Quarterly report pursuant to Section 13 or 15(d)

10. Operating Lease Right-of-use Assets and Operating Lease Liability (Tables)

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10. Operating Lease Right-of-use Assets and Operating Lease Liability (Tables)
9 Months Ended
Sep. 30, 2019
Leases [Abstract]  
Leases

Right-of-use assets are summarized below:

 

    September 30, 2019  
Office lease   $ 196,554  
Less accumulated amortization     (36,918 )
Right-of-use assets, net   $ 159,636  

 

Amortization on the right -of -use asset is included in rent expense on the statements of operations.

 

Operating Lease liabilities are summarized below:

 

    September 30, 2019  
Office lease   $ 170,554  
Less: current portion     (53,673 )
Long term portion   $ 116,881  

 

Maturity of lease liabilities are as follows:

 

Three months ended December 31, 2019   $ 15,316  
Year ended December 31, 2020     62,183  
Year ended December 31, 2021     64,048  
Year ended December 31, 2022     43,655  
Total future minimum lease payments     185,202  
Less imputed interest     (14,648 )
PV of payments   $ 170,554