Right-Of-Use Assets

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Right-Of-Use Assets

NOTE 4 – RIGHT-OF-USE ASSETS

Right-of-Use Assets consist of assets accounted for under ASC 842. The assets are recorded at present value using implied interest rates between 5.34% and 3.29%. The net Right-of-Use Assets were $80,578 and $78,584 in 2020 and 2019 respectively.

The Company has right-of-use assets through leases of properties under non-cancelable leases. As of December 31, 2020, the Company had two (2) properties with lease terms in excess of one (1) year. These lease liabilities expire April 30, 2022, and December 31, 2021. Lease payables as of December 31, 2020, are $81,722. Future lease liability payments under the terms of these leases are as follows:

2021	$	66,323
2022	$	15,399
Thereafter	$	—
Total	$	81,722
Less Current Maturities	$	66,323
Long Term Maturities	$	15,399

The weighted average term of the right-to-use leases is 15.4 months recorded with a weighted average discount of 3.53%.

The Company also leases two (2) office spaces on a month-to-month basis. Total rent expense for the year ended December 31, 2020, and 2019, amounted to $109,960 and $140,778, respectively.