Quarterly report pursuant to Section 13 or 15(d)

RIGHT TO USE ASSETS AND LEASE LIABILITY

v3.19.1
RIGHT TO USE ASSETS AND LEASE LIABILITY
3 Months Ended
Mar. 31, 2019
Notes to Financial Statements  
Note 5 - RIGHT TO USE ASSETS AND LEASE LIABILITY

On March 9, 2016, the Company entered into a lease amendment and expansion agreement, whereby the Company agreed to lease office space in Anaheim, California, commencing July 1, 2016 and expiring on June 30, 2019.

 

Right to use assets is summarized below:

 

   

March 31,

2019

 
Right to use assets   $ 139,407  
Less accumulated depreciation     (126,544 )
Right to use assets, net   $ 12,863  

 

During the three months ended March 31, 2019, the Company recorded $13,982 as lease expense to current period operations.

 

Lease liability is summarized below:

 

   

March 31,

2019

 
Total lease liability   $ 13,245  
Less: short term portion     (13,245 )
Long term portion   $ -  

 

Maturity analysis under these lease agreements are as follows:

 

Nine months ended December 31, 2019   $ 13,422  
Less: Present value discount     (177 )
Lease liability   $ 13,245  

 

Lease expense for the three months ended March 31, 2019 was comprised of the following:

 

Operating lease expense   $ 13,040  
Short-term lease expense     942  
Variable lease expense     -  
    $ 13,982