|3 Months Ended|
Mar. 31, 2021
NOTE 4 - OPERATING LEASE
At March 31, 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 March 31, 2021, the balance of the lease’s right of use asset and corresponding lease liability were $341,844 and $376,114, respectively. At March 31, 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 March 31, 2021.
The components of lease expense and supplemental cash flow information related to leases for the period are as follows:
Maturities of the Company’s lease liabilities are as follows:
Lease expense were $23,891 and $26,897 during the three months ended March 31, 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