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Leases
6 Months Ended
Jun. 30, 2023
Leases [Abstract]  
LEASES
9LEASES

 

On March 22, 2021, the Company entered into a real property lease for an office located at 56B 5th Street, Lot 1, #AT, Carmel By The Sea, California. The lease commenced on April 1, 2021 and is for a twelve month period, terminating on April 1, 2022. Following the expiry of the lease term, the landlord has agreed to continue the lease on a month-to-month basis at $4,800 per month. On January 1, 2023, the Company entered into a new month-to-month lease, with a 90 day termination clause, for a monthly rental of $5,088.

 

The Company applied the practical expedient whereby operating leases with a duration of twelve months or less are expensed as incurred.

 

Total Lease Cost

 

Individual components of the total lease cost incurred by the Company is as follows:

 

   Six months
ended
June 30,
2023
   Six months
ended
June 30,
2022
 
Operating lease expense  $30,528   $28,800 

 

Other lease information:

 

   Six months
ended
June 30,
2023
   Six months
ended
June 30,
2022
 
Cash paid for amounts included in the measurement of lease liabilities        
Operating cash flows from operating leases  $(30,528)  $(28,800)
           
Remaining lease term – operating lease   Monthly    Monthly