Operating Lease Income

12 Months Ended

Dec. 31, 2019

Operating Lease Income

Operating Lease Income

Note 14: Operating Lease Income

The Company has two operating leases where it acts as lessor to two different tenants for office space. One lease expires in November 2021 and has three additional renewal options for five years each. The other lease expires in July 2020. Rental income for these leases was approximately $92,300 and $92,000 for the years ended December 31, 2019 and 2018, respectively.

Future minimum lease receipts under the operating leases are:

	December 31, 2019		December 31, 2018
One year or less	$	79,902	$	92,352
Over one year to two years		67,452		92,352
Over two years to three years		67,452		79,902
Over three years to four years		67,452		67,452
Over four years to five years		67,452		67,452
Thereafter		67,452		67,452
Total minimum lease receipts	$	417,162	$	466,962