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NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES: Operating Lease Right-of-Use Assets and Liabilities (Policies)
3 Months Ended
Mar. 31, 2022
Policies  
Operating Lease Right-of-Use Assets and Liabilities

Operating Lease Right-of-Use Assets and Liabilities

 

Operating lease right-of-use asset represents the Company’s right to use an underlying asset for the lease term and operating lease liability represents its obliation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized when the Company takes possession of the leased property (the Commencement Date) based on the present value of lease payments over the lease term. Rent expense on noncancellable leases containing known future scheduled rent increases is recorded on a straight-line basis over the term of the lease beginning on the Commencement Day.