NOTE 4 – RIGHT-OF-USE ASSETS

Minimum

Maximum 

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%. Right-of-Use Assets are recorded on the balance sheet as intangible assets.

The Company has Right-of-Use Assets through leases of property under non-cancelable leases. As of June 30, 2024, the Company had three (3) properties with lease terms in excess of one (1) year. Of these three (3) leases, one (1) lease expires in 2025, one (1) lease expires in 2026, and one (1) lease expires in 2030. Lease payables as of June 30, 2024, is $406,244.

Future lease liability payments under the terms of these leases are as follows:

Right-of-Use Assets - Schedule of Future Minimum Lease Payments for Operating Leases

The weighted average term of the Right-to-Use leases is 57.4 months recorded with a weighted average discount of 6.96%. Total lease expense for the six (6) months ended June 30, 2024, and 2023, was $87,594 and $86,078, respectively.