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v3.23.1

LEASES | 3 Months Ended
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Mar. 31, 2023
Leases |
LEASES | 3. Leases LEASES Accounting and reporting guidance for leases requires that leases be evaluated and classified as either operating or finance leases by the lessee and as either operating, sales-type or direct financing leases by the lessor. For leases with terms greater than 12 months, the Company records the related right-of-use (“ROU”) asset and lease obligation at the present value of lease payments over the term. Leases may include fixed rental escalation clauses, renewal options and / or termination options that are factored into the determination of lease payments when appropriate. The Company’s operating leases are included in ROU assets, lease liabilities-current portion and lease liability-long term portion in the accompanying consolidated balance sheets. ROU assets represent the Company’s right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make lease payments arising from the lease. The Company’s leases do not usually provide a readily determinable implicit rate; therefore, an estimate of the Company’s incremental borrowing rate is used to discount the lease payments based on information available at the lease commencement date. The discount rate used was 5.5%. The table below summarizes the right-of-use asset and lease liability for the periods ended March 31, 2023 and December 31, 2022: SUMMARY OF RIGHT-OF-USE ASSET AND LEASE LIABILITY
|  | March 31, 2023 |  |  | December 31, 2022 |
Right of Use Assets |  |  |  |  |  |  |  |
Balance, January 1 |  | $ | 167,222 |  |  | $ | 217,267 |
Right of use assets, beginning balance |  | $ | 167,222 |  |  | $ | 217,267 |
Depreciation |  |  | (12,775 | ) |  |  | (50,045 | )
Balance, end of period |  | $ | 154,447 |  |  | $ | 167,222 |
Right of use assets, ending balance |  | $ | 154,447 |  |  | $ | 167,222 |
Lease Liability |  |  |  |  |  |  |  |
Balance, January 1 |  | $ | 167,222 |  |  | $ | 217,267 |
Lease liability, beginning balance |  | $ | 167,222 |  |  | $ | 217,267 |
Lease interest expense |  |  | 1,745 |  |  |  | 8,566 |
Payments |  |  | (14,520 | ) |  |  | (58,611 | )
Balance, end of period |  | $ | 154,447 |  |  | $ | 167,222 |
Lease liability, ending balance |  | $ | 154,447 |  |  | $ | 167,222 |
Short-term portion |  | $ | 58,440 |  |  | $ | 58,080 |
Long-term portion |  |  | 96,007 |  |  |  | 109,142 |
Total |  | $ | 154,447 |  |  | $ | 167,222 |
Undiscounted rent payments for the next three years are as follows: SCHEDULE OF UNDISCOUNTED RENT PAYMENTS
2023 |  |  | 43,560 |
2024 |  |  | 59,520 |
2025 |  |  | 61,020 |
Total |  | $ | 164,100 |
Impact of discounting |  |  | (9,653 | )
Lease liability, March 31, 2023 |  | $ | 154,447 |

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- References No definition available. + Details
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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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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