Annual report pursuant to Section 13 and 15(d)

LEASES (Tables)

v3.22.1
LEASES (Tables)
12 Months Ended
Dec. 31, 2021
Leases  
SCHEDULE OF RIGHT-OF-USE ASSETS AND RELATED LEASE LIABILITIES

Information related to the Company’s right-of-use assets and related lease liabilities were as follows:

 

    Years Ended December 31,  
    2021     2020  
             
Cash paid for operating lease liabilities   $ 247,600     $ 308,600  
Right-of-use assets obtained in exchange for new operating lease obligations     -       60,500  
Weighted-average remaining lease term     56 months       4 months  
Weighted-average discount rate     10 %     10 %
SCHEDULE OF MATURITIES OF LEASE LIABILITIES

Maturities of lease liabilities as of December 31, 2021 were as follows:

 

         
2022   $ 85,700  
2023     88,300  
2024     90,900  
2025     93,600  
2026     64,000  
Thereafter     -  
 Total operating lease     422,500  
Less imputed interest     (87,500 )
Total lease liabilities     335,000  
         
Current operating lease liabilities     54,700  
Non-current operating lease liabilities     280,300  
Total lease liabilities   $ 335,000