Quarterly report pursuant to Section 13 or 15(d)

OPERATING LEASES (Tables)

v3.23.2
OPERATING LEASES (Tables)
 6 Months Ended
Jun. 30, 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:

 SCHEDULE OF OPERATING LEASE COST AND SUPPLEMENTAL CASH FLOW INFORMATION

                         
    Six Months ended June 30,     Three Months ended June 30,  
    2023     2022     2023     2022  
Operating lease expense   $ 35,838     $ 35,838     $ 17,919     $ 17,919  
Short term lease cost   $ -     $ -     $ -     $ -  
Total lease expense   $ 35,838     $ 35,838     $ 17,919     $ 17,919  

 

 

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

 

Six Months ended June 30,   2023     2022  
Operating cash flows from operating leases   $ 36,987     $ 35,910  
Cash paid for amounts included in the measurement of lease liabilities   $ 36,987     $ 35,910  
                 
Weighted-average remaining lease term—operating leases     3.2 years       4.2 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 June 30, 2023 were as follows:

 SCHEDULE OF MATURITIES OF OPERATING LEASE LIABILITIES

    Operating  
Year ending:   Lease  
2023 (remaining 6 months)   $ 37,908  
2024     77,142  
2025     79,456  
2026     54,224  
Total undiscounted cash flows   $ 248,730  
         
Reconciliation of lease liabilities:        
Weighted-average remaining lease terms     3.2 years  
Weighted-average discount rate     10 %
Present values   $ 215,147  
         
Lease liabilities—current     57,049  
Lease liabilities—long-term     158,098  
Lease liabilities—total   $ 215,147  
         
Difference between undiscounted and discounted cash flows   $ 33,583  

 

Operating lease cost was $17,919 and $35,838, and $17,919 and $35,838 for the three and six months ended June 30, 2023 and 2022, respectively.