Right of Use Lease Liabilities

3 Months Ended

Mar. 31, 2019

Notes to Financial Statements

RIGHT OF USE LEASE LIABILITIES

11. RIGHT OF USE LEASE LIABILITIES

As disclosed in Note 10, the Company entered into one lease for office space and one automobile lease prior to the quarter ended March 31, 2019 that are classified as right of use assets and lease liabilities.

As of March 31, 2019, the lease liabilities associated with future payments due under the leases are as follows:

Total present value of future lease payments	$	119,640
Principal payments made as of the quarter ended March 31, 2019		(49,173	)
Total right of use lease liabilities as of March 31, 2019	$	70,467

The following is a schedule of future minimum lease payments under the right of use lease agreements together with the present value of the net minimum lease payments as of March 31, 2019:

Total future minimum lease payments	$	76,086
Less present value discount		5,619
Total right of use lease liabilities as of June 30, 2018		70,467
Less current portion due within one year		54,162
Long-term right of use liabilities	$	16,305

Total maturities of lease liabilities as of March 31, 2019 are as follows:

	Total future				Right
	minimum lease		Present value		of use lease
	payments		discount		liabilities
2020	$	58,431	$	4,269	$	54,162
2021		14,731		1,126		13,605
2022		2,924		224		2,700
	$	76,086	$	5,619	$	70,467