Quarterly report pursuant to Section 13 or 15(d)

OPERATING LEASES (Tables)

v3.22.2.2
OPERATING LEASES (Tables)
 6 Months Ended
Jun. 30, 2022
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:

 

                                 
    Six Months ended June 30,     Three Months ended June 30,  
    2022     2021     2022     2021  
Operating lease expense   $ 35,838     $ 3,289     $ 17,919     $ 3,289  
Short term lease cost   $ -     $ -     $ -     $ -  
Total lease expense   $ 35,838     $ 3,289     $ 17,919     $ 3,289  

 

 

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

 

                 
Six Months Ended June 30   2022     2021  
Operating cash flows from operating leases   $ 35,910     $ 3,919  
Cash paid for amounts included in the measurement of lease liabilities   $ 35,910     $ 3,919  
                 
Weighted-average remaining lease term—operating leases      4.2 years        5.2 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, 2022 were as follows:

 

         
    Operating  
Year ending:   Lease  
2022 (remaining 6 months)   $ 36,803  
2023     74,895  
2024     77,142  
2025     79,456  
2026     54,225  
Total undiscounted cash flows   $ 322,521  
         
Reconciliation of lease liabilities:        
Weighted-average remaining lease terms      4.2 years  
Weighted-average discount rate     10 %
Present values   $ 264,691  
         
Lease liabilities—current     49,545  
Lease liabilities—long-term     215,146  
Lease liabilities—total   $ 264,691  
         
Difference between undiscounted and discounted cash flows   $ 57,830