LEASES

9 Months Ended

Sep. 30, 2021

LEASES

NOTE 5 - LEASES

NOTE 5 - LEASES

On December 27, 2019, the Company entered into a lease agreement to rent a storage facility in Hong Kong for a two-year term at HK$16,500 (approximately $2,115) per month. A stockholder paid HK$33,000 (approximately $4,230) as a security deposit and HK$16,500 (approximately $2,115) as prepaid rent on behalf of the Company.

In accordance with ASC 842, the Company recognized operating lease ROU assets and lease liabilities as follows:

	September 30,		December 31,
	2021		2020
Operating lease ROU asset	$	6,268	$	24,700

	September 30,		December 31,
	2021		2020
Operating lease liabilities	$	5,888	$	24,500

Future minimum lease payments under operating leases at September 30, 2021 were as follows:

Remainder 2021	$	5,907
Thereafter		-
Total	$	5,907

The Company recognized total lease expense of $18,856 and $18,856 for the nine months ended September 30, 2021 and 2020, respectively, primarily related to operating rent lease costs paid to lessors.