Annual report pursuant to Section 13 and 15(d)

LEASE OBLIGATIONS (Tables)

v3.23.1
LEASE OBLIGATIONS (Tables)
12 Months Ended
Dec. 31, 2022
Lease Obligations  
SCHEDULE OF LEASE COST

    2022     2021  
    For the Year Ended December 31,  
    2022     2021  
Operating lease cost:                
Fixed rent expense   $ 100,818     $ 35,112  
Total Lease Costs   $ 100,818     $ 35,112  
SCHEDULE OF CASH FLOW INFORMATION RELATED TO LEASES

Supplemental cash flow information related to leases was as follows:

    2022     2021  
    For the Year Ended December 31,  
    2022     2021  
Cash paid for amounts included in the measurement of lease liabilities:                
Operating cash flows from operating leases   $ 101,471     $ 32,936  
Total cash paid for lease liabilities   $ 101,471     $ 32,936  
SCHEDULE OF BALANCE SHEET INFORMATION RELATED TO LEASES

    December 31, 2022     December 31, 2021  
Operating leases:                
Operating lease right-of-use assets, net   $ 854,862     $ 22,643  
                 
Operating lease liabilities:                
Current portion     208,660       19,763  
Long-term portion     649,895       -  
    $ 858,555     $ 19,763  
                 
Weighted average remaining lease term (years)     5.50       0.58  
Weighted average discount rate     3.75 %     6.00 %
SCHEDULE OF FUTURE MINIMUM LEASE PAYMENT

Future minimum lease payments are as follows:

 

    Minimum  
    Lease  
Years Ending December 31,   Payment  
2023   $ 211,059  
2024     194,814  
2025     200,659  
2026     206,679  
2027     122,870  
Total undiscounted future non-cancelable minimum lease payments     936,081  
Less: Imputed interest     (77,526 )
Present value of lease liabilities   $ 858,555  
Weighted average remaining term     5.50