LEASES

12 Months Ended

Dec. 31, 2021

Leases [Line Items]

Leases

NOTE 4 – LEASES

On March 16, 2017, the Company entered into a 5-year operating lease agreement for permanent office space, base rent payment is approximately $9,000 per month, subject to annual adjustments.

For the year ended December 31	2021		2020
Supplemental cash flow information related to leases:
Operating cash flows paid for operating leases	$	111,236	$	113,253
Non-cash lease expense	$	108,197	$	(357	)

Supplemental balance sheet information related to leases:	As of December 31, 2021			As of December 31, 2020
Operating lease Right-of-use assets	$	28,111		$	136,308
Current portion of operating lease liabilities	$	29,085		$	111,236
Long-term operating lease liabilities		-			29,085
Total operating lease liabilities	$	29,085		$	140,321
Weighted average remaining operating lease term		0.25 years			1.25 years
Weighted average discount rate		6	%		6	%

The following table summarizes the maturity of lease liabilities under operating leases as of December 31, 2021:

2022		29,376
Total lease payments		29,376
Less: imputed interest		(291	)
Total lease liabilities	$	29,085

In July 2020, the Company entered into a sublease agreement with respect to its Brooklyn, N.Y. office. The lease and sublease agreements expire in April 2022. The base rent of the sublease agreement was $7,049 per month and increased by 2.5%  annually beginning in July 2021.

The Company entered into an agreement to sublet a portion of its office space. The sublease is considered to be an operating lease and the Company has not been released from its obligations under the March 16, 2017, 5-year lease agreement. The Company recognizes income from sublease on a straight-line basis over the term of the sublease, as a reduction to lease expense. The sublease is not measured under ASC 842 since the Company remains the primary obligor under the original lease and the sublease is considered to be an operating lease

Finance Lease

On May 14, 2021, the Company entered into a 4-year financing lease agreement for an equipment, base rent payment is approximately $1,107 per month.

Supplemental cash flow information related to leases:	Twelve months ended December 31, 2021
Finance cash flows used in finance lease	$	(7,751	)
Operating cash flows from finance lease	$	7,751

Supplemental balance sheet information related to leases:	As of December 31, 2021
Finance lease Right-of-use assets	$	42,821
Current portion of finance lease liability	$	11,986
Long-term finance lease liability		30,835
Total finance lease liability	$	42,821
Weighted average remaining operating lease term		3.33 years
Weighted average discount rate		6	%

The following table summarizes the maturity of lease liability under finance lease as of December 31, 2021:

2022	$	14,099
2023		14,099
2024		14,099
2025		4,700
Total lease payments		46,997
Less: imputed interest		(4,176	)
Total lease liabilities	$	42,821