|
NOTE 3 - LEASES
The components of lease expense are as follows within our condensed consolidated statement of operations:
|
|
For the |
|
|
For the |
|
|
|
Quarter ended |
|
|
Quarter ended |
|
|
|
March 31,
2023
|
|
|
March 31,
2022
|
|
Operating lease expense |
|
$ |
27,236 |
|
|
$ |
26,112 |
|
Other information related to leases where we are the lessee is as follows:
|
|
As of |
|
|
As of |
|
|
|
March 31,
2023
|
|
|
December 31,
2022
|
|
Weighted-average remaining lease term: |
|
|
|
|
|
|
Operating leases |
|
|
1.71 |
|
|
1.94 Years |
|
|
|
|
|
|
|
|
|
Discount rate: |
|
|
|
|
|
|
|
Operating leases |
|
|
11.00 |
% |
|
|
11.00 |
% |
Supplemental cash flow information related to leases where we are the lessee is as follows:
|
|
For the |
|
|
For the |
|
|
|
Quarter ended |
|
|
Quarter ended |
|
|
|
March 31,
2023
|
|
|
March 31,
2022
|
|
Cash paid for amounts included in the measurement of lease liabilities: |
|
$ |
28,145 |
|
|
$ |
5,600 |
|
Non-cash investment in ROU asset |
|
$ |
- |
|
|
$ |
195,804 |
|
As of March 31, 2023, the maturities of our operating lease liability are as follows:
Year Ended: |
|
Operating Lease |
|
December 31, 2023 |
|
$ |
88,063 |
|
December 31, 2024 |
|
|
112,407 |
|
Total minimum lease payments |
|
|
200,471 |
|
Less: Interest |
|
|
(18,361 |
) |
Present value of lease obligations |
|
|
182,110 |
|
Less: Current portion |
|
|
103,076 |
|
Long-term portion of lease obligations |
|
$ |
79,033 |
|
|