RIGHT OF USE ASSET

6 Months Ended

Jun. 30, 2021

Right Of Use Asset

RIGHT OF USE ASSET

NOTE 8–RIGHT OF USE ASSET

Lease Agreement

In January 2020, the Company entered into a lease agreement commencing February 8, 2020 for its current facility which expires in 2025. The term of the lease is for five years. At inception of the lease, the Company recorded a right of use asset and liability. The Company used an effective borrowing rate of 12% within the calculation. The following are the expected lease payments as of June 30, 2021, including the total amount of imputed interest related:

Years ended December 31:

2021	$	41,380
2022		85,039
2023		87,590
2024		90,217
2025		7,536
Operating Lease Total	$	311,762
Less: Imputed interest		(57,309	)
Total	$	254,453

The rent expense was $30,591 and $21,914 for the six months ended June 30, 2021 and 2020, respectively.