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OPERATING LEASE LIABILITIES | 9 Months Ended
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Sep. 30, 2022
Operating Lease Liabilities |
OPERATING LEASE LIABILITIES | NOTE 7 OPERATING LEASE LIABILITIES In April 2022, the Company entered into a 58-month lease related to certain office and showroom space pursuant to a sublease that expires in February 2027. The Company recognized a right-of-use asset and a liability of $1,428,764 pursuant to this lease. In September 2022, the Company entered in a 124-month lease related to its future headquarters offices and showrooms space. The Company recognized a right-of-use asset and a liability of $22,192,503 pursuant to such lease. In connection with the execution of lease, the Company was required to provide the landlord with a letter of credit in the amount of $2.7 million, which is secured by the same amount of cash. The following table outlines the total lease cost for the Company’s operating leases as well as weighted average information for these leases as of September 30, 2022: SCHEDULE OF LEASE COST OPERATING LEASE
|  | September 30, 2022 |
Lease costs: |  |  |
Cash paid for operating lease liabilities |  | $ | 331,621 |
Right-of-use assets obtained in exchange for new operating lease obligations |  |  | 23,621,267 |
Fixed rent payment |  | $ | 255,314 |
Lease – Depreciation expense |  | $ | 110,263 |
|  | Nine months ended
|  | September 30, 2022
Other information: |  |  |  |
Weighted-average discount rate |  |  | 6.41 | %
Weighted-average remaining lease term (in months) |  |  | 120 |
SCHEDULE OF MINIMUM LEASE OBLIGATION
|  |  | 1 |
Minimum Lease obligation |  |
2022 – Remaining period |  | $ | 66,211 |
2023 |  |  | 885,748 |
2024 |  |  | 1,795,932 |
2025 |  |  | 2,009,927 |
2026 |  |  | 2,240,799 |
Thereafter |  |  | 16,594,129 |
Total |  | $ | 23,592,746 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=77888251 + Details
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