Note 6 - Operating Lease Assets
|9 Months Ended|
Sep. 30, 2022
|Notes to Financial Statements|
|Lessee, Operating Leases [Text Block]||
6. Operating Lease Assets
The Company entered into a lease agreement on February 1, 2021, for 8,898 square feet, for its office facilities in Chandler, AZ through January 2027. Monthly rental payments, excluding common area maintenance charges, are $25,953 to $28,733. The first twelve months of the lease included a 50% abatement period and a deposit of $110,000 was required. The lessor contributed $110,000 towards the purchase of office furniture as part of the lease agreement. As of September 30, 2022, we have an operating lease asset balance of $1,032,132 and an operating lease liability balance of $1,247,395 recorded in accordance with ASC 842, Leases (ASC "842").
The following are additional details related to leases recorded on our balance sheet as of September 30, 2022:
The maturity analysis below summarizes the remaining future undiscounted cash flows for our operating leases, a reconciliation to operating lease liabilities reported on the Condensed Consolidated Balance Sheet, our weighted-average remaining lease term, and weighted average discount rate:
The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef