Quarterly report pursuant to Section 13 or 15(d)

Commitments and Contingencies

v3.21.1
Commitments and Contingencies
3 Months Ended
Mar. 31, 2021
Commitments and Contingencies [Abstract]  
Commitments and Contingencies

9. Commitments and Contingencies

 

Litigation

 

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.

 

Operating Lease

 

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, 2021, we have an operating lease asset balance for this lease of $1,317,604 and an operating lease liability balance for this lease of $1,448,956 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, 2021, we have an operating lease asset balance for this lease of $32,874 and an operating lease liability balance for this lease of $42,145 recorded in accordance with ASC 842.