Quarterly report pursuant to Section 13 or 15(d)

4. Right of Use Leased Asset

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4. Right of Use Leased Asset
 9 Months Ended
Sep. 30, 2020
Leases [Abstract]  
Right of Use Leased Asset

Note 4: Right Of Use Leased Asset

 

Right of use asset consisted of the following as of September 30, 2020 and December 31, 2019:

 

   

September 30,

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     (223,074 )     (383,118 )
Printer Lease Accumulated Amortization     (9,410 )     (7,375 )
Right Of Use Asset, Net   $ 2,024,983     $ 4,009,837  

 

During the three months ended September 30, 2020, the Company recorded amortization expense of $89,412. During the nine months ended September 30, 2020, the Company recorded amortization expense of $307,115.

 

On September 15, 2020, the Company entered into a Surrender Agreement with the landlord which terminated the lease agreement. As a result, the Company recorded decreases in the Right Of Use asset, accumulated amortization, and the lease liability of $2,142,863, $465,124 and $1,760,302 respectively. The termination of the lease resulted in a loss of $85,676.