LEASES |
6 Months Ended |
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Jun. 30, 2023 | |
Leases | |
LEASES | NOTE 4 – LEASES
As of June 30, 2023, the Company has no leases. The Company transferred its copy machine and related lease to the Frank Perone Trust, a related party. There was no gain or loss associated with the transfer of the lease.
As of December 31, 2022, the Company had one lease for a copier that meets the provisions of ASU 2016-02 which requires the recognition of a right-of-use asset representing the rights to use the underlying leased asset for the lease terms with an offsetting lease liability. Operating lease expense is recognized on a straight-line basis over the lease term. During the three and six months ended June 30, 2023, the Company recorded $0 and $438, respectively, and $438 and $876, respectively, for the three and six months ended June 30, 2022 as operating lease expense which is included in general and administrative expenses on the unaudited statements of operations. As of June 30, 2023 and December 31, 2022, the unamortized right-of-use assets resulting from the lease was $ and $2,347, respectively, and the lease liabilities were $0 and $2,389, respectively.
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