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Note L - Leases

12 Months Ended

Dec. 31, 2024

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