Annual report pursuant to Section 13 and 15(d)

4. Right of Use Leased Asset

4. Right of Use Leased Asset
12 Months Ended
Dec. 31, 2019
Leases [Abstract]  
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.


    December 31, 2019  
Right Of Use Leased Assets        
Right Of Use Asset        
Office Lease Asset   $ 4,387,955  
Printer Lease Asset     12,374  
Right Of Use Asset, Gross     4,400,329  
Less Accumulated Amortization        
Office Lease Accumulated Amortization     383,118  
Printer Lease Accumulated Amortization     7,375  
Accumulated Amortization     390,493  
Right Of Use Asset, Net   $ 4,009,837  


During the twelve months ended December 31, 2019, the Company recorded amortization expense of $264,933.