Right-Of-Use Assets

3 Months Ended

Mar. 31, 2021

Leases [Abstract]

Right-Of-Use Assets

NOTE 3 – 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 3.29% and 5.34%.

The Company has Right-of-Use Assets through leases of property under three (3) non-cancelable leases. As of March 31, 2021, the Company had two (2) properties with lease terms in excess of one (1) year. These lease liabilities expire May 15, 2022 and March 31, 2026, respectively. The current lease liability expires December 1, 2021. In January 2021, the Company entered into a new, five (5) year lease for its corporate headquarters located in Plano, TX.

Future lease liability payments under the terms of these leases are as follows:

2021	$	83,810
2022	$	58,547
2023	$	45,578
2024	$	46,596
2025	$	47,615
2026	$	11,968
Total	$	294,114
Less Interest	$	30,621
Present value of minimum lease payments	$	263,493
Current Maturities	$	98,501
Long Term Maturities	$	164,992

The Company also leases three (3) office/retail spaces on a month-to-month basis. Total lease expense for the three months ended March 31, 2021, and 2020, amounted to $10,653 and $20,619, respectively, for these leases.