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Leases | 3 Months Ended
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Mar. 31, 2024
Leases |
Leases | 6. Leases Operating right of use (“ROU”) assets and operating lease liabilities are recognized at the lease commencement date. Operating lease liabilities represent the present value of lease payments not yet paid. Operating right of use assets represent the Company’s right to use an underlying asset and is based upon the operating lease liabilities adjusted for prepayments or accrued lease payments, initial direct costs, lease incentives, and impairment of operating lease assets. To determine the present value of lease payments not yet paid, the Company estimates incremental secured borrowing rates corresponding to the maturities of the leases. The Company used the U.S. Treasury rate of 4% at December 31, 2022. The Company leases a warehouse facility, and land which are located at 150 Commerce Street, Old Fort, North Carolina (the “Property”) from NC Limited Liability Company. The Company entered into the lease on October 7, 2022, the lease has a term of two years. The current base rent payment is $7,517 per month including property taxes, insurance, and common area maintenance. The lease required a $7,517 security deposit. The base rent increased three percent (3%) on October 15, 2023. At March 31, 2024 and December 31, 2023, supplemental balance sheet information related to leases were as follows:
Schedule of supplemental balance sheet information related to leases |  |  |  |  |  |  |  |
|  | March 31, |  | December 31,
|  | 2024 |  | 2023
Operating lease ROU asset |  | $ | 52,869 |  |  | $ | 75,147 |
|  | March 31, |  | December 31,
|  | 2024 |  | 2023
Operating lease liabilities: |  |  |  |  |  |  |  |
Current portion |  | $ | 45,916 |  |  | $ | 68,532 |
Non-current portion |  |  | — |  |  |  | — |
Total |  | $ | 45,916 |  |  | $ | 68,532 |
At March 31, 2024, future minimum lease payments under the non-cancelable operating leases are as follows:
Schedule of future minimum lease payments under the non-cancelable operating leases |  |  |  |
2024 (excluding the three months ended March 31, 2024) |  | $ | 46,453 |
Total lease payment |  | $ | 46,453 |
Less imputed interest |  |  | (537 | )
Total |  |  | 45,916 |
The following summarizes other supplemental information about the Company’s operating lease:
Schedule of other supplemental information |  |  |  |
|  | March 31,
|  | 2024
Weighted average discount rate |  |  | 4 | %
Weighted average remaining lease term (years) |  |  | 0.46 |

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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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