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LEASES | 9 Months Ended
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Dec. 31, 2021
Leases |
LEASES | NOTE 12 –LEASES Kokomo lease On October 1, 2020, the Company, under its subsidiary ONE More Gym LLC, entered into a facilities lease (“Kokomo Lease”) for 25,000 square feet in Kokomo, Indiana. The initial lease term is for five years, and the lease commencement date is October 1, 2020. The monthly lease payments are $7,292 in year 1, $7,656 in year 2, $8,039 in year 3, and $8,441 in years 4 and 5. Valparaiso Lease The Company leases 11,676 square feet of office space located at 1805 E. Lincolnway, Valparaiso, Indiana 46383. The Company assumed the lease (“Valparaiso Lease”) when it acquired CFit Indiana Inc. on October 6, 2020. The monthly lease payments are $7,625 and the lease expires on December 31, 2023. Merrill Lease In connection with the acquisition of CFit Indiana Inc. on October 6, 2020, the Company acquired a facilities lease for 15,000 square feet at 6055N. Broadway Ave., Merrillville, Indiana. The monthly lease payments are $11,190 and the lease expires on February 28, 2026. Tuscaloosa Lease In connection with the acquisition of Hillcrest Fitness LLC on December 1, 2020, the Company acquired a facilities lease at 6551 Highway 69 South, Tuscaloosa, AL 35405. The monthly lease payments are $6,000 and the lease expires on March 6, 2024. Birmingham Lease In connection with the acquisition of Club Fitness LLC on April 1, 2021, the Company acquired a facilities lease at 2520 Moody Parkway, Mood, AL 35004. The monthly lease payments are $6,000 and the lease expires on April 30, 2026. Valparaiso Additional Space Lease On August 30, 2021, the Company entered into a facilities lease (“Valparaiso Additional Space”) for 6,380 square feet in Valparaiso, Indiana. The initial lease term is for five years, and the lease commencement date is August 30, 2021. The monthly lease payments are $4,250 plus Common Area Maintenance (“CAM”) in year 1, $5,317 plus (“CAM”) in year 2 and 3, and $6,380 plus (“CAM”) in year 4 and 5. The Company has the option to renew at a rental rate of $6,912 plus (“CAM”) for years 2029 through 2033. On November 23, 2021 the Company terminated its lease for (‘Valparaiso Additional Space”). The results of this lease termination were to reduce the Operating Lease Right of Use Asset by $369,663 and decrease the Lease Liability by $375,883. Tuscaloosa Additional Space Lease On November 1, 2021, the Company entered into a facilities lease (“Tuscaloosa Additional Space”) in Tuscaloosa, Alabama. The initial lease term is for five years, and the lease commencement date is December 1, 2021. The monthly lease payments are fixed at $1,625 plus Common Area Maintenance of $125 per month for all five years. Operating lease right-of-use asset and liability are recognized at the present value of the future lease payments at the lease commencement date. The interest rate used to determine the present value is our incremental borrowing rate, estimated to be 10%, as the interest rate implicit in most of our leases is not readily determinable. Operating lease expense is recognized on a straight-line basis over the lease term. Since the common area maintenance expenses are expenses that do not depend on an index or rate, they are excluded from the measurement of the lease liability and recognized in other general and administrative expenses on the statements of operations. Right-of-use asset is summarized below:
Summary of right-of-use asset |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | December 31, 2021 |
|  | Kokomo Lease |  |  | Valparaiso Lease |  |  | Merrill Lease |  |  | Tuscaloosa Lease |  |  | Birmingham Lease |  |  | Tuscaloosa Additional Lease |  |  | Total |
Office lease |  | $ | 375,483 |  |  | $ | 374,360 |  |  | $ | 701,404 |  |  | $ | 222,087 |  |  | $ | 284,745 |  |  | $ | 77,119 |  |  | $ | 2,035,198 |
Less: accumulated amortization |  |  | (77,434 | ) |  |  | (129,853 | ) |  |  | (94,697 | ) |  |  | (52,766 | ) |  |  | (30,289 | ) |  |  | (996 | ) |  |  | (386,035 | )
Right-of-use asset, net |  | $ | 298,049 |  |  | $ | 244,507 |  |  | $ | 606,707 |  |  | $ | 169,321 |  |  | $ | 254,456 |  |  | $ | 76,123 |  |  | $ | 1,649,163 |
Operating lease liability is summarized below:
Summary of operating lease liability |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | December 31, 2021 |
|  | Kokomo Lease |  |  | Valparaiso Lease |  |  | Merrill Lease |  |  | Tuscaloosa Lease |  |  | Birmingham Lease |  |  | Tuscaloosa Additional Lease |  |  | Total |
Office lease |  | $ | 307,187 |  |  | $ | 244,508 |  |  | $ | 673,147 |  |  | $ | 169,321 |  |  | $ | 254,456 |  |  | $ | 76,123 |  |  | $ | 1,724,742 |
Less: current portion |  |  | (66,008 | ) |  |  | (116,171 | ) |  |  | (123,746 | ) |  |  | (58,292 | ) |  |  | (49,377 | ) |  |  | (12,618 | ) |  |  | (426,212 | )
Long term portion |  | $ | 241,179 |  |  | $ | 128,336 |  |  | $ | 549,402 |  |  | $ | 111,029 |  |  | $ | 205,079 |  |  | $ | 63,505 |  |  | $ | 1,298,530 |
Maturity of the lease liability is as follows:
Schedule of maturity of the lease liability |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | December 31, 2021 |
|  | Kokomo Lease |  |  | Valparaiso Lease |  |  | Merrill Lease |  |  | Tuscaloosa Lease |  |  | Birmingham Lease |  |  | Tuscaloosa Additional Lease |  |  | Total |
Fiscal year ending March 31, 2022 |  | $ | 22,969 |  |  | $ | 33,569 |  |  | $ | 33,575 |  |  | $ | 18,000 |  |  | $ | 18,000 |  |  | $ | 4,875 |  |  | $ | 130,988 |
Fiscal year ending March 31, 2023 |  |  | 94,172 |  |  |  | 134,274 |  |  |  | 201,450 |  |  |  | 72,000 |  |  |  | 72,000 |  |  |  | 19,500 |  |  |  | 593,396 |
Fiscal year ending March 31, 2024 |  |  | 98,880 |  |  |  | 100,706 |  |  |  | 201,450 |  |  |  | 72,000 |  |  |  | 72,000 |  |  |  | 19,500 |  |  |  | 564,536 |
Fiscal year ending March 31, 2025 |  |  | 101,292 |  |  |  | – |  |  |  | 201,450 |  |  |  | 30,000 |  |  |  | 72,000 |  |  |  | 19,500 |  |  |  | 424,242 |
Fiscal year ending March 31, 2026 |  |  | 50,646 |  |  |  | – |  |  |  | 184,661 |  |  |  | – |  |  |  | 72,000 |  |  |  | 19,500 |  |  |  | 326,807 |
Fiscal year ending March 31, 2027 |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 6,000 |  |  |  | 13,000 |  |  |  | 19,000 |
Present value discount |  |  | (60,772 | ) |  |  | (24,041 | ) |  |  | (149,439 | ) |  |  | (22,679 | ) |  |  | (57,544 | ) |  |  | (19,752 | ) |  |  | (334,227 | )
Lease liability |  | $ | 307,187 |  |  | $ | 244,508 |  |  | $ | 673,147 |  |  | $ | 169,321 |  |  | $ | 254,456 |  |  | $ | 76,123 |  |  | $ | 1,724,742 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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