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Leases | 6 Months Ended | 12 Months Ended
--- | --- | ---
Jun. 30, 2024 | Dec. 31, 2023
Leases |  |
Leases | Note 3 – Leases Operating lease right-of-use (“ROU”) assets and liabilities are recognized at the present value of the future lease payments as of the lease commencement date. Operating lease expense is recognized on a straight-line basis over the lease term. During the six months ended June 30, 2023, the Company had a lease agreement which allowed for the use of a laboratory facility for a monthly payment of $6,480. The laboratory lease commenced on October 1, 2018 and expired on October 31, 2023. The Company currently has a lease agreement which allows for the use of a laboratory facility, entered into on February 16, 2023, with base rent of $7,206 per month for a period of 64 months, which increases at the rate of 3% per year, that commenced June 1, 2023. The lease included a six-month 50% rent abatement upon commencement. Additional common area maintenance (“CAM”) fees are charged monthly and revised annually. The estimated monthly CAM fees are $3,300 per month for the first year of the lease, which are being expensed as incurred. An irrevocable letter of credit (“LOC”) for the security deposit of $43,234 and base rent of $3,891, including 50% abatement, and $3,315 of CAM cost, was due and paid on execution of the lease agreement. Alexandria Real Estate (ARE-QRS-CORP) is the beneficiary of the LOC, and the expiry date of the LOC is March 1, 2025. The following summarizes the ROU lease expense components and cash flow information for the Company’s operating leases: Schedule of Right-of Use Asset and Lease Information about Operating Lease
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, |  |  | June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Operating lease cost |  | $ | 22,947 |  |  | $ | 25,193 |  |  | $ | 45,894 |  |  | $ | 42,737 |
Variable lease cost |  |  | 9,937 |  |  |  | - |  |  |  | 20,377 |  |  |  | - |
Sublease income |  |  | (2,163 | ) |  |  | (2,121 | ) |  |  | (4,326 | ) |  |  | (4,242 | )
Total lease cost |  | $ | 30,721 |  |  | $ | 23,072 |  |  | $ | 61,945 |  |  | $ | 38,495 |
Cash paid for operating cash flows from operating leases |  | $ | 22,707 |  |  | $ | 23,331 |  |  | $ | 45,189 |  |  | $ | 42,771 |
Right-of-use assets obtained in exchange for new operating lease liability |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 365,556 |
Supplemental balance sheet information related to operating leases was as follows: Schedule of Balance Sheet Information Related to Operating Leases
|  | June 30, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
Weighted-average remaining lease term (year) |  |  | 4.18 |  |  |  | 4.98 |
Weighted-average discount rate |  |  | 10.48 | % |  |  | 10.46 | %
Future non-cancelable minimum lease payments under the operating lease liability as of June 30, 2024, are as follows: Schedule of Future Non-cancelable Minimum Lease Payments Under Operating Lease Liability
Years Ended December 31, |  |  |
2024 (excluding the six months ended June 30, 2024) |  | $ | 46,313 |
2025 |  |  | 94,246 |
2026 |  |  | 97,074 |
2027 |  |  | 99,986 |
2028 |  |  | 68,235 |
2028 |  |  |  |
Total future minimum lease payments |  |  | 405,854 |
Less: imputed interest |  |  | (76,737 | )
Present value of payments |  | $ | 329,117 |
| Note 4 - Leases The Company had two lease agreements during the year which allowed for the use of laboratory facilities. The first was for a monthly payment of $6,480, with a security deposit of $6,480 held for the duration of the lease, that commenced on October 1, 2018, with the first payment made on January 1, 2019 and ended on October 31, 2023. On February 16, 2023, the Company entered into a new lease agreement for new office and laboratory space, with base rent of $7,206 per month for a period of 64 months, which increases at the rate of 3% per year, that commenced June 1, 2023. The new lease included a six-month 50% rent abatement upon commencement. Additional common area maintenance (“CAM”) fees are charged monthly and revised annually. The estimated monthly CAM fees are $3,300 per month for the first year of the lease, which are being expensed as incurred. An irrevocable letter of credit (“LOC”) for the security deposit of $43,234 and base rent of $3,891, including 50% abatement, and $3,315 of CAM cost, was due and paid on execution of the lease agreement. Alexandria Real Estate (ARE-QRS-CORP) is the beneficiary of the LOC, and the expiry date of the LOC is February 15, 2024. Subsequent to December 31, 2023, the LOC was renewed with an updated expiry date of March 1, 2025. The following summarizes the right-of use asset and lease information for the Company’s operating leases: Schedule of Right-of Use Asset and Lease Information About Operating Lease
|  | 2023 |  |  | 2022 |
|  | Years Ended |
|  | December 31, |
|  | 2023 |  |  | 2022 |
Operating lease cost |  |  | 112,022 |  |  |  | 70,175 |
Variable lease cost |  |  | 24,222 |  |  |  | — |
Sublease income |  |  | (7,819 | ) |  |  | (7,070 | )
Total lease cost |  |  | 128,425 |  |  |  | 63,105 |
Other information |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  |  | 95,641 |  |  |  | 76,248 |
Right-of-use assets obtained in exchange for new operating lease liabilities |  |  | 365,556 |  |  |  | — |
Weighted-average remaining lease term - operating leases (year) |  |  | 4.67 |  |  |  | 0.80 |
Weighted-average discount rate - operating leases |  |  | 10.48 | % |  |  | 10 | %
Future non-cancelable minimum lease payments under the operating lease liability as of December 31, 2023, are as follows: Schedule of Future Non-cancelable Minimum Lease Payments Under Operating Lease Liability
Years ended December 31, |  |  |
2024 (excluding the six months ended June 30, 2024) |  |  |  |
2024 |  | $ | 91,502 |
2025 |  |  | 94,247 |
2026 |  |  | 97,074 |
2027 |  |  | 99,986 |
2028 |  |  | 68,235 |
Total future minimum lease payments |  |  | 451,044 |
Less: imputed interest |  |  | (94,438 | )
Present value of payments |  | $ | 356,606 |

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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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