L - Leases | 12 Months Ended
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Dec. 31, 2024
Notes to Financial Statements |
Lessee, Operating Leases [Text Block] | NOTE L—LEASES The Company’s leases office space in New Jersey, Minnesota, New Hampshire, Madrid and Hong Kong with lease termination dates in 2025 and 2027. 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, |
|  | 2024 |  |  | 2023 |
Lease cost |  |  |  |  |  |  |  |
Operating lease cost |  | $ | 45,787 |  |  | $ | 166,161 |
Total lease cost |  | $ | 45,787 |  |  | $ | 166,161 |
Balance sheet information |  |  |  |  |  |  |  |
Operating right-of-use assets |  | $ | 73,372 |  |  | $ | 36,905 |
Operating lease liabilities, current portion |  | $ | 24,642 |  |  | $ | 37,829 |
Operating lease liabilities, non-current portion |  |  | 48,994 |  |  |  | - |
Total operating lease liabilities |  | $ | 73,636 |  |  | $ | 37,829 |
Weighted average remaining lease term (in years) – operating leases |  |  | 2.67 |  |  |  | 0.67 |
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 |  | $ | 63,914 |  |  | $ | 213,783 |
Maturities of operating lease liabilities were as follows as of December 31, 2024: |  |  |  |  |  |  |  |
2025 |  | $ | 28,195 |  |  |  |  |
2026 |  |  | 29,267 |  |  |  |  |
2027 |  |  | 22,477 |  |  |  |  |
Total future lease payments |  |  | 79,939 |  |  |  |  |
Less: imputed interest |  |  | (6,303 | ) |  |  |  |
Total |  | $ | 73,636 |  |  |  |  |

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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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