OPERATING LEASE RIGHT-OF-USE (“ROU”) ASSETS AND OPERATING LEASE LIABILITIES (Tables)
|
3 Months Ended |
12 Months Ended |
Mar. 31, 2025 |
Dec. 31, 2024 |
| Operating Lease Right-of-use Rou Assets And Operating Lease Liabilities |
|
|
| SCHEDULE OF RIGHT OF USE ASSET |
On
March 31, 2025 and December 31, 2024, right-of-use asset (“ROU”) is summarized as follows:
SCHEDULE
OF RIGHT OF USE ASSET
| | |
March 31, 2025 | | |
December 31, 2024 | |
| Office lease right of use assets | |
$ | 277,514 | | |
$ | 277,514 | |
| Auto lease right of use asset | |
| 19,583 | | |
| 19,583 | |
| Less: accumulated amortization | |
| (214,346 | ) | |
| (195,476 | ) |
| Balance of ROU assets | |
$ | 82,751 | | |
$ | 101,621 | |
SAFE
PRO GROUP INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE MONTHS ENDED MARCH 31, 2025 AND 2024
(unaudited)
| Other information: | |
March 31, 2025 | | |
December 31, 2024 | |
| | |
| | |
| |
| Weighted average remaining lease term – operating leases | |
| 1.32 years | | |
| 1.57 years | |
| Weighted average discount rate – operating leases | |
| 4.60 | % | |
| 4.60 | % |
|
On
December 31, 2024 and 2023, right-of-use asset (“ROU”) is summarized as follows:
SCHEDULE
OF RIGHT OF USE ASSET
| | |
December 31, 2024 | | |
December 31, 2023 | |
| Office lease right of use assets | |
$ | 277,514 | | |
$ | 246,774 | |
| Auto lease right of use asset | |
| 19,583 | | |
| - | |
| Less: accumulated amortization | |
| (195,476 | ) | |
| (93,370 | ) |
| Balance of ROU assets | |
$ | 101,621 | | |
$ | 153,404 | |
|
| SCHEDULE OF OPERATING LEASE LIABILITY TO ROU ASSET |
On
March 31, 2025 and December 31, 2024, operating lease liabilities related to the ROU assets are summarized as follows:
SCHEDULE
OF OPERATING LEASE LIABILITY TO ROU ASSET
| | |
March 31, 2025 | | |
December 31, 2024 | |
| Lease liabilities related to office lease right of use assets | |
$ | 72,962 | | |
$ | 91,113 | |
| Lease liabilities related to auto lease right of use asset | |
| 6,842 | | |
| 7,595 | |
| Less: current portion of lease liabilities | |
| (54,599 | ) | |
| (63,115 | ) |
| Lease liabilities – long-term | |
$ | 25,205 | | |
$ | 35,592 | |
|
On
December 31, 2024 and 2023, operating lease liabilities related to the ROU assets are summarized as follows:
SCHEDULE
OF OPERATING LEASE LIABILITY TO ROU ASSET
| | |
December 31, 2024 | | |
December 31, 2023 | |
| Lease liabilities related to office lease right of use assets | |
$ | 91,113 | | |
$ | 159,634 | |
| Lease liabilities related to auto lease right of use asset | |
| 7,595 | | |
| - | |
| Less: current portion of lease liabilities | |
| (63,115 | ) | |
| (68,522 | ) |
| Lease liabilities – long-term | |
$ | 35,592 | | |
$ | 91,112 | |
| Other information: | |
December 31, 2024 | | |
December 31, 2023 | |
| | |
| | |
| |
| Weighted average remaining lease term – operating leases | |
| 1.57
years | | |
| 2.37
years | |
| Weighted average discount rate – operating leases | |
| 4.60 | % | |
| 4.50 | % |
|
| SCHEDULE OF LEASE PAYMENTS DUE UNDER NON-CANCELABLE OPERATING LEASES |
On
March 31, 2025, future minimum base lease payments due under non-cancelable operating leases are as follows:
SCHEDULE
OF LEASE PAYMENTS DUE UNDER NON-CANCELABLE OPERATING LEASES
| Twelve months ended March 31, | |
Amount | |
| 2025 | |
$ | 45,582 | |
| 2026 | |
| 35,592 | |
| 2027 | |
| 1,183 | |
| Total minimum non-cancellable operating lease payments | |
| 82,358 | |
| Less: discount to fair value | |
| (2,554 | ) |
| Total lease liabilities on March 31, 2025 | |
$ | 79,804 | |
|
On
December 31, 2024, future minimum base lease payments due under non-cancelable operating leases are as follows:
SCHEDULE
OF LEASE PAYMENTS DUE UNDER NON-CANCELABLE OPERATING LEASES
| Year ending December 31, | |
Amount | |
| 2025 | |
$ | 63,116 | |
| 2026 | |
| 35,097 | |
| 2027 | |
| 1,183 | |
| Total minimum non-cancellable operating lease payments | |
| 99,396 | |
| Less: discount to fair value | |
| (688 | ) |
| Total lease liabilities on December 31, 2024 | |
$ | 98,708 | |
|