RIGHT-OF-USE ASSETS

3 Months Ended

Mar. 31, 2022

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 two (2) non-cancelable leases. As of March 31, 2022, 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 one (1) current lease liability. This lease liability expires May 15, 2022. 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:

2022	$	58,547
2023	$	45,578
2024	$	46,596
2025	$	47,615
2026	$	11,968
Total	$	210,304
Less Interest	$	46,167
Present value of minimum lease payments	$	164,137
Less Current Maturities	$	37,164
Long Term Maturities	$	126,973

The Company also leases two (2) office/retail spaces on a month-to-month basis. Total lease expense for the three months ended March 31, 2022, and 2021, was $30,897 and $10,653, respectively, for these leases.