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Operating Lease Right-of-Use Asset and Liabilities
 12 Months Ended
Dec. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]  
OPERATING LEASE RIGHT-OF-USE ASSET AND LIABILITIES

NOTE 7 – OPERATING LEASE RIGHT-OF-USE ASSET AND LIABILITIES

 

Supplemental balance sheet information related to leases was as follows:

 

   As of
December 31,
2021		   As of
December 31,
2020		 
Operating lease right-of-use asset   56,172    134,315 
   $56,172   $134,315 

 

Operating lease liability consist of both current and noncurrent component as the following:

 

    As of
December 31,
2021		     As of
December 31,
2020		  
Operating lease liability - current portion     58,073       80,522  
Operating lease liability     -       56,570  
    $             58,073     $ 137,092  

 

Operating lease costs recognized consist of the following:

 

   For the year ended
December 31,
2021		   For the year ended
December 31,
2020		 
Operating lease costs   60,831    61,871 

 

ASU 2016-02 requires that public companies use a secured incremental browning rate for the present value of lease payments when the rate implicit in the contract is not readily determinable. We determine a secured rate on a quarterly basis and update the weighted average discount rate accordingly. Lease terms and discount rate follow.

 

Weighted Average Remaining Lease Term (Year)   1 
Weighted Average Discount Rate   4.75%

 

The approximate future minimum lease payments under operating leases as:

 

   Operating
Leases		 
Fiscal 2021  0 
Fiscal 2022   60,831 
Total Lease payments   60,831 
Less Imputed interest   2,758 
Present value of lease liabilities  $58,073