Post-effective amendment to a registration statement that is not immediately effective upon filing

LEASES (Tables)

v3.24.1
LEASES (Tables)
12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
SCHEDULE OF COMPONENTS OF LEASE EXPENSE

The components of lease expense, which are included in selling, general and administrative expense and depreciation and amortization for the year ended December 31, 2023, and 2022 are as follows:

 

Components of lease expense:   2023     2022  
Amortization of right-of-use assets - finance lease   $ 128,324     $  
Interest on lease liabilities - finance lease     33,838        
Operating lease cost     39,887        
Total lease cost   $ 202,049     $  
SCHEDULE OF BALANCE SHEET INFORMATION RELATING TO LEASES
Operating leases:   2023     2022  
Operating lease right-of-use, assets   $ 370,312     $  
Operating lease liability, current     94,708        
Operating lease liability, non-current     283,001        
Total operating lease liabilities   $ 377,709     $  

 

Financing leases:   2023     2022  
Financing lease right-of-use assets, gross   $ 1,294,168     $  
Accumulated amortization     (128,324 )        
Finance lease right-of-use assets, net   $ 1,165,844     $  
Financing lease liability, current     365,463        
Financing lease liability, non-current     835,467        
Financing lease liability, long-term   $ 1,200,930     $  

 

Weighted-average remaining lease term:   2023     2022  
Operating leases (in years)     3.58        
Finance leases (in years)     3.25        

 

Weighted-average discount rate:   2023     2022  
Operating leases     8.07 %      
Finance leases     8.01 %      
SCHEDULE OF FUTURE MINIMUM LEASE PAYMENT UNDER NON-CANCELLABLE
    Operating Leases     Finance Leases  
2024   $ 121,726     $ 448,505  
2025     121,726       448,505  
2026     121,726       270,395  
2027 and thereafter     71,007       202,970  
Total undiscounted cash flows     436,185       1,370,375  
Less discounting     (58,476 )     (169,445 )
Present value of lease liabilities   $ 377,709     $ 1,200,930