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OPERATING LEASES

6 Months Ended

Jun. 30, 2021

OPERATING LEASES

NOTE 5 - OPERATING LEASES

NOTE 5 - OPERATING LEASES

The Company periodically enters into operating lease contracts for office space and equipment. Arrangements are evaluated at inception to determine whether such arrangements constitute a lease.

Right of use assets, which we refer to as “ROU assets,” represent the right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities were recognized on the transition date based on the present value of lease payments over the respective lease term, with the office space ROU asset adjusted for deferred rent liability.

The Company has two operating leases: an office space lease with a remaining lease term of 36 months and a copier lease with a remaining lease term of one month as of June 30, 2021. All other leases are short-term leases, which for practical expediency, the Company has elected to not recognize as lease assets and lease liabilities.

In accordance with ASC Topic 842, the Company has recorded lease assets of $406,024 and a related lease liability of $419,052 as of June 30, 2021. The Company recorded amortization expense of $ 61,629 for the six months ended June 30, 2021 for its leased assets. Cash paid for amounts included in the measurement of operating lease liabilities as of June 30, 2021 was $76,178. The present value of our operating lease liabilities is shown below.

Maturity of Operating Lease Liabilities

		June 30, 2021
Remainder of 2021		$	75,139
2022			151,333
2023			154,271
2024			77,870
2025			-
Thereafter			-
Total lease payments			458,613
Less imputed interest			(39,561	)
Present Value of Lease Liabilities		$	419,052
Operating lease liability - current			128,301
Operating lease liability – long term			290,751

As of June 30, 2021, our operating leases have a weighted average remaining lease term of 3.0 years and a weighted average discount rate of 6.25%.

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Tabular disclosure for lessee's operating leases. Includes, but is not limited to, description of lessee's operating lease, existence and terms of renewal or purchase options and escalation clauses, restrictions imposed by lease, such as those concerning dividends, additional debt, and further leasing, rent holidays, rent concessions, or leasehold improvement incentives and unusual provisions or conditions.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
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-Section 55
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