| SCHEDULE OF OPERATING LEASE COST AND SUPPLEMENTAL CASH FLOW INFORMATION |
In
accordance with ASC 842, the components of lease expense were as follows:
SCHEDULE OF OPERATING LEASE COST AND SUPPLEMENTAL CASH FLOW INFORMATION
| |
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
| |
|
Nine
Months ended
September
30,
|
|
|
Three
Months ended September 30, |
|
| |
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
| Operating
lease expense |
|
$ |
53,757 |
|
|
$ |
24,094 |
|
|
$ |
17,919 |
|
|
$ |
18,070 |
|
| Short
term lease cost |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
| Total
lease expense |
|
$ |
53,757 |
|
|
$ |
24,094 |
|
|
$ |
17,919 |
|
|
$ |
18,070 |
|
In
accordance with ASC 842, other information related to leases was as follows:
| Nine
Months Ended September 30 |
|
2022 |
|
|
2021 |
|
| Operating
cash flows from operating leases |
|
$ |
54,312 |
|
|
$ |
9,131 |
|
| Cash
paid for amounts included in the measurement of lease liabilities |
|
$ |
54,312 |
|
|
$ |
9,131 |
|
| |
|
|
|
|
|
|
|
|
| Weighted-average
remaining lease term—operating leases |
|
|
3.92
years |
|
|
|
4.92
years |
|
| Weighted-average
discount rate—operating leases |
|
|
10 |
% |
|
|
10 |
% |
|
The
components of lease expense and supplemental cash flow information related to leases for the period are as follows:
In
accordance with ASC 842, the components of lease expense were as follows:
SCHEDULE OF OPERATING LEASE COST AND SUPPLEMENTAL CASH FLOW INFORMATION
| |
|
Years ended December 31, |
|
| |
|
|
|
|
|
|
| |
|
2021 |
|
|
2020 |
|
| Operating lease expense |
|
$ |
41,811 |
|
|
$ |
- |
|
| Short term lease cost |
|
$ |
- |
|
|
$ |
- |
|
| Total lease expense |
|
$ |
41,811 |
|
|
$ |
- |
|
In
accordance with ASC 842, other information related to leases was as follows:
| Years ended December 31, |
|
2021 |
|
|
2020 |
|
| Operating cash flows from operating leases |
|
$ |
17,866 |
|
|
$ |
- |
|
| Cash paid for amounts included in the measurement of lease liabilities |
|
$ |
17,866 |
|
|
$ |
- |
|
| |
|
|
|
|
|
|
|
|
| Weighted-average remaining lease term—operating leases |
|
|
4.67 years |
|
|
|
- |
|
| Weighted-average discount rate—operating leases |
|
|
10 |
% |
|
|
- |
|
|
| SCHEDULE OF MATURITIES OF OPERATING LEASE LIABILITIES |
In
accordance with ASC 842, maturities of operating lease liabilities as of September 30, 2022 were as follows:
SCHEDULE OF MATURITIES OF OPERATING LEASE LIABILITIES
| |
|
Operating |
|
| Year
ending: |
|
Lease |
|
| 2022
(remaining 3 months) |
|
$ |
18,402 |
|
| 2023 |
|
|
74,895 |
|
| 2024 |
|
|
77,142 |
|
| 2025 |
|
|
79,456 |
|
| 2026 |
|
|
54,225 |
|
| Total
undiscounted cash flows |
|
$ |
304,119 |
|
| |
|
|
|
|
| Reconciliation
of lease liabilities: |
|
|
|
|
| Weighted-average
remaining lease terms |
|
|
3.92
years |
|
| Weighted-average
discount rate |
|
|
10 |
% |
| Present
values |
|
$ |
264,691 |
|
| |
|
|
|
|
| Lease
liabilities—current |
|
|
51,351 |
|
| Lease
liabilities—long-term |
|
|
201,457 |
|
| Lease
liabilities—total |
|
$ |
252,808 |
|
| |
|
|
|
|
| Difference
between undiscounted and discounted cash flows |
|
$ |
51,311 |
|
|
In
accordance with ASC 842, maturities of operating lease liabilities as of December 31, 2021 were as follows:
SCHEDULE OF MATURITIES OF OPERATING LEASE LIABILITIES
| |
|
Operating |
|
| Year ending: |
|
Lease |
|
| 2022 |
|
$ |
72,714 |
|
| 2023 |
|
|
74,895 |
|
| 2024 |
|
|
77,142 |
|
| 2025 |
|
|
79,456 |
|
| 2026 |
|
|
54,225 |
|
| Total undiscounted cash flows |
|
$ |
358,431 |
|
| |
|
|
|
|
| Reconciliation of lease liabilities: |
|
|
|
|
| Weighted-average remaining lease terms |
|
|
4.67 years |
|
| Weighted-average discount rate |
|
|
10 |
% |
| Present values |
|
$ |
286,716 |
|
| |
|
|
|
|
| Lease liabilities—current |
|
|
46,091 |
|
| Lease liabilities—long-term |
|
|
240,625 |
|
| Lease liabilities—total |
|
$ |
286,716 |
|
| |
|
|
|
|
| Difference between undiscounted and discounted cash flows |
|
$ |
71,715 |
|
Operating
lease cost was $41,811 and $0 for the years ended December 31, 2021 and 2020, respectively.
|