Right of Use Lease Liabilities

3 Months Ended

Mar. 31, 2020

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 and automobile lease that are classified as right of use assets and lease liabilities.

As of March 31, 2020, the lease liabilities associated with future payments due under the leases are as follows:

Total present value of future lease payments	$	323,240
Principal payments made as of the quarter ended March 31, 2020		(107,508	)
Total right of use lease liabilities as of March 31, 2020	$	215,732

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, 2020:

Total future minimum lease payments	$	229,376
Less present value discount		13,644
Total right of use lease liabilities as of March 31, 2020		215,732
Less current portion due within one year		94,410
Long-term right of use liabilities	$	121,322

Total maturities of lease liabilities as of March 31, 2020 are as follows:

	Total future
	minimum lease		Present value		Right of use
	payments		discount		lease liabilities
2020	$	103,639	$	9,229	$	94,410
2021		101,095		4,191		96,904
2022		24,642		224		24,418
	$	229,376	$	13,644	$	215,732