|
NOTE
11 – LEASES
The
following table presents net lease cost and other supplemental lease information:
SCHEDULE
OF NET LEASE COST AND OTHER SUPPLEMENTAL LEASE
| |
|
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 |
% |
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:
SCHEDULE
OF FUTURE MINIMUM PAYMENTS UNDER NON CANCELABLE LEASES
| 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 |
|
|