Note 10 - Commitments and Contingencies
|6 Months Ended|
Jun. 30, 2022
|Notes to Financial Statements|
|Commitments and Contingencies Disclosure [Text Block]||
10. 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 6, 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 12 months of the lease includes a 50% abatement period. As of June 30, 2022, we have an operating lease asset balance for this lease of $1,081,388and an operating lease liability balance for this lease of $1,305,219recorded in accordance with ASC 842.
The entire disclosure for commitments and contingencies.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef