NOTE 13 – LEASES
The following was included in our balance sheet
as of March 31, 2025 and 2024:
| Schedule of operating lease | |
| | |
| |
| | |
March 31, | |
| Operating leases | |
2025 | | |
2024 | |
| Assets | |
| | | |
| | |
| ROU operating lease assets | |
$ | – | | |
$ | 485,178 | |
| | |
| | | |
| | |
| Liabilities | |
| | | |
| | |
| Current portion of operating lease | |
| – | | |
| 80,400 | |
| Operating lease, net of current portion | |
| – | | |
| 484,545 | |
| Total operating lease liabilities | |
$ | – | | |
$ | 564,945 | |
The weighted average remaining lease term and
weighted average discount rate at March 31, 2025 and 2024 were as follows:
| Schedule of weighted average remaining lease term and discount rate | |
| | | |
| | |
| | |
March 31, | |
| Operating leases | |
2025 | | |
2024 | |
| Weighted average remaining lease term (years) | |
| 0 | | |
| 7.25 | |
| Weighted average discount rate | |
| 0.00% | | |
| 6.00% | |
Operating Leases
On January 15, 2025 SVEA Cameron Esperson filed
its Motion for Nonsuit without Prejudice. The dismissal was accepted by the court on January 16, 2025.
The following table reconciles future minimum
operating lease payments to the discounted lease liability as of March 31, 2025:
| Schedule of future minimum operating lease payments | |
| |
| Three Months Ended March 31, | |
| |
| 2025 | |
$ | 0 | |
| 2026 | |
| 0 | |
| 2027 and later | |
| 0 | |
| Total lease payments | |
| 0 | |
| Less imputed interest | |
| (0 | ) |
| Total lease obligations | |
| 0 | |
| Less current lease obligations | |
| (0 | ) |
| Long-term lease obligations | |
$ | 0 | |
|