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Direct Financing Lease | 12 Months Ended
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Dec. 31, 2021
Direct Financing Lease [Abstract] |
DIRECT FINANCING LEASE | NOTE 9 – DIRECT FINANCING LEASE In September 2016, the Company and an entity in Colombia entered into a rental contract for the rental of kiosks to provide cash collection and fare services at transportation stations. The lease term commenced in May 2017 when the kiosks were installed and operational. The term of the rental contract is ten years at an approximate monthly rental of $11,900. The lessee has the option at the end of the lease term to purchase each unit for approximately $40. The term of the lease approximates the expected economic life of the kiosks. As such, the lease was accounted for as a direct financing lease. The equipment under the capital lease is valued at approximately $748,000. At the inception of the lease term, the aggregate minimum future lease payments to be received was approximately $1,422,000 before executory cost. Unearned income recorded at the inception of this lease was approximately $474,000 and will be recorded over the term of the lease using the effective income rate method. Future minimum lease payments to be received under the lease for the next five years and thereafter are as follows:
Year Ending December 31, |  |  |
2022 |  | $ | 122,148 |
2023 |  |  | 122,148 |
2024 |  |  | 122,148 |
2025 |  |  | 122,148 |
2026 |  |  | 40,716 |
|  |  | 529,308 |
Less Deferred revenue |  |  | (107,286 | )
Reserve for doubtful accounts |  |  | (422,022 | )
Net investment in lease |  | $ | - |
In December 2021, the lessee under the rental arrangement unilaterally removed the equipment from service and raised doubt with respect to the future payments under the lease. The Company intends to use commercially reasonable means to collect the obligation due under the direct financing lease. However, as a result, the Company has recorded a reserve for doubtful accounts for the entire balance remaining.

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