Annual report pursuant to Section 13 and 15(d)

4. Right of Use Leased Asset

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4. Right of Use Leased Asset
 12 Months Ended
Dec. 31, 2020
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, the Company adopted ASU 2018-11.

 

Right Of Use Leased Asset

 

    December 31, 2020     December 31, 2019  
Office Lease Asset   $ 2,245,093     $ 4,387,956  
Printer Lease Asset     12,374       12,374  
Right Of Use Asset, Gross     2,257,467       4,400,330  
                 
Office Lease Accumulated Amortization     (274,980 )     (383,118 )
Printer Lease Accumulated Amortization     (10,123 )     (7,375 )
Right Of Use Asset, Net   $ 1,972,364     $ 4,009,837  

 

During the year ended December 31, 2020 and 2019, the Company recorded amortization expense of $285,103 and 390,493.