Annual report pursuant to Section 13 and 15(d)

Operating Lease Liabilities & Commitments and Contingencies

v3.21.1
Operating Lease Liabilities & Commitments and Contingencies
12 Months Ended
Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]  
Operating Lease Liabilities & Commitments and Contingencies

NOTE 12 – OPERATING LEASE LIABILITIES & COMMITMENTS AND CONTINGENCIES

 

The Company has one operating leases with an imputed annual interest rate of 8%. The terms of the lease are 12 months commencing on September 1, 2020 and ending on August 31, 2021. The Company is currently evaluating whether to renew this lease.

 

The following is a summary of operating lease liabilities:

 

    2020     2019  
Operating lease liabilities related to right of use assets.   $ 88,888     $ 222,236  
Less current portion     (88,888 )     (123,395 )
Long term   $ -     $ 98,841  

 

The following is a schedule showing future minimum lease payments:

 

Year ending   Total Minimum  
December 31,   Lease Payments  
2021     96,000  
         

 

From time to time, the Company is involved in routine litigation that arises in the ordinary course of business. There are no legal proceedings for which management believes the ultimate outcome would have a material adverse effect on the Company’s results of operations and cash flows.