v3.23.1
Operating Leases
 12 Months Ended
Dec. 31, 2022
Operating Lease [Abstract]  
OPERATING LEASES

NOTE 9 – OPERATING LEASES

 

On June 24, 2020, eVance, Inc. (“eVance”) entered into a Lease Agreement (the “Lease”) with Pergament Lodi, LLC (the “Lessor”) relating to approximately 4,277 square feet of property located at 960 Northpoint Parkway, Alpharetta, Georgia, Suite 400. The term of the Lease is for thirty-nine (39) months commencing September 1, 2020. The monthly base rent is $8,019 for the first twelve (12) months increasing thereafter to $8,768. The total rent for the entire lease term is $315,044 and $8,768 is payable as a security deposit. The first three months of rent will be abated so long as eVance is not in default of any portion of the Lease.

 

On January 11, 2022, DMINT entered into two leases (the “Leases”) in Bradford, Pennsylvania relating to a combined 10,000 square feet of property located at the Bradford Regional Airport Authority multi-tenant building in Lafayette Township. The Leases are each for a term of five years, ending on the later of the date of occupancy and November 10, 2026. The monthly base rent for “Cell 3”, comprising 4,000 square feet, is $1,667 per month. The monthly base rent for “Cell 4”, comprising 6,000 square feet, is $2,500 per month. The total rent for the entire lease term of the Leases is $250,00 and $8,768 is payable as a security deposit.

 

   Balance Sheet Classification  December 31,
2022		 
Asset       
Operating lease asset  Right of use asset  $402,538 
Total lease asset     $402,538 
         
Liability        
Operating lease liability – current portion  Current operating lease liability  $133,180 
Operating lease liability – noncurrent portion  Long-term operating lease liability   273,166 
Total lease liability     $406,346 

 

Lease obligations at December 31, 2022 consisted of the following:

 

For the year ended December 31:    
2022  $150,139 
2023   144,393 
2024   50,000 
2025   50,000 
2026   41,667 
Total payments  $436,199 
Amount representing interest  $(29,853)
Lease obligation, net   406,346 
Less current portion   (133,180)
Lease obligation – long term  $273,166 

 

Rent expense for the years ended December 31, 2022 and 2021, was $171,723 and $106,201, respectively.