Operating Lease Assets
|9 Months Ended|
Sep. 30, 2021
|Operating Lease Assets [Abstract]|
|Operating Lease Assets||5. 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 includes a 50% abatement period and a deposit for $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, 2021, we have an operating lease asset balance of $1,242,264 and an operating lease liability balance of $1,442,665 recorded in accordance with ASC 842. The following are additional details related to leases recorded on our balance sheet as of September 30, 2021: LeasesClassification Balance at September 30,2021Assets Current Operating lease assetsOperating lease assets $ —Noncurrent Operating lease assetsNoncurrent operating lease assets $ 1,242,264Total lease assets $ 1,242,264 Liabilities Current Operating lease liabilities Operating lease liabilities $ 195,270Noncurrent Operating lease liabilitiesNoncurrent operating lease liabilities $ 1,247,395Total lease liabilities $ 1,442,665 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: Year ending December 31, Amount2021 $ 98,0832022 318,0552023 324,2202024 330,8942025 337,568Thereafter 348,555 Total future lease payments 1,757,375 Less: imputed interest (314,710)Total $ 1,442,665 Weighted Average Remaining Lease Term (years) Operating leases 5.2 Weighted Average Discount Rate Operating leases 6.75%|
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