Quarterly report pursuant to Section 13 or 15(d)

OPERATING LEASES (Tables)

v3.23.1
OPERATING LEASES (Tables)
 3 Months Ended
Mar. 31, 2023
Operating Leases  
SCHEDULE OF OPERATING LEASE COST AND SUPPLEMENTAL CASH FLOW INFORMATION

In accordance with ASC 842, the components of lease expense were as follows:

 

    2023     2022  
    Three Months ended March 31,  
    2023     2022  
Operating lease expense   $ 17,919     $ 17,919  
Short term lease cost   $ -     $ -  
Total lease expense   $ 17,919     $ 17,919  

 

In accordance with ASC 842, other information related to leases was as follows:

 

Three Months ended March 31,   2023     2022  
Operating cash flows from operating leases   $ 18,402     $ 17,866  
Cash paid for amounts included in the measurement of lease liabilities   $ 18,402     $ 17,866  
                 
Weighted-average remaining lease term—operating leases     3.42 years       4.67 years  
Weighted-average discount rate—operating leases     10 %     10 %
SCHEDULE OF MATURITIES OF OPERATING LEASE LIABILITIES

In accordance with ASC 842, maturities of operating lease liabilities as of March 31, 2023 were as follows:

 

    Operating  
Year ending:   Lease  
2023 (remaining 9 months)   $ 56,493  
2024     77,142  
2025     79,456  
2026     54,225  
Total undiscounted cash flows   $ 267,316  
         
Reconciliation of lease liabilities:        
Weighted-average remaining lease terms     3.42 years  
Weighted-average discount rate     10 %
Present values   $ 228,136  
         
Lease liabilities—current     55,099  
Lease liabilities—long-term     173,037  
Lease liabilities—total   $ 228,136  
         
Difference between undiscounted and discounted cash flows   $ 39,180  

 

Operating lease cost was $17,919 and $17,919 for the three months ended March 31, 2023 and 2022, respectively.