|
NOTE 10 – LEASES
The following table presents net lease cost and other supplemental lease information:
| |
|
Nine Months Ended |
|
| |
|
September 30, 2022 |
|
| Lease cost |
|
|
|
|
| Operating lease cost (cost resulting from lease payments) |
|
$ |
7,848 |
|
| Short term lease cost |
|
|
- |
|
| Sublease income |
|
|
(7,848 |
) |
| Net lease cost |
|
$ |
- |
|
| |
|
|
|
|
| Operating lease – operating cash flows (fixed payments) |
|
$ |
7,848 |
|
| Operating lease – operating cash flows (liability reduction) |
|
$ |
6,316 |
|
| Current leases – right of use assets |
|
$ |
79,632 |
|
| Current liabilities – operating lease liabilities |
|
$ |
81,223 |
|
| Non-current liabilities – operating lease liabilities |
|
$ |
- |
|
| |
|
|
|
|
| Operating lease ROU assets |
|
$ |
|
|
| Weighted-average remaining lease term (in years) |
|
|
1 |
|
| Weighted-average discount rate |
|
|
2.1 |
% |
The Company did not have any leases for the nine months ended September 30, 2021.
The Company obtained right-of-use assets of $85,502 in exchange for operating lease liabilities.
Future minimum payments under non-cancelable leases for operating leases for the remaining terms of the leases following the nine months ended September 30, 2022:
| Fiscal Year |
|
Operating Leases |
|
| Remainder of 2022 |
|
$ |
23,543 |
|
| 2023 |
|
|
66,864 |
|
| Total future minimum lease payments |
|
|
90,407 |
|
| Amount representing interest |
|
|
9,184 |
|
| Present value of net future minimum lease payments |
|
$ |
81,223 |
|
|