Annual report pursuant to Section 13 and 15(d)

OPERATING LEASES (Tables)

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OPERATING LEASES (Tables)
 12 Months Ended
Dec. 31, 2021
Operating Leases  
SCHEDULE OF OPERATING LEASE COST AND SUPPLEMENTAL CASH FLOW INFORMATION

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:

    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 December 31, 2021 were as follows:

 

    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.