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LEASES | 9 Months Ended
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Sep. 30, 2022
Leases |
LEASES | NOTE 9 – LEASES The Company elected the practical expedient under Accounting Standards Update (ASU) 2018-11 “Leases: Targeted Improvements” which allows the Company to apply the transition provision for Topic 842 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 Topic 842. The Company has two operating leases for corporate offices. The following table outlines the details: SCHEDULE OF OPERATING LEASES
|  | Lease 1 |  |  | Lease 2 |
Initial Lease Term |  |  | December 2017 to December 2021 |  |  |  | November 2018 to November 2023 |
Renewal Term |  |  | January 2021 to December 2024 |  |  |  | November 2023 to November 2028 |
Initial Recognition of right-of-use assets at January 1, 2019 |  | $ | 534,140 |  |  | $ | 313,301 |
Incremental Borrowing Rate |  |  | 10 | % |  |  | 10 | %
The Company entered into a new corporate office lease (Lease 1) on January 1, 2022. The Company determined that entering into a new lease required remeasurement of the lease liability resulting in the increase of the right-of-use asset and the associated lease liability by $977,220. The new lease is still classified as an operating lease. The Company also has an operating lease for copiers in the corporate office that is not included in the table below. The initial lease liability was $15,000 and the current and long-term lease amounts are included in the respective liability accounts. 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 Consolidated Balance Sheet as of September 30, 2022. SCHEDULE OF FUTURE MINIMUM PAYMENTS FOR OPERATING LEASE LIABILITIES
Amounts due within twelve months of September 30, 2022 |  |  |
2022 |  | $ | 291,537 |
2023 |  |  | 300,286 |
2024 |  |  | 309,294 |
2025 |  |  | 318,573 |
2026 |  |  | 122,912 |
Thereafter |  |  | 63,055 |
Total minimum lease payments |  |  | 1,405,657 |
Less: effect of discounting |  |  | (291,713 | )
Present value of future minimum lease payments |  |  | 1,113,944 |
Less: current obligations under leases |  |  | 188,558 |
Long-term lease obligations |  | $ | 925,386 |
The difference to the balance sheet above is due to the current and long-term remaining lease obligations of the copier operating lease not included in the amount of $14,181 as of September 30, 2022. For the nine-months ended September 30, 2022, and 2021, amortization of Right of Use Assets was $132,847 and $97,436, respectively and the amortization of the Lease Liability was $120,403 and $96,954, respectively.

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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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