Quarterly report pursuant to Section 13 or 15(d)

OPERATING LEASES (Tables)

v3.23.3
OPERATING LEASES (Tables)
 9 Months Ended
Sep. 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

    2023     2022     2023     2022  
    Nine Months ended September 30,     Three Months ended September 30,  
    2023     2022     2023     2022  
Operating lease expense   $ 53,757     $ 53,757     $ 17,919     $ 17,919  
Short term lease cost   $ -     $ -     $ -     $ -  
Total lease expense   $ 53,757     $ 53,757     $ 17,919     $ 17,919  

 

 

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

 

Nine Months ended September 30,   2023     2022  
Operating cash flows from operating leases   $ 55,941     $ 54,312  
Cash paid for amounts included in the measurement of lease liabilities   $ 55,941     $ 54,312  
                 
Weighted-average remaining lease term—operating leases     2.92 years       3.92 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 September 30, 2023 were as follows:

 

 SCHEDULE OF MATURITIES OF OPERATING LEASE LIABILITIES

    Operating  
Year ending:   Lease  
2023 (remaining 3 months)   $ 18,954  
2024     77,142  
2025     79,456  
2026     54,224  
Total undiscounted cash flows   $ 229,776  
         
Reconciliation of lease liabilities:        
Weighted-average remaining lease terms     2.92 years  
Weighted-average discount rate     10 %
Present values   $ 201,459  
         
Lease liabilities—current     59,061  
Lease liabilities—long-term     142,398  
Lease liabilities—total   $ 201,459  
         
Difference between undiscounted and discounted cash flows   $ 28,317