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OPERATING LEASE RIGHT-OF-USE ASSETS | 9 Months Ended
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Sep. 30, 2023
Operating Lease Right-of-use Assets |
OPERATING LEASE RIGHT-OF-USE ASSETS | NOTE 17 – OPERATING LEASE RIGHT-OF-USE ASSETS The Company’s right-of-use assets represent arrangements related primarily to office facilities used in the ordinary business operations of the Company and its subsidiaries. In April, 2018, a commercial bank issued an irrevocable standby letter of credit on behalf of the Company to the landlord for $1,075,000 to lease office space. The standby letter of credit was valid for a one-year term and was amended in January 2021 to extend to January 31, 2026. As of September 30, 2023 and December 31, 2022, the Company’s net operating lease right-of-use assets amounted to $2,738,554 and $3,606,398, respectively. The Company had variable lease payments of approximately $58,071 and $22,713 during the three months ended September 30, 2023 and 2022, respectively. Variable lease payments were $97,875 and $49,730 during the nine months ended September 30, 2023 and 2022, respectively, which consisted primarily of common area maintenance charges and administrative fees. During the nine months ended September 30, 2022 the Company terminated one of its lease contracts and recognized a gain on the lease termination of $122,533. There was no such termination during the nine months ended September 30, 2023. The effect of the termination on the related lease asset and liability were as follows: SCHEDULE OF TERMINATIONS OPERATING LEASE
|  | Right of |  |  | Accumulated |  |  | Lease Liability |  |  | Gain on |
|  | Use Asset |  |  | Amortization |  |  | Current |  |  | Long Term |  |  | Termination |
Lease Terminations |  | $ | (1,301,571 | ) |  | $ | 907,370 |  |  | $ | 442,704 |  |  | $ | 74,030 |  |  | $ | 122,533 |
Operating lease costs included in the general and administrative expenses in our condensed consolidated statements of operations and comprehensive income (loss) for the three and nine months ended September 30, 2023 and 2022, are as follows: SCHEDULE OF OPERATING LEASE COSTS
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
|  | For the three months ended September 30, |  |  | For the nine months ended September 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Operating lease costs |  | $ | 419,605 |  |  | $ | 397,428 |  |  | $ | 1,198,467 |  |  | $ | 1,213,386 |
Supplemental information related to operating leases for lease liabilities as of September 30, 2023 and September 30, 2022 is as follows: SCHEDULE OF SUPPLEMENTAL INFORMATION RELATED TO OPERATING LEASES
|  | 2023 |  |  | 2022 |
Cash paid for amounts included in the measurement of lease liabilities |  | $ | 1,155,759 |  |  | $ | 1,120,111 |
Weighted average remaining lease term |  |  | 2.2 years |  |  |  | 3.2 years |
Weighted average discount rate |  |  | 5.00 | % |  |  | 5.00 | %
Future undiscounted lease payments for operating leases and a reconciliation of these payments to our operating lease liabilities as of September 30, 2023 are as follows: SCHEDULE OF FUTURE UNDISCOUNTED LEASE PAYMENTS FOR OPERATING LEASES AND RECONCILIATION OF THESE PAYMENTS TO OUR OPERATING LEASE LIABILITIES
Years ending December 31, |  | Future lease payments |  |  | Imputed Interest Amount |  |  | Lease Liabilities |
Remainder of 2023 |  | $ | 393,129 |  |  | $ | 37,978 |  |  | $ | 355,151 |
2024 |  |  | 1,610,844 |  |  |  | 105,810 |  |  |  | 1,505,034 |
2025 |  |  | 1,453,785 |  |  |  | 28,290 |  |  |  | 1,425,495 |
Thereafter |  |  | — |  |  |  | — |  |  |  | — |
Total future lease payments |  | $ | 3,457,758 |  |  | $ | 172,078 |  |  | $ | 3,285,680 |

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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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