Quarterly report pursuant to Section 13 or 15(d)

DEBT, COMMITMENTS AND CONTINGENCIES (Tables)

v3.22.1
DEBT, COMMITMENTS AND CONTINGENCIES (Tables)
3 Months Ended
Mar. 31, 2022
Debt 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 Three Months Ended  
    March 31, 2022     March 31, 2021  
Operating leases                
Operating lease cost   $ 26,133     $ 18,701  
Operating lease expense     26,133       18,701  
Short-term lease rent expense     7,139       6,687  
Total rent expense   $ 33,272     $ 25,388  
SUMMARY OF MINIMUM LEASE PAYMENTS

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

    For the Three Months Ended  
    March 31, 2022     March 31, 2021  
Operating cash flows from operating leases   $ 16,704     $ -  
Weighted-average remaining lease term – operating leases     4.7       -  
Weighted-average discount rate – operating leases     5.0 %     0.0 %
SCHEDULE OF CONTRACTUAL MINIMUM LEASE

As of March 31, 2022, contractual minimum lease payments are as follows for the next five years.

 

     
Year   Amount  
2022 (remaining)   $ 182,318  
2023   $ 323,582  
2024   $ 248,447  
2025   $ 236,696  
2026   $ 240,991  
Thereafter   $ 101,824  
Total   $ 1,333,858