Right of Use Lease Liabilities

6 Months Ended

Jun. 30, 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 prior to the quarter ended June 30, 2020 that are classified as right of use assets and lease liabilities.

As of June 30, 2020, the lease liabilities associated with future payments due under the leases are as follows:

Total present value of future lease payments	$	368,870
Principal payments made as of the six month period ended June 30, 2020		(53,419	)
Total right of use lease liabilities as of June 30, 2020	$	315,451

 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, 2020:

Total future minimum lease payments	$	336,671
Less present value discount		21,220
Total right of use lease liabilities as of June 30, 2020		315,451
Less current portion due within one year		136,230
Long-term right of use liabilities	$	179,221

Total maturities of lease liabilities as of June 30, 2020 are as follows:

	Total future
	minimum lease		Present value		Right of use
	payments		discount		lease liabilities
2021	$	150,103	$	13,873	$	136,230
2022		146,568		6,358		140,210
2023		40,000		989		39,011
	$	336,671	$	21,220	$	315,451