Operating Lease Assets
|9 Months Ended|
Sep. 30, 2023
|Operating Lease Assets|
|Operating Lease Assets||
6. 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 included a 50% abatement period and a deposit of $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, 2023, we have an operating lease asset balance of $825,041 and an operating lease liability balance of $1,001,579 recorded in accordance with ASC 842, Leases (ASC “842”).
The following are additional details related to leases recorded on our balance sheet as of September 30, 2023:
Schedule of Additional Details Related to Leases
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:
Schedule of Lessee, Operating Lease Liability
Schedule of Lease Cost
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