COMMITMENTS AND CONTINGENCIES

6 Months Ended

Jul. 31, 2022

Accounting Policies [Abstract]

COMMITMENTS AND CONTINGENCIES

Note 7 – COMMITMENTS AND CONTINGENCIES

Operating Lease Commitment

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.

The components of lease expense are as follows:

For the six months ended July 31, 2022, operating lease costs amounted to $92,392. Other information related to leases are as follows:

Supplemental Cash Flows Information: for the six months ended July 31, 2022

Cash paid for amounts included in the measurement of lease liabilities:

·         Operating cash flows from operating leases: $88,776 Right-of-use assets obtained in exchange for lease obligations:

·         Operating leases: $551,650

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Weighted Average Remaining Lease Term for operating leases: 2 years Weighted Average Discount Rate for operating leases: 0.330%

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

Fiscal Year		Operating Leases
2022 *	$	92,327
2023		188,402
2024		96,075
Thereafter		-
Total future minimum lease payments		376,804
Less imputed interest		(1,638)
Total	$	375,166

*Excluding the three months ended July 31, 2022

		July  31, 2022
Operating lease liabilities	$	99,771
Operating lease liabilities, net of current	$	283,729