Quarterly report pursuant to Section 13 or 15(d)

LEASES (Tables)

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LEASES (Tables)
6 Months Ended
Jun. 30, 2024
Leases  
SCHEDULE OF NET LEASE COST AND OTHER SUPPLEMENTAL LEASE

The following table presents net lease cost and other supplemental lease information:

 

    Six Months Ended  
    June 30, 2024  
Lease cost        
Operating lease cost (cost resulting from lease payments)   $ 22,674  
Net lease cost   $ 22,674  
         
Operating lease – operating cash flows (fixed payments)   $ 22,674  
Operating lease – operating cash flows (liability reduction)   $ 9,352  
Current leases – right of use assets   $ 575,889  
Current liabilities – operating lease liabilities   $ 60,816  
Non-current liabilities – operating lease liabilities   $ 517,746  
         
Operating lease ROU assets   $ 575,889  
Weighted-average remaining lease term (in years)     5.84  
Weighted-average discount rate     10.91 %

 

 

    Six Months Ended  
    June 30, 2023  
Lease cost        
Operating lease cost (cost resulting from lease payments)   $ 47,087  
Sublease income     (47,087 )
Net lease cost   $ -  
         
Operating lease – operating cash flows (fixed payments)   $ 47,087  
Operating lease – operating cash flows (liability reduction)   $ 42,438  
Current leases – right of use assets   $ 21,594  
Current liabilities – operating lease liabilities   $ 19,167  
Non-current liabilities – operating lease liabilities   $ -  
         
Operating lease ROU assets   $ 21,594  
Weighted-average remaining lease term (in years)     0.25  
Weighted-average discount rate     2.1 %
SCHEDULE OF FUTURE MINIMUM PAYMENTS UNDER NON CANCELABLE LEASES

Future minimum payments under non-cancelable leases for operating leases for the remaining terms of the leases following the six months ended June 30, 2024:

 

Fiscal Year   Operating Leases  
Remainder of 2024     60,000  
Total future minimum lease payments     796,230  
Less: Imputed Interest     (217,668 )
Present value of net future minimum lease payments   $ 578,562