Quarterly report pursuant to Section 13 or 15(d)

12. Operating Lease Liabilities & Commitments and Contingencies

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12. Operating Lease Liabilities & Commitments and Contingencies
 3 Months Ended
Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

NOTE 12 – OPERATING LEASE LIABILITIES & COMMITMENTS AND CONTINGENCIES

  

The following is a summary of operating lease liabilities:

  

    March 31,
2020		     December 31,
2019		  
Operating lease liabilities related to right of use assets.   $ 191,386     $ 222,236  
Less current portion     (109,043 )     (123,395 )
Long term   $ 82,343     $ 98,841  

 

 

The Company has two operating leases with an imputed annual interest rate of 8%. The weighted average remaining life of the leases is 19 months.

 

The following is a schedule showing future minimum lease payments:

 

Year ending   Total Minimum  
December 31,   Lease Payments  
2020   $ 165,516  
2021   $ 77,688  

 

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.