Annual report pursuant to Section 13 and 15(d)

OPERATING LEASES (Tables)

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OPERATING LEASES (Tables)
 12 Months Ended
Dec. 31, 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  
    Years ended December 31,  
    2023     2022  
Operating lease expense   $ 71,676     $ 71,676  
Short term lease cost   $ -     $ -  
Total lease expense   $ 71,676     $ 71,676  

 

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

 

Years ended December 31,   2023     2022  
Operating cash flows from operating leases   $ 54,263     $ 72,714  
Cash paid for amounts included in the measurement of lease liabilities   $ 54,263     $ 72,714  
                 
Weighted-average remaining lease term—operating leases     2.67 years       3.67 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, 2023 were as follows:

 

 SCHEDULE OF MATURITIES OF OPERATING LEASE LIABILITIES

    Operating  
Year ending:   Lease  
2024   $ 77,142  
2026     79,456  
2027     54,225  
Total undiscounted cash flows   $ 210,823  
         
Reconciliation of lease liabilities:        
Weighted-average remaining lease terms     2.67 years  
Weighted-average discount rate     10 %
Present values   $ 187,425  
         
Lease liabilities—current     61,123  
Lease liabilities—long-term     126,302  
Lease liabilities—total   $ 187,425  
         
Difference between undiscounted and discounted cash flows   $ 23,398