|9 Months Ended|
Sep. 30, 2021
NOTE 4 - OPERATING LEASE
At September 30, 2021, the Company has one operating lease for its headquarters office space in Burbank. The lease commenced on January 1, 2020, and has a term for 5 years, with annual fixed rental payments ranging from $90,000 to $101,296. At September 30, 2021, the balance of the lease’s right of use asset and corresponding lease liability were $300,483 and $336,185, respectively. At September 30, 2021, the Company is also obligated under a lease that was abandoned in December 2020. The total due to the lessor for the abandoned lease space is $235,759 and is recorded as lease settlement obligation at September 30, 2021.
The components of lease expense and supplemental cash flow information related to leases for the period are as follows:
SCHEDULE OF LEASE EXPENSE AND SUPPLEMENTAL CASH FLOW INFORMATION RELATED TO LEASES
SCHEDULE OF SUPPLEMENTAL BALANCE SHEET INFORMATION RELATED TO LEASES
Maturities of the Company’s lease liabilities are as follows:
SCHEDULE OF MATURITIES OF OPERATING LEASE LIABILITIES
Lease expense was $95,586 and $171,333 during the nine months ended September 30, 2021 and 2020, respectively.
The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef