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Leases | 6 Months Ended
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Jun. 30, 2022
Leases |
Leases | NOTE 10 – Leases As of January 1, 2019, the Company adopted ASC Topic 842, Leases, which allows the Company to apply the transition provision at the Company’s adoption date instead of at the earliest comparative period presented in the financial statements. Therefore, the Company recognized and measured leases existing at January 1, 2019 but without retrospective application. In addition, the Company elected the optional practical expedient permitted under the transition guidance which allows the Company to carry forward the historical accounting treatment for existing leases upon adoption. No impact was recorded to the beginning retained earnings for ASC Topic 842. The Company had three operating leases as of June 30, 2022. The leased assets in Flywheel are presented as right-of-use assets. The table below reconciles the fixed component of the undiscounted cash flows for each of the first five years and the total remaining years to the operating lease liabilities recorded in the statements of financial position as of June 30, 2022: Schedule of Operating Leases Cost
|  | Flywheel |  |  | Flywheel |  |  | Flywheel |
|  | January 2020 |  |  | January 2022 |  |  | June 2022 |
Initial lease term |  | to August 2022 |  |  | to December 2023 |  |  | to May 2024 |
Initial recognition of right-of-use assets |  | $ | 26,995 |  |  | $ | 488,262 |  |  | $ | 105,632 |
Weighted-average remaining lease term at June 30, 2022 |  |  | 0.2 |  |  |  | 1.5 |  |  |  | 1.9 |
Weighted-average discount rate at June 30, 2022 |  |  | 8.11 | % |  |  | 8.11 | % |  |  | 8.11 | %
Current lease liabilities as of June 30, 2022 and December 31, 2021 were $303,923 and $0. Long-term lease liabilities as of June 30, 2022 and December 31, 2021 were $184,704 and $0. The right-of-use assets balance as of June 30, 2022 and December 31, 2021, were $485,066 and $30,111. HOUR LOOP, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS June 30, 2022 (Unaudited) In 2022, Flywheel has entered into two new lease agreements for office space in Taiwan. The lease terms are January 1, 2022 to December 31, 2023, and June 1, 2022 to May 31, 2024, respectively, and the total contract amounts are $530,760 and $114,016, respectively. Schedule of Operating Lease Liabilities
For the Year Ending |  |  |
June 30, |  | Amount |
2022 |  | $ | 174,589 |
2023 |  |  | 332,418 |
2024 |  |  | 23,753 |
2025 |  |  | - |
2026 and thereafter |  |  | - |
Total minimum lease payments |  |  | 530,760 |
Less: effect of discounting |  |  | (42,133 | )
Present value of the future minimum lease payment lease payment |  |  | 488,627 |
Less: current operating lease liabilities |  |  | (303,923 | )
Total long-term operating lease liabilities |  | $ | 184,704 |

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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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