Quarterly report pursuant to Section 13 or 15(d)

OPERATING LEASES (Tables)

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OPERATING LEASES (Tables)
 6 Months Ended
Jun. 30, 2024
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,  
    2024     2023     2024     2023  
Operating lease expense   $ 35,838     $ 35,838     $ 17,919     $ 17,919  
Short term lease cost   $ -     $ -     $ -     $ -  
Total lease expense   $ 35,838     $ 35,838     $ 17,919     $ 17,919  

 

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

 

Six Months ended June 30,   2024     2023  
Operating cash flows from operating leases   $ 38,097     $ 36,987  
Cash paid for amounts included in the measurement of lease liabilities   $ 38,097     $ 36,987  
                 
Weighted-average remaining lease term—operating leases     2.2 years       3.2 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, 2024 were as follows:

 

    Operating  
Year ending:   Lease  
2024 (remaining 6 months)   $ 39,045  
2025     79,456  
2026     54,225  
Total undiscounted cash flows   $ 172,726  
         
Reconciliation of lease liabilities:        
Weighted-average remaining lease terms     2.2 years  
Weighted-average discount rate     10 %
Present values   $ 215,147  
         
Lease liabilities—current     65,409  
Lease liabilities—long-term     92,689  
Lease liabilities—total   $ 158,098  
         
Difference between undiscounted and discounted cash flows   $ 14,628