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| LEASE |
NOTE 6 - LEASE
Operating leases
Prior to 2020, the Company entered into several lease amendments with landlord whereby the Company agreed to lease office space in Anaheim, California. The current term expires on January 31, 2025. The current lease has escalating payments from $9,905 per month to $11,018 per month. The Company recorded an aggregate value of right to use assets and lease liability of $500,333.
Lease liability is summarized below:
Maturity analysis under these lease agreements are as follows:
Lease expense for the three months ended March 31, 2024 and 2023 was comprised of the following:
During the three months ended March 31, 2024 and 2023, the Company paid $32,093 and $38,463 lease expense in cash, respectively.
Weighted-average remaining lease term and discount rate for operating leases are as follows:
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