v3.22.2.2

LEASES | 3 Months Ended
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Jun. 30, 2022
Leases |
LEASES | NOTE 12 – LEASES Tuscaloosa Lease In connection with the acquisition of Hillcrest Fitness LLC on December 1, 2021, 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. 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 operating expenses on the statements of operations. Birmingham Lease In connection with the acquisition of Club Fitness LLC on April 1, 2021, the Company acquired a facility lease at 2520 Moody Parkway, Mood, AL 35004. The monthly lease payments are $6,000 and the lease expires on April 30, 2026. 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 operating expenses on the statements of operations. Right-of-use asset is summarized below:
Summary of right-of-use asset |  |  |
|  |  | June 30, 2022 |
|  | Tuscaloosa Additional Lease |
Office lease |  | $ | 77,119 |
Less: accumulated amortization |  |  | (7,148 | )
Right-of-use asset, net |  | $ | 69,971 |
Operating lease liability is summarized below:
Summary of operating lease liability |  |  |  |  |  |  |  |  |  |  |  |
|  | June 30, 2022 |
|  | Tuscaloosa Lease |  |  | Birmingham Lease |  |  | Tuscaloosa Additional Lease |  |  | Total |
Office lease |  | $ | 140,901 |  |  | $ | 230,382 |  |  | $ | 69,971 |  |  | $ | 441,254 |
Less: current portion |  |  | (61,268 | ) |  |  | (51,898 | ) |  |  | (13,262 | ) |  |  | (126,428 | )
Long term portion |  | $ | 79,633 |  |  | $ | 178,484 |  |  | $ | 56,709 |  |  | $ | 314,826 |
Maturity of the lease liability is as follows:
Schedule of maturity of the lease liability |  |  |  |  |  |  |  |  |  |  |  |
|  | June 30, 2022 |
|  | Tuscaloosa Lease |  |  | Birmingham Lease |  |  | Tuscaloosa Additional Lease |  |  | Total |
Fiscal year ending March 31, 2023 |  | $ | 54,000 |  |  | $ | 54,000 |  |  | $ | 14,625 |  |  | $ | 122,625 |
Fiscal year ending March 31, 2024 |  |  | 72,000 |  |  |  | 72,000 |  |  |  | 19,500 |  |  |  | 163,500 |
Fiscal year ending March 31, 2025 |  |  | 30,000 |  |  |  | 72,000 |  |  |  | 19,500 |  |  |  | 121,500 |
Fiscal year ending March 31, 2026 |  |  | – |  |  |  | 72,000 |  |  |  | 19,500 |  |  |  | 91,500 |
Fiscal year ending March 31, 2027 |  |  | – |  |  |  | 6,000 |  |  |  | 13,000 |  |  |  | 19,000 |
Present value discount |  |  | (15,099 | ) |  |  | (45,618 | ) |  |  | (16,154 | ) |  |  | (76,871 | )
Lease liability |  | $ | 140,901 |  |  | $ | 230,382 |  |  | $ | 69,971 |  |  | $ | 441,254 |

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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 https://asc.fasb.org/subtopic&trid=77888251 + Details
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