Quarterly report pursuant to Section 13 or 15(d)

OPERATING LEASES (Tables)

v3.22.2.2
OPERATING LEASES (Tables)
 9 Months Ended
Sep. 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:

 

    2022     2021     2022     2021  
   

Nine Months ended

September 30,

     Three Months ended September 30,  
    2022     2021     2022     2021  
Operating lease expense   $ 53,757     $ 24,094     $ 17,919     $ 18,070  
Short term lease cost   $ -     $ -     $ -     $ -  
Total lease expense   $ 53,757     $ 24,094     $ 17,919     $ 18,070  

 

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

 

Nine Months Ended September 30   2022     2021  
Operating cash flows from operating leases   $ 54,312     $ 9,131  
Cash paid for amounts included in the measurement of lease liabilities   $ 54,312     $ 9,131  
                 
Weighted-average remaining lease term—operating leases      3.92 years        4.92 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, 2022 were as follows:

 

    Operating  
Year ending:   Lease  
2022 (remaining 3 months)   $ 18,402  
2023     74,895  
2024     77,142  
2025     79,456  
2026     54,224  
Total undiscounted cash flows   $ 304,119  
         
Reconciliation of lease liabilities:        
Weighted-average remaining lease terms      3.92 years  
Weighted-average discount rate     10 %
Present values   $ 264,691  
         
Lease liabilities—current     51,351  
Lease liabilities—long-term     201,457  
Lease liabilities—total   $ 252,808  
         
Difference between undiscounted and discounted cash flows   $ 51,311