Quarterly report pursuant to Section 13 or 15(d)

RIGHT TO USE ASSETS AND LEASE LIABILITY (Tables)

v3.20.1
RIGHT TO USE ASSETS AND LEASE LIABILITY (Tables)
3 Months Ended
Mar. 31, 2020
Disclosure Text Block [Abstract]  
Right to Use Asset [Table Text Block]
Right to use assets is summarized below:


   

March 31,

2020

   

December 31,

2019

 

Los Angeles, CA., Suite 740

  $ 218,875     $ 218,875  

Los Angeles, CA., Suite 745

    277,592       277,592  

Los Angeles, CA, Storage

    4,960       4,960  

Westport, CT, 54 Wilton Rd

    506,276       506,276  

Rochester, MN, 14 4th Street

    77,012       77,012  

Subtotal

    1,084,715       1,084,715  

Less accumulated depreciation

    (469,819

)

    (370,373

)

Right to use assets, net

  $ 614,896     $ 714,342  
Lessee, Operating Lease, Disclosure [Table Text Block]
Lease liability is summarized below:


   

March 31,

2020

   

December 31,

2019

 

Los Angeles, CA., Suite 740

  $ 99,779     $ 118,009  

Los Angeles, CA., Suite 745

    126,752       149,910  

Los Angeles, CA, Storage

    3,484       4,111  

Westport, CT, 54 Wilton Rd

    333,177       380,708  

Rochester, MN, 14 4th Street

    61,802       70,681  

Total lease liability

    624,994       723,419  

Less: short term portion

    (423,673

)

    (412,288

)

Long term portion

  $ 201,321     $ 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

  $ 342,884  

Year ended December 31, 2021

    321,386  

 Total

    664,270  

Less: Present value discount

    (39,276

)

Lease liability

  $ 624,994  
Lease, Cost [Table Text Block]
Lease expense for the three months ended March 31, 2020 and 2019 was comprised of the following:


   

March 31,

2020

   

March 31,

2019

 

Operating lease expense

  $ 113,262     $ 46,451  

Short-term lease expense

    5,655       13,238  

Variable lease expense

    491       438  

Total

  $ 119,408     $ 60,127