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

LEASES (Tables)

3 Months Ended

Mar. 31, 2023

Supplemental balance sheet information related to leases is as follows as of March 31, 2023:

Operating leases
Right-of-use assets, net	$	4,150,863

Current liabilities		979,143
Non-current liabilities		3,224,770
Total operating lease liabilities	$	4,203,913

Weighted Average Remaining Lease Term		4.02 years

Weighted Average Discount Rate		4	%

Anticipated future lease costs are as follows:

For the years ending December 31,	Building leases
2023 (remaining)	$	852,815
2024		1,271,436
2025		1,077,415
2026		1,013,237
2027		370,171
Total lease payments		4,585,074
Less: imputed interest		381,161
Present value of lease liabilities	$	4,203,913