RIGHT-OF-USE ASSETS

9 Months Ended

Sep. 30, 2021

Right-of-use Assets

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%. Right-of-Use Assets are recorded on the balance sheet as intangible assets.

The Company has Right-of-Use Assets through leases of property under three (3) non-cancelable leases. As of September 30, 2021, the Company had one (1) property with a lease term in excess of one (1) year. This lease liability expires March 31, 2026. The Company has two (2) current lease liabilities. These lease liabilities expire December 1, 2021, and May 15, 2022, respectively. 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	$	27,937
2022	$	58,547
2023	$	45,578
2024	$	46,596
2025	$	47,615
2026	$	11,968
Total	$	238,241
Less Interest	$	19,396
Present value of minimum lease payments	$	218,845
Current Maturities	$	66,882
Long Term Maturities	$	145,796

The Company also leases two (2) office/retail spaces on a month-to-month basis. Total lease expense for the three months ended September 30, 2021, and 2020, was $6,217 and $7,216, respectively. Total lease expense for the nine months ended September 30, 2021, and 2020, amounted to $18,652 and $21,649, respectively, for these leases.