RIGHT OF USE LEASE LIABILITIES

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

RIGHT OF USE LEASE LIABILITIES

NOTE 19 RIGHT OF USE LEASE LIABILITIES

As disclosed in Note 17, the Company entered into two leases for office space and automobile for the year ended December 31, 2019 that are classified as right of use assets and lease liabilities.

As of December 31, 2019 and 2018, the lease liabilities associated with future payments due under the leases are as follows:

	2019			2018
Total present value of future lease payments	$	390,260			114,333
Principal payments made as of the year
ended		(129,469	)		(31,779	)
Total right of use lease liabilities	$	260,791			82,554

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 December 31, 2019:

Total future minimum lease payments	$	278,038
Less present value discount		17,247
Total right of use lease liabilities as of December 31, 2019		260,791
Less current portion due within one year		113,911
Long-term right of use liabilities	$	146,880

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

	Total future
	minimum lease		Present value		Right of use
	payments		discount		lease liabilities
2020	$	124,857	$	10,946	$	113,911
2021		103,804		5,519		98,285
2022		49,377		782		48,595
	$	278,038	$	17,247	$	260,791