Commitments and Contingencies
|3 Months Ended|
Mar. 31, 2022
|Commitments and Contingencies [Abstract]|
|Commitments and Contingencies||
9. Commitments and Contingencies
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.
As described in Note 5, the Company has a lease agreement 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. As of March 31, 2022, we have an operating lease asset balance for this lease of $1,129,679 and an operating lease liability balance for this lease of $1,362,079 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 $2,665 to $3,371 per month, excluding common area maintenance charges. As of March 31, 2022, we have an operating lease asset balance for this lease of $2,638 and an operating lease liability balance for this lease of $3,352 recorded in accordance with ASC 842.
The entire disclosure for commitments and contingencies.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef