|
NOTE
11 – LEASES
The
following table presents net lease cost and other supplemental lease information:
SCHEDULE
OF NET LEASE COST AND OTHER SUPPLEMENTAL LEASE
| |
|
Three Months
Ended
March 31, 2023 |
|
| Lease cost |
|
|
|
| Operating lease cost (cost resulting from lease payments) |
|
$ |
23,544 |
|
| Short term lease cost |
|
|
- |
|
| Sublease income |
|
|
(23,544 |
) |
| Net lease cost |
|
$ |
- |
|
| |
|
|
|
|
| Operating lease – operating cash flows (fixed payments) |
|
$ |
23,544 |
|
| Operating lease – operating cash flows (liability reduction) |
|
$ |
20,667 |
|
| Current leases – right of use assets |
|
$ |
42,026 |
|
| Current liabilities – operating lease liabilities |
|
$ |
40,938 |
|
| Non-current liabilities – operating lease liabilities |
|
$ |
- |
|
| |
|
|
|
|
| Operating lease ROU assets |
|
$ |
42,026 |
|
| Weighted-average remaining lease term (in years) |
|
|
0.5 |
|
| Weighted-average discount rate |
|
|
2.1 |
% |
The
Company did not have any leases for the three months ended March 31, 2022.
Future
minimum payments under non-cancelable leases for operating leases for the remaining terms of the leases following the three months ended
March 31, 2023:
SCHEDULE
OF NON-CANCELABLE LEASES
| Fiscal Year |
|
Operating Leases |
|
| Remainder of 2023 |
|
|
43,320 |
|
| Total future minimum lease payments |
|
|
43,320 |
|
| Amount representing interest |
|
|
2,382 |
|
| Present value of net future minimum lease payments |
|
$ |
40,938 |
|
|