|
NOTE
11 – LEASES
The
following table presents net lease cost and other supplemental lease information:
SCHEDULE
OF NET LEASE COST AND OTHER SUPPLEMENTAL LEASE
| |
|
Year Ended |
|
| |
|
December
31, 2022 |
|
| Lease cost |
|
|
|
|
| Operating lease
cost (cost resulting from lease payments) |
|
$ |
31,391 |
|
| Short term lease cost |
|
|
- |
|
| Sublease
income |
|
|
(31,391 |
) |
| Net lease cost |
|
$ |
- |
|
| |
|
|
|
|
| Operating lease – operating cash flows
(fixed payments) |
|
$ |
31,391 |
|
| Operating lease – operating cash flows
(liability reduction) |
|
$ |
25,935 |
|
| Current leases – right of use assets |
|
$ |
61,353 |
|
| Current liabilities – operating lease
liabilities |
|
$ |
61,605 |
|
| Non-current liabilities –
operating lease liabilities |
|
$ |
- |
|
| |
|
|
|
|
| Operating lease ROU assets |
|
$ |
|
|
| Weighted-average remaining lease term (in years) |
|
|
0.75 |
|
| Weighted-average discount rate |
|
|
2.1 |
% |
The
Company did not have any leases for the year ended December 31, 2021.
The
Company obtained right-of-use assets of $85,502 in exchange for operating lease liabilities in the year ended December 31, 2022.
Future
minimum payments under non-cancelable leases for operating leases for the remaining terms of the leases following the year ended December
31, 2022:
SCHEDULE
OF NON-CANCELABLE LEASES
| Fiscal
Year |
|
Operating
Leases |
|
| 2023 |
|
|
66,864 |
|
| Total future minimum lease payments |
|
|
66,864 |
|
| Amount representing
interest |
|
|
9,184 |
|
| Present value of net
future minimum lease payments |
|
$ |
57,680 |
|
|