RIGHT-OF-USE ASSETS |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Right-of-use Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||
| RIGHT-OF-USE ASSETS | NOTE 6 – RIGHT-OF-USE ASSETS
Right-of-Use Assets consist of assets accounted for under ASC 842. The assets are recorded at present value using implied interest rates between 4.75% and 7.50%. The Right-of-Use Assets were $217,432 and $319,549 in 2025 and 2024, respectively.
The Company has right-of-use assets through leases of properties under non-cancelable leases. As of December 31, 2025, the Company had four (4) leased properties. Of these four (4) leases, two (2) leases expired in 2025; one (1) lease expires in 2026; and one (1) lease expires in 2030. Lease payables as of December 31, 2025, was $227,779.
Future lease liability payments under the terms of these leases are as follows:
The weighted average term of the right-to-use leases is 54.1 months recorded with a weighted average discount of 7.40%. For the year ended December 31, 2025, total lease expense was $129,056.
|