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LEASES (Tables)
 6 Months Ended
Jun. 30, 2023
Leases  
SCHEDULE OF OPERATING RIGHT OF USE OF ASSETS

The following is a summary of the Company’s operating right-of-use assets and operating lease liabilities as of June 30, 2023:

 

SCHEDULE OF OPERATING RIGHT OF USE OF ASSETS 

   2023  
Operating right-of-use assets  $928,696 
Operating lease liabilities - current  $758,927 
Operating lease liabilities - noncurrent  $276,340 
SCHEDULE OF MATURITY OF OPERATING LEASE LIABILITIES

The table below reconciles the undiscounted future minimum lease payments under the above noted operating leases to the total operating lease liabilities recognized on the unaudited condensed consolidated balance sheet as of June 30, 2023:

 

      
Fiscal year 2023  $453,908 
Fiscal year 2024   562,206 
Fiscal year 2025   68,850 
Less: imputed interest   (49,697)
Present value of operating lease liabilities  $1,035,267 
SCHEDULE OF OTHER INFORMATION RELATED TO OPERATING LEASE LIABILITIES

Supplemental cash flow information related to operating lease liabilities consisted of the following:

 

   June 30, 
   2023   2022 
Cash paid for operating lease liabilities  $441,290   $323,580 

 

Supplemental balance sheet information related to operating lease liabilities consisted of the following:

 

   June 30, 2023   December 31, 2022 
Weighted average remaining lease term in years   2.36    2.82 
Weighted average discount rate   7.16%   7.15%