| SCHEDULE OF SUPPLEMENTAL CASH FLOWS INFORMATION RELATED TO LEASES |
Supplemental
cash flow information related to the Company’s operating and finance leases is as follows:
SCHEDULE OF SUPPLEMENTAL CASH FLOWS INFORMATION RELATED TO LEASES
| |
|
For
the Six Months Ended
June 30, |
|
| |
|
2024 |
|
|
2023 |
|
| |
|
|
|
|
|
|
| Cash paid for amounts included
in the measurement of lease liabilities: |
|
|
|
|
|
|
|
|
| Operating
cash flows from operating lease |
|
$ |
115,767 |
|
|
$ |
113,743 |
|
| Operating
cash flows from finance lease |
|
$ |
- |
|
|
$ |
- |
|
| |
|
|
|
|
|
|
|
|
| Right-of-use assets obtained
in exchange for lease obligations: |
|
|
|
|
|
|
|
|
| Operating
lease |
|
$ |
- |
|
|
$ |
- |
|
| Finance
lease |
|
$ |
75,734 |
|
|
$ |
- |
|
| |
|
|
|
|
|
|
|
|
| Weighted Average Remaining
Lease Term (in years): |
|
|
|
|
|
|
|
|
| Operating
lease |
|
|
3.8 |
|
|
|
4.8 |
|
| Finance
lease |
|
|
4.0 |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
| Weighted Average Discount Rate: |
|
|
|
|
|
|
|
|
| Operating
leases |
|
|
7.0 |
% |
|
|
7.0 |
% |
| Finance
Lease |
|
|
50.0 |
% |
|
|
N/A |
|
|
| SCHEDULE OF FUTURE MINIMUM LEASE COMMITMENT |
Future
minimum lease commitments in connection with the Company’s leases are as follows:
SCHEDULE OF FUTURE MINIMUM LEASE COMMITMENT
| |
|
Operating
Lease |
|
|
Finance
Lease |
|
|
Total |
|
| For the period
July 1 through December 31, 2024 |
|
$ |
175,432 |
|
|
$ |
22,891 |
|
|
$ |
198,323 |
|
| For the years ended December
31, |
|
|
|
|
|
|
|
|
|
|
- |
|
| 2025 |
|
|
357,881 |
|
|
|
39,242 |
|
|
|
397,123 |
|
| 2026 |
|
|
368,617 |
|
|
|
39,242 |
|
|
|
407,859 |
|
| 2027 |
|
|
365,004 |
|
|
|
39,242 |
|
|
|
404,246 |
|
| 2028 |
|
|
120,464 |
|
|
|
19,390 |
|
|
|
139,854 |
|
| Total future minimum lease
payments |
|
|
1,387,398 |
|
|
|
160,007 |
|
|
|
1,547,406 |
|
| Less:
imputed interest |
|
|
(174,757 |
) |
|
|
(85,549 |
) |
|
|
(260,307 |
) |
| Net future minimum lease payments |
|
|
1,212,641 |
|
|
|
74,458 |
|
|
|
1,287,099 |
|
| Less:
operating lease liabilities, current portion |
|
|
276,440 |
|
|
|
11,701 |
|
|
|
288,141 |
|
| Operating
lease liabilities, non-current portion |
|
$ |
936,201 |
|
|
$ |
62,757 |
|
|
$ |
998,958 |
|
|