Annual report pursuant to Section 13 and 15(d)

OPERATING LEASES (Tables)

v3.23.1
OPERATING LEASES (Tables)
 12 Months Ended
Dec. 31, 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  
    Years ended December 31,  
    2022     2021  
Operating lease expense   $ 71,676     $ 41,811  
Short term lease cost   $ -     $ -  
Total lease expense   $ 71,676     $ 41,811  

 

 

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

 

Years ended December 31,   2022     2021  
Operating cash flows from operating leases   $ 72,714     $ 17,866  
Cash paid for amounts included in the measurement of lease liabilities   $ 72,714     $ 17,866  
                 
Weighted-average remaining lease term—operating leases     3.67 years       4.67 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 December 31, 2022 were as follows:

    Operating  
Year ending:   Lease  
2023   $ 74,895  
2024     77,142  
2025     79,456  
2026     54,225  
Total undiscounted cash flows   $ 285,718  
         
Reconciliation of lease liabilities:        
Weighted-average remaining lease terms      3.67 years  
Weighted-average discount rate     10 %
Present values   $ 240,625  
         
Lease liabilities—current     53,200  
Lease liabilities—long-term     187,425  
Lease liabilities—total   $ 240,625  
         
Difference between undiscounted and discounted cash flows   $ 45,093