NOTE 8 — LEASE
Management determined that
the Company’s incremental borrowing rate is the risk free rate for the three-year treasury bond on the effective date.
Components of lease expense
are as follows:
| | |
March 31, 2025 | | |
December 31, 2024 | |
| Amortization of ROU Asset - operating lease | |
$ | 8,083 | | |
$ | 3,305 | |
| Interest in lease liabilities - operating lease | |
| 382 | | |
| 135 | |
| Lease expense | |
| 5,160 | | |
| 20,639 | |
| Total lease expense | |
$ | 13,625 | | |
$ | 24,079 | |
Supplemental balance sheet
information related to leases is as follows:
| | |
March 31,
2025 | | |
December 31, 2024 | |
| Operating lease right-of-use assets, gross | |
$ | 59,428 | | |
$ | 59,428 | |
| Accumulated amortization | |
| (8,083 | ) | |
| (3,305 | ) |
| Operating lease right-of-use assets, net | |
$ | 51,345 | | |
$ | 56,123 | |
| Operating lease liabilities, current portion | |
| 13,199 | | |
| 13,066 | |
| Operating lease liabilities, non-current portion | |
| 22,370 | | |
| 25,720 | |
| Total Operating lease liabilities | |
$ | 35,569 | | |
$ | 38,786 | |
Future minimum lease payments
are $37,541 as of March 31, 2025.
|