Quarterly report pursuant to Section 13 or 15(d)

DEBT, COMMITMENTS AND CONTINGENCIES (Tables)

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DEBT, COMMITMENTS AND CONTINGENCIES (Tables)
 6 Months Ended
Jun. 30, 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:

 

    June 30, 2022     June 30, 2021  
    For the Six Months Ended  
    June 30, 2022     June 30, 2021  
Operating leases                
Operating lease cost   $ 100,808     $ 97,407  
Operating lease expense     100,808       97,407  
Short-term lease rent expense     14,298       14,289  
Total rent expense   $ 115,106     $ 111,696  

 

    June 30, 2022     June 30, 2021  
    For the Three Months Ended  
    June 30, 2022     June 30, 2021  
Operating leases                
Operating lease cost   $ 74,676     $ -  
Operating lease expense     74,676       -  
Short-term lease rent expense     7,158       5,126  
Total rent expense   $ 81,834     $ 5,126  
SUMMARY OF MINIMUM LEASE PAYMENTS

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

 

    For the Six Months Ended  
    June 30, 2022     June 30, 2021  
Operating cash flows from operating leases   $ 27,376     $ -  
Weighted-average remaining lease term – operating leases     4.4       -  
Weighted-average discount rate – operating leases     5.0 %     0.0 %
SCHEDULE OF CONTRACTUAL MINIMUM LEASE

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

 

 

Year   Amount  
2022 (remaining)     175,719  
2023     357,651  
2024     259,934  
2025     236,696  
2026     240,991  
Thereafter     101,824  
Total     1,372,815