Quarterly report pursuant to Section 13 or 15(d)

LEASES (Tables)

v3.24.3
LEASES (Tables)
 9 Months Ended
Sep. 30, 2024
Leases  
SCHEDULE OF NET LEASE COST AND OTHER SUPPLEMENTAL LEASE

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

 

    Nine Months Ended  
    September 30, 2024  
Lease cost        
Operating lease cost (cost resulting from lease payments)   $ 56,683  
Net lease cost   $ 56,683  
         
Operating lease – operating cash flows (fixed payments)   $ 56,683  
Operating lease – operating cash flows (liability reduction)   $ 23,702  
Current leases – right of use assets   $ 557,530  
Current liabilities – operating lease liabilities   $ 64,003  
Non-current liabilities – operating lease liabilities   $ 500,210  
         
Operating lease ROU assets   $ 557,530  
Weighted-average remaining lease term (in years)     5.58  
Weighted-average discount rate(1)     10.91 %

 

(1) Note that rate is based on an average of One Month Term SOFR and the Prime Rate, plus applicable margins.

 

 

    Nine Months Ended  
    September 30, 2023  
Lease cost        
Operating lease cost (cost resulting from lease payments)   $ 66,864  
Short term lease cost     -  
Sublease income     (66,864 )
Net lease cost   $ -  
         
Operating lease – operating cash flows (fixed payments)   $ 66,864  
Operating lease – operating cash flows (liability reduction)   $ 61,605  
Current leases – right of use assets   $ -  
Current liabilities – operating lease liabilities   $ -  
Non-current liabilities – operating lease liabilities   $ -  
         
Operating lease ROU assets   $ -  
Weighted-average remaining lease term (in years)     -  
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 nine months ended September 30, 2024:

 

Fiscal Year   Operating Leases  
Remainder of 2024     30,000  
2025     124,000  
2026     130,200  
2027     136,710  
2028     143,546  
2029     150,723  
2030     51,051  
Total future minimum lease payments     766,230  
Less: Imputed Interest     (202,017 )
Present value of net future minimum lease payments   $ 564,213