Right of Use Lease Liabilities

6 Months Ended

Jun. 30, 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 two leases for office space prior to the quarter ended June 30, 2019 that are classified as right of use assets and lease liabilities.

As of June 30, 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 June 30, 2019		(62,665	)
Total right of use lease liabilities as of June 30, 2019	$	56,975

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 June 30, 2019:

Total future minimum lease payments	$	63,128
Less present value discount		6,153
Total right of use lease liabilities as of June 30, 2019		56,975
Less current portion due within one year		45,592
Long-term right of use liabilities	$	11,383

Total maturities of lease liabilities as of June 30, 2019 are as follows:

	Total future
	minimum lease		Present value		Right of use
	payments		discount		lease liabilities
2020	$	50,961	$	5,369	$	45,592
2021		12,167		784		11,383
	$	63,128	$	6,153	$	56,975