ToughBuilt Industries, Inc. Quarterly report pursuant to Section 13 or 15(d)

LEASES (Tables)

3 Months Ended

Mar. 31, 2022

Supplemental balance sheet information related to leases is as follows as of March 31, 2022:

Operating leases
Right-of-use assets, net	$	1,952,984

Current liabilities		495,964
Non-current liabilities		1,448,042
Total operating lease liabilities	$	1,944,006

Weighted Average Remaining Lease Term		3.88 years

Weighted Average Discount Rate		4	%

Anticipated future lease costs are as follows:

For the years ending December 31,	Building leases
2022 (remaining)	$	429,515
2023		544,849
2024		567,377
2025		305,092
2026		222,038
Thereafter		37,187
Total lease payments		2,106,058
Less: imputed interest		(162,052	)
Present value of lease liabilities	$	1,944,006