OPERATING LEASES

12 Months Ended

Jan. 31, 2023

OPERATING LEASES

Leases

Note 9 – OPERATING LEASES

In July 2021, the Company entered into a non-cancelable operating lease for an office facility in Irvine, California.  The lease agreement requires 36 monthly lease payments that range from $14,796 to $16,013 per month.  The lease commences in August 2021 and expires in July 2024.  The lease has a remaining lease term of less than three years, with no options to extend.

There are no lease transactions classified as finance leases for the years ended January 31, 2023 and 2022.

The table below summarizes the components of operating lease costs related to operating leases for the year ended January 31, 2023 and 2022:

	2023		2022
Fixed lease cost	$	184,786	$	92,393
Total	$	184,786	$	92,393

Supplementary information on cash flow and other information for leasing activities for the year ended January 31, 2023 and 2022 are as follows:

	2023			2022
Cash paid for amounts included in the measurement of lease liabilities:
●    Operating cash flows from operating leases:	$	181,104		$	88,776
Right-of-use assets obtained in exchange for lease obligations:
●    Operating leases:		255,682			479,495
Weighted average remaining lease term (in years)		1.5			2.5
Weighted average discount rate		10.00	%		10.00	%

Future minimum lease payments under non-cancelable leases as of January 31, 2023 and 2022 are as follows:

	2023			2022
Fiscal Year
2023	$	-		$	181,103
2024		188,403			188,402
2025		96,075			96,075
Thereafter		-			-
Total future minimum lease payments		284,478			465,580
Less imputed interest		(21,497	)		(2,008	)
Total	$	262,981		$	463,572

	2023		2022
Operating lease liabilities, current	$	169,647	$	181,103
Operating lease liabilities, non-current		93,334		282,469
Operating lease liabilities	$	262,981	$	463,572