Quarterly report pursuant to Section 13 or 15(d)

LEASES

v3.23.2
LEASES
6 Months Ended
Jun. 30, 2023
Leases  
LEASES

NOTE 11 – LEASES

 

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

 

    Six Months Ended  
   

June 30, 2023

 
Lease cost        
Operating lease cost (cost resulting from lease payments)   $ 47,087  
Short term lease cost     -  
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 %

 

The Company did not have any leases for the six months ended June 30, 2022.

 

Future minimum payments under non-cancelable leases for operating leases for the remaining terms of the leases following the three months ended June 30, 2023:

 

Fiscal Year   Operating Leases  
Remainder of 2023     19,777  
Total future minimum lease payments     19,777  
Less: Imputed Interest     (610 )
Present value of net future minimum lease payments   $ 19,167