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LEASES
 12 Months Ended
Dec. 31, 2023
Leases  
LEASES

NOTE 9 – LEASES

 

  A. The components of operating lease cost for the years ended December 31, 2023 and 2022 were as follows:

 

   2023   2022 
   December 31, 
   2023   2022 
           
Operating lease costs   54,723    80,501 

 

  B. Supplemental cash flow information related to operating leases was as follows:

   2023   2022 
   December 31, 
   2023   2022 
         
Cash paid for amounts included in the measurement of lease liabilities:          
Operating cash flows from operating leases   51,353    62,679 
Right-of-use assets obtained in exchange for lease obligations (non-cash):          
Operating leases   15,709    47,280 

 

  C. Supplemental balance sheet information related to operating leases was as follows:

  

   2023   2022 
   December 31, 
   2023   2022 
         
Operating leases:          
Operating leases right-of-use asset   56,568    121,855 
           
Current operating lease liabilities   40,515    66,311 
Non-current operating lease liabilities   7,181    40,023 
Total operating lease liabilities   47,696    106,334 
           
Weighted average remaining lease term (years)   1.08    1.78 
           
Weighted average discount rate   4%   4%

 

 

N2OFF, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(U.S. dollars)

 

NOTE 9 – LEASES (continue)

 

  D. Future minimum lease payments under non-cancellable leases as of December 31, 2023 were as follows:

  

   2023 
     
2024   41,233 
2025   7,739 
Total operating lease payments   48,972 
Less: imputed interest   (1,276)
Present value of lease liabilities   47,696 

 

In September 2021, the Company signed a lease agreement for an office and operational space in Neve Yarak, lsrael for a period of 1 year with monthly payments of $2,000 and an option to extend the agreement for an additional 2 years with monthly payment of $2,500 in the first option period and $2,750 in the second option period. The Company exercised its option to extend the lease agreement for an additional 2 years.

 

A right-of-use assets in the amount of $152,472 and lease liabilities in the amount of 152,472 have been recognized in the balance sheet in respect of these leases.

 

In December 2021, the Company signed a car rental lease agreement for a period of 3 years with monthly payments of $950. A lease right-of-use asset and a related liability in the amount of $34,362 have been recognized in the balance sheet in respect of this lease. During August 2023, the Company terminated the lease agreement.

 

On December 15, 2021, the Company entered into a lease agreement for office space in Miami (the “Miami Lease”). The Miami Lease is for a period of 1 year with monthly payments of $600 and an option to extend the agreement for an additional 1 year with monthly payments of $630. A lease right-of-use asset and a related liability in the amount of $14,633 have been recognized in the balance sheet in respect of this lease. The Company exercised its option to extend the lease agreement for an additional year. On December 15, 2023, the Company entered into a new lease agreement for office space in Miami for a period of 1 year with monthly payments of $670 and an option to extend the agreement for an additional 1 year with monthly payments of $704. A lease right-of-use asset and a related liability in the amount of $15,709 have been recognized in the balance sheet in respect of this lease.

 

In January 2022, the Company signed a car rental lease agreement for a period of 3 years with monthly payments of $1,300. A lease right-of-use asset and a related liability in the amount of $47,280 have been recognized in the balance sheet in respect of this lease.

 

 

N2OFF, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(U.S. dollars)