Quarterly report pursuant to Section 13 or 15(d)

OPERATING LEASES (Tables)

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OPERATING LEASES (Tables)
 3 Months Ended
Mar. 31, 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:

 

    2024     2023  
    Three Months ended March 31,  
    2024     2023  
Operating lease expense   $ 17,919     $ 17,919  
Short term lease cost   $ -     $ -  
Total lease expense   $ 17,919     $ 17,919  

 

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

 

Three Months ended March 31,   2024     2023  
Operating cash flows from operating leases   $ 18,954     $ 18,402  
Cash paid for amounts included in the measurement of lease liabilities   $ 18,954     $ 18,402  
                 
Weighted-average remaining lease term—operating leases     2.42 years       3.42 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 March 31, 2024 were as follows:

 

    Operating  
Year ending:   Lease  
2024 (9 months)   $ 58,188  
2025     79,456  
2026     54,225  
Total undiscounted cash flows   $ 191,869  
         
Reconciliation of lease liabilities:        
Weighted-average remaining lease terms     2.42 years  
Weighted-average discount rate     10 %
Present values   $ 173,038  
         
Lease liabilities—current     63,237  
Lease liabilities—long-term     109,801  
Lease liabilities—total   $ 173,038  
         
Difference between undiscounted and discounted cash flows   $ 18,831