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Lease Obligation Payable
3 Months Ended
Mar. 31, 2022
Lease Obligation Payable [Abstract]  
LEASE OBLIGATION PAYABLE

NOTE 11 – LEASE OBLIGATION PAYABLE

 

The Company entered into a lease in March 2017 for the rental of its printer for its secured plastic and credential card products business under an arrangement that is classified as a finance lease. The leased equipment is amortized on a straight-line basis over its lease term including the last payment (61 payments) which would transfer ownership to the Company. The cost basis of the lease equipment is $163,407 and the accumulated amortization as of March 31, 2022, is $131,261. The lease was fully paid off as of March 31, 2022.