Annual report pursuant to Section 13 and 15(d)

Commitments and Contingencies

v3.22.1
Commitments and Contingencies
12 Months Ended
Dec. 31, 2021
Commitments and Contingencies [Abstract]  
Commitments and Contingencies 13. Commitments and Contingencies Litigation As of the date of this report, the company has one pending legal proceeding related to TCPA (Telephone Consumer Protection Act) Violation. We are currently in the process of settling with the claimant. Operating Lease As described in Note 6, the Company had 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, 2021, we have an operating lease asset balance for this lease of $0 and an operating lease liability balance for this lease of $0 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 included a 50% abatement period. As of December 31, 2021, we have an operating lease asset balance for this lease of $1,177,094 and an operating lease liability balance for this lease of $1,404,533 recorded 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, 2021, we have an operating lease asset balance for this lease of $10,443 and an operating lease liability balance for this lease of $13,296 recorded in accordance with ASC 842.