4. Right of Use Leased Asset
|6 Months Ended|
Jun. 30, 2019
|Notes to Financial Statements|
|4. Right of Use Leased Asset||
Note 4: Right Of Use Leased Asset
In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842), Targeted Improvements, which allows for an additional optional transition method where comparative periods presented in the financial statements in the period of adoption will not be restated and instead those periods will be presented under existing guidance in accordance with ASC 840, Leases. Management used this optional transition method. As of January 1, 2019, management recorded lease liability of $2,071,903, right-of-use asset of $2,153,747, accumulated amortization of $124,070, a reversal of previously recorded deferred rent of $37,920 and the increase in accumulated deficit of $4,306.
During the three months ended June 30, 2019, the Company recorded amortization expense of $52,973. During the six months ended June 30, 2019, the Company recorded amortization expense of $88,539.