RIGHT-OF-USE ASSETS

12 Months Ended

Dec. 31, 2021

Right-of-use Assets

RIGHT-OF-USE ASSETS

NOTE 4 – RIGHT-OF-USE ASSETS

Right-of-Use Assets consist of assets accounted for under ASC 842. The assets are recorded at present value using implied interest rates between 3.29% and 5.34%. The Right-of-Use Assets were $173,524 and $80,578 in 2021 and 2020, respectively.

The Company has right-of-use assets through leases of properties under non-cancelable leases. As of December 31, 2021, the Company had one (1) property with lease terms in excess of (1) year. This lease liability expires December 31, 2026. Lease payables as of December 31, 2020, are $81,722. Future lease liability payments under the terms of these leases are as follows:

2022	$	58,547
2023	$	45,578
2024	$	46,596
2025	$	47,615
2026	$	11,967
Total	$	210,304
Less Interest	$	23,186
Present value of minimum lease payments	$	187,117
Less Current Maturities	$	50,672
Long Term Maturities	$	136,445

The weighted average term of the right-to-use leases is 15.4 months recorded with a weighted average discount of 3.53%.

The Company also leases two (2) office spaces on a month-to-month basis. Total rent expense for the year ended December 31, 2021, and 2020, amounted to $123,843 and $109,960, respectively.