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Operating Lease Right-of-Use Asset and Liabilities
12 Months Ended
Dec. 31, 2022
Operating Lease Right-of-Use Asset and Liabilities [Abstract]  
OPERATING LEASE RIGHT-OF-USE ASSET AND LIABILITIES

NOTE 6 – OPERATING LEASE RIGHT-OF-USE ASSET AND LIABILITIES

 

On September 1, 2019, the Company entered in a lease agreement for office space, the right-of-use asset is recognized as following:

 

   As of
December 31,
2022
   As of
December 31,
2021
 
Operating lease right-of-use asset   
        -
    56,172 
   $
-
   $56,172 

 

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

 

   As of
December 31,
2022
   As of
December 31,
2021
 
Operating lease liability - current portion   
       -
    58,073 
Operating lease liability   
-
    
-
 
   $
-
   $58,073 

 

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.

 

   December 31,
2022
 
Weighted Average Remaining Lease Term (Year)   
-
 
Weighted Average Discount Rate   4.75%