Quarterly report pursuant to Section 13 or 15(d)

LEASES, COMMITMENTS AND CONTINGENCIES (Tables)

v3.22.2.2
LEASES, COMMITMENTS AND CONTINGENCIES (Tables)
9 Months Ended
Sep. 30, 2022
Leases Commitments And Contingencies  
SCHEDULE OF COMPONENTS OF LEASE COST

Operation lease costs are recorded on a straight-line basis within operating expenses. The Company’s total lease expense is comprised of the following:

 

                 
    For the Nine Months Ended  
    September 30, 2022     September 30, 2021  
Operating leases                
Operating lease cost   $ 215,052     $ 97,407  
Operating lease expense     215,052       97,407  
Short-term lease rent expense     21,455       23,867  
Total rent expense   $ 236,507     $ 121,274  

 

                 
    For the Three Months Ended  
    September 30, 2022     September 30, 2021  
Operating leases                
Operating lease cost   $ 114,244     $ -  
Operating lease expense     114,244       -  
Short-term lease rent expense     7,158       9,579  
Total rent expense   $ 121,402     $ 9,579  
SUMMARY OF MINIMUM LEASE PAYMENTS

Additional information regarding the Company’s leasing activities as a lessee is as follow: 

 

    For the Nine Months Ended  
    September 30, 2022     September 30, 2021  
Operating cash flows from operating leases   $ 68,480     $                  -  
Weighted-average remaining lease term – operating leases     3.9       -  
Weighted-average discount rate – operating leases     5.0 %     0.0 %
SCHEDULE OF CONTRACTUAL MINIMUM LEASE

As of September 30, 2022, contractual minimum lease payments are as follows for the next five years.

 

         
Year   Amount  
2022 (remaining)     113,360  
2023     459,651  
2024     361,934  
2025     311,779  
2026     240,991  
Thereafter     101,824  
Total     1,589,539