|
NOTE
13 – LEASES
The
following tables present net related party lease costs and other supplemental lease information. The disclosures assume that the Company will exercise its renewal option
at the end of the original lease term.
SCHEDULE OF NET LEASE COST AND OTHER SUPPLEMENTAL LEASE
| |
|
Six Months Ended |
|
| |
|
June
30, 2025 |
|
| Lease cost |
|
|
|
|
| Operating lease cost (cost resulting from lease payments) |
|
$ |
68,019 |
|
| Sublease income |
|
|
-
|
|
| Net lease cost |
|
$ |
68,019 |
|
| |
|
|
|
|
| Operating lease – operating cash flows (fixed payments) |
|
$ |
68,019 |
|
| Operating lease – operating cash flows (liability reduction) |
|
$ |
31,722 |
|
| Current leases – right of use assets |
|
$ |
500,035 |
|
| Current liabilities – operating lease liabilities |
|
$ |
74,152 |
|
| Non-current liabilities – operating lease liabilities |
|
$ |
443,594 |
|
| |
|
|
|
|
| Operating lease ROU assets |
|
$ |
500,035 |
|
| Weighted-average remaining lease term (in years) |
|
|
4.84 |
|
| Weighted-average discount rate |
|
|
10.91 |
% |
Future
minimum payments under non-cancelable leases for operating leases for the remaining terms of the leases following the six months ended
June 30, 2025:
SCHEDULE OF FUTURE MINIMUM PAYMENTS UNDER NON CANCELABLE LEASES
| Fiscal Year |
|
Operating Leases |
|
| 2025 |
|
$ |
63,000 |
|
| 2026 |
|
|
130,200 |
|
| 2027 |
|
|
136,710 |
|
| 2028 |
|
|
143,546 |
|
| 2029 |
|
|
150,723 |
|
| 2030 |
|
|
51,051 |
|
| Total future minimum lease payments |
|
|
675,230 |
|
| Less: Imputed Interest |
|
|
(157,484 |
) |
| Present value of net future minimum lease payments |
|
$ |
517,746 |
|
|