Quarterly report pursuant to Section 13 or 15(d)

NOTE 5 - RIGHT TO USE ASSETS AND LEASE LIABILITY (Tables)

v3.19.2
NOTE 5 - RIGHT TO USE ASSETS AND LEASE LIABILITY (Tables)
6 Months Ended
Jun. 30, 2019
Disclosure Text Block [Abstract]  
Right to Use Asset [Table Text Block]
Right to use assets is summarized below:

   

June 30,

2019

 

Los Angeles, CA, Suite 740

  $ 218,875  

Los Angeles, CA, Suite 745

    277,592  

Westport, CT., 54 Wilton Rd

    506,276  

Subtotal

    1,002,743  

Less accumulated depreciation

    (188,753

)

Right to use assets, net

  $ 813,990  
Lessee, Operating Lease, Disclosure [Table Text Block]
Lease liability is summarized below:

   

June 30,

2019

 

Los Angeles, CA, Suite 740

  $ 153,397  

Los Angeles, CA, Suite 745

    194,381  

Westport, CT., 54 Wilton Rd

    472,976  

Total lease liability

    820,754  

Less: short term portion

    (352,482

)

Long term portion

  $ 468,272  
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]
Maturity analysis under these lease agreements are as follows:

Six months ended December 31, 2019

  $ 202,116  

Year ended December 31, 2020

    411,358  

Year ended December 31, 2021

    284,756  

 Total

    898,230  

Less: Present value discount

    (77,476

)

Lease liability

  $ 820,754  
Lease, Cost [Table Text Block]
Lease expense for the three and six months ended June 30, 2019 was comprised of the following:

Operating lease expense

  $ 83,584  

Short-term lease expense

    19,520  

Variable lease expense

    1,174  
    $ 104,278  

Operating lease expense

  $ 130,035  

Short-term lease expense

    32,758  

Variable lease expense

    1,612  
    $ 164,405