Annual report pursuant to Section 13 and 15(d)

Commitments and Contingencies

v3.21.1
Commitments and Contingencies
12 Months Ended
Dec. 31, 2020
Commitments and Contingencies [Abstract]  
Commitments and Contingencies

12.  Commitments and Contingencies



Litigation 



As of the date of this report, there are no pending legal proceedings to which we or our properties are subject, except for routine litigation incurred in the normal course of business.



Operating Lease



As described in Note 6, the Company has a lease through January 2021 for 10,395 square feet of office space located at 55 N. Arizona Ave., Suite 310, Chandler, Arizona. Monthly rental payments, excluding common area maintenance charges, are $20,140.    As of December 31, 2020, we have an operating lease asset balance for this lease of $17,449 and an operating lease liability balance for this lease of $20,028 recorded in accordance with ASC 842.  



We have entered into a new lease starting in February of 2021 for 8,898 square feet of office space located at 3133 W. Frye Road, Suite 215, Chandler, Arizona.  Monthly rental payments, excluding common area maintenance charges, will be $25,953 to $28,733.  The first twelve months of the lease includes a 50% abatement period.  An operating lease asset and liability will be recorded when the lease commences in accordance with ASC 842. 



The Company also has a lease through April 2022 for 3,248 square feet of office space located in Halifax, Nova Scotia, at a monthly rental expense of $3,371 per month, excluding common area maintenance charges. As of December 31, 2020, we have an  operating lease asset balance for this lease of $17,449 and an operating lease liability balance for this lease of $20,028 recorded in accordance with ASC 842.