Leases

9 Months Ended

Sep. 30, 2022

Leases

Leases

Note 7. 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.

In July 2022, Premises lease expired and was not renewed. The Company sold all office funiture for proceeds of $5,000 and disposed of assets, including office furnishings, leasehold improvements and equipment with a gross carrying cost of $42,223 and accumulated depreciation totaling $17,597 resulting in a $19,626 loss on the dosposal of assets.

As of September 30, 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 September 30,		As of December 31,
	2022		2021
Operating lease right-of-use asset	$	-	$	28,630
Current maturities of operating lease	$	-	$	30,497
Current maturities of operating lease in accounts payable		-		-
Total operating lease liabilities	$	-	$	30,497