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LEASES | 9 Months Ended
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Sep. 30, 2022
Leases [Abstract] |
LEASES | NOTE 11 –LEASES The Company adopted Topic 842 as of January 1, 2022. The Company’s leases consist of restaurant locations. We determine if a contract contains a lease at inception. The lease generally has remaining terms of 1-10 years and most lease included the option to extend the lease for an additional 5-year period. The total lease cost associated with right of use assets and operating lease liabilities for the three and nine months ended September 30, 2022, was $239,277 and $723,127 and has been recorded in the condensed consolidated statement of operations as rent expense within restaurant operating expenses. MUSCLE MAKER, INC. AND SUBSIDIARIES Notes to Unaudited Condensed Consolidated Financial Statements NOTE 11 –LEASES, continued As of September 30, 2022, assets and liabilities related to the Company’s leases were as follows: SCHEDULE OF OPERATING LEASE ASSETS AND LIABILITIES
|  | September 30, |
|  | 2022 |
Assets |  |  |  |
Right to use asset |  | $ | 2,417,026 |
Total lease assets |  | $ | 2,417,026 |
Liabilities |  |  |  |
Current: |  |  |  |
Operating leases |  | $ | 548,851 |
Noncurrent: |  |  |  |
Operating leases |  |  | 2,022,823 |
Total lease liabilities |  | $ | 2,571,674 |
As of September 30, 2022, the Company’s lease liabilities mature as follows: SCHEDULE OF OPERATING LEASE LIABILITY MATURITY
|  | Operating Leases |
Fiscal Year: |  |  |  |
Remainder of 2022 |  | $ | 223,406 |
2023 |  |  | 792,481 |
2024 |  |  | 728,583 |
2025 |  |  | 579,602 |
2026 |  |  | 368,586 |
Thereafter |  |  | 778,328 |
Total lease payments |  | $ | 3,470,986 |
Less imputed interest |  |  | (899,312 | )
Present value of lease liabilities |  | $ | 2,571,674 |
The Company’s lease term and discount rates were as follows: SCHEDULE OF LEASE TERM AND DISCOUNT RATE
|  | September 30, |
|  | 2022 |
Weighted-average remaining lease term (in year) |  |  |  |
Operating leases |  |  | 5.05 |
Weighted-average discount rate |  |  |  |
Operating leases |  |  | 12 | %
MUSCLE MAKER, INC. AND SUBSIDIARIES Notes to Unaudited Condensed Consolidated Financial Statements

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- References No definition available. + Details
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- Definition The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI https://asc.fasb.org/topic&trid=2208923 + Details
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