Annual report pursuant to Section 13 and 15(d)

RIGHT TO USE ASSETS AND LEASE LIABILITY (Tables)

v3.20.1
RIGHT TO USE ASSETS AND LEASE LIABILITY (Tables)
12 Months Ended
Dec. 31, 2019
Disclosure Text Block [Abstract]  
Right to Use Asset [Table Text Block]
Right to use assets is summarized below:

   

December 31,

2019

 

Los Angeles, CA, Suite 740

  $ 218,875  

Los Angeles, CA, Suite 745

    277,592  

Los Angeles, CA, Storage

    4,960  

Westport, CT, 54 Wilton Rd

    506,276  

Rochester, MN, 14 4th Street

    77,012  

Subtotal

    1,084,715  

Less accumulated depreciation

    (370,373

)

Right to use assets, net

  $ 714,342  
Lessee, Operating Lease, Disclosure [Table Text Block]
Lease liability is summarized below:

   

December 31,

2019

 

Los Angeles, CA, Suite 740

  $ 118,009  

Los Angeles, CA, Suite 745

    149,910  

Los Angeles, CA, Storage

    4,111  

Westport, CT, 54 Wilton Rd

    380,708  

Rochester, MN, 14 4th Street

    70,681  

Total lease liability

    723,419  

Less: short term portion

    (412,288

)

Long term portion

  $ 311,131  
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]
Maturity analysis under these lease agreements are as follows:

Year ended December 31, 2020

  $ 455,124  

Year ended December 31, 2021

    321,386  

 Total

    776,510  

Less: Present value discount

    (53,091

)

Lease liability

  $ 723,419  
Lease, Cost [Table Text Block]
Lease expense for the year ended December 31, 2019 was comprised of the following:

Operating lease expense

  $ 345,667  

Short-term lease expense

    66,422  

Variable lease expense

    1,674  
    $ 413,763