Quarterly report pursuant to Section 13 or 15(d)

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

v3.19.1
NOTE 5 - RIGHT TO USE ASSETS AND LEASE LIABILITY (Tables)
3 Months Ended
Mar. 31, 2019
Disclosure Text Block [Abstract]  
Right to Use Asset [Table Text Block]
Right to use assets is summarized below:

   

March 31,

2019

 

Los Angeles, Suite 740

  $ 218,875  

Los Angeles, Suite 745

    277,592  

Subtotal

    496,467  

Less accumulated depreciation

    (115,881

)

Right to use assets, net

  $ 380,586  
Lessee, Operating Lease, Disclosure [Table Text Block]
Lease liability is summarized below:

   

March 31,

2019

 

Los Angeles, Suite 740

  $ 169,885  

Los Angeles, Suite 745

    215,482  

Total lease liability

    385,367  

Less: short term portion

    (158,836

)

Long term portion

  $ 226,531  
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]
Maturity analysis under these lease agreements are as follows:

Nine months ended December 31, 2019

  $ 137,503  

Year ended December 31, 2020

    189,141  

Year ended December 31, 2021

    96,196  

 Total

  $ 422,840  

Less: Present value discount

    (37,473

)

Lease liability

  $ 385,367  
Lease, Cost [Table Text Block]
Lease expense for the three months ended March 31, 2019 was comprised of the following:

Operating lease expense

  $ 46,451  

Short-term lease expense

    13,238  

Variable lease expense

    438  
    $ 60,127