Quarterly report pursuant to Section 13 or 15(d)

RIGHT TO USE ASSETS AND LEASE LIABILITY

v3.22.1
RIGHT TO USE ASSETS AND LEASE LIABILITY
3 Months Ended
Mar. 31, 2022
Disclosure Text Block [Abstract]  
Lessee, Operating Leases [Text Block]

NOTE 5 RIGHT TO USE ASSETS AND LEASE LIABILITY

 

As of March 31, 2022 and December 31, 2021, the Company had outstanding five leases with aggregate payments of $32,143 per month, expiring through December 31, 2024.

 

Right to use assets is summarized below:

 

   

March 31, 2022

(000’s)

   

December 31, 2021

(000’s)

 

Right to use asset

  $ 803     $ 803  

Less accumulated amortization

    (284

)

    (199

)

Right to use assets, net

  $ 519     $ 604  

 

During the three months ended March 31, 2022 and 2021, the Company recorded $107,734 and $118,601 as lease expense to current period operations, respectively.

 

Lease liability is summarized below:

 

   

March 31, 2022

(000’s)

   

December 31, 2021

(000’s)

 

Total lease liability

  $ 570     $ 656  

Less: short term portion

    (252

)

    (283

)

Long term portion

  $ 318     $ 373  

 

Maturity analysis under these lease agreements are as follows (000’s):

 

Year ended December 31, 2022

  $ 207  

Year ended December 31, 2023

    221  

Year ended December 31, 2024

    191  

Total

    619  

Less: Present value discount

    (49

)

Lease liability

  $ 570  

 

Lease expense for the three months ended March 31, 2022 and 2021 was comprised of the following:

 

   

March 31, 2022

(000’s)

   

March 31, 2021

(000’s)

 

Operating lease expense

  $ 85     $ 111  

Short-term lease expense

    9       7  

Variable lease expense

    14       1  

Total

  $ 108     $ 119