LEASES |
6 Months Ended | |||||||||||||||||||||||||||||||||||
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Jun. 30, 2025 | ||||||||||||||||||||||||||||||||||||
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| LEASES | NOTE G – LEASES
Short Term Leases
The Company leased its office space on a month to month basis until February 29, 2024. There was no lease expense related to this short term lease for the three months ended June 30, 2025 and 2024. Total lease expense related to this short term lease was $-0- and $12,200 for the six months ended June 30, 2025 and 2024, respectively.
Operating Leases
The Company leases its office space pursuant to a two-year commercial lease amendment which commenced on March 1, 2024. For the three month periods ended June 30, 2025 and 2024, operating lease expense totaled $19,200 and $19,200, respectively, and for the six months ended June 30, 2025 and 2024, operating lease expense totaled $38,400 and $25,600, respectively.
The remaining weighted average lease term is 0.67 years and the weighted average discount rate is 9.5% as of June 30, 2025.
Future minimum lease payments as of June 30, 2025 are as follows:
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