Leases

3 Months Ended

Mar. 31, 2022

Leases [Abstract]

Leases

Note 6. Leases

In February 2020, the Company entered into a two-year lease for office premises located at 4 Becker Farm Road, Suite 105, Roseland, New Jersey (the “Premises”). Monthly base rent in year one of the lease is $4,356; and $4,459 in year 2 of the lease. The term (and payment of the monthly rent) commenced upon completion of the landlord’s work on August 1, 2020. The Company vacated the premises in May of 2021 and relocated its corporate offices to 9375 E. Shea Blvd., Suite 107-A, Scottsdale, AZ 85260.

The Company’s existing lease is not subject to any restrictions or covenants which preclude its ability to pay dividends, obtain financing, or enter into additional Lease’s.

As of March 31, 2022, the Company has not entered into any leases which have not yet commenced which would entitle the Company to significant rights or create additional obligations.

The Company does not have any finance leases.

 Supplemental lease information:

	As of March 31,		As of December 31,
	2022		2021
Operating lease right-of-use asset	$	15,866	$	28,630
Current maturities of operating lease	$	17,578	$	30,497
Current maturities of operating lease in accounts payable		8,918		-
Total operating lease liabilities	$	26,496	$	30,497
Weighted Average remaining lease term (in years):		0.34		0.58
Right-of-use asset obtained in exchange for lease obligation		-	$	98,405

Supplemental information for the three months ended March 31, 2022 and 2021:

	2022		2021
Cash paid for amount included in the measurement of lease liabilities for operating lease	$	4,459	$	13,068

The Company leases office space under a non-cancellable operating lease expiring in 2022. Future lease payments included in the measurement of lease liabilities on the balance sheet at March 31, 2022 for future periods are as follows:

2022		26,754
Total future minimum lease payments		26,754
Less imputed interest		(538	)
Total	$	26,216