Note 5 - Operating Lease
|9 Months Ended|
Sep. 30, 2021
|Notes to Financial Statements|
|Lessee, Operating Leases [Text Block]||
NOTE 5 – OPERATING LEASE
The Company previously occupied office space in Burbank, California. The Company signed a-year lease starting January 1, 2016. The lease was then extended for an additional -year term. The lease required a deposit of $3,500 which was paid on December 10, 2015. The lease was being accounted for under ASU 2016-02 Leases (Topic 842). The Company recorded an initial Right of Use of Asset and Lease Obligation of
On November 1, 2020, the lease was amended to reduce the monthly lease payment toIn addition, the lessor agreed to forgive all past due accrued rent. As a result, the Company recognized a gain on the forgiveness of debt of $34,280.
On November 13, 2020, the Company and lessor assigned the lease for the office space in Burbank to Sanford Lang and Martin Goldrod, relieving the Company of any further obligation under the lease.
During the nine months ended September 30, 2021, the Company determined that it was unlikely to collect the lease deposit and recognized an asset writeoff expense of $3,500. There were no other lease expenses or payments in 2021. The lease expense for the three months ended September 30, 2020 was $11,564, which consisted of amortization expense of $10,301 and interest expense of $1,263. The lease expense for the nine months ended September 30, 2020 was $34,691, which consisted of amortization expense of $30,297 and interest expense of $4,394. The cash paid under this operating lease during the nine months ended September 30, 2020 was $25,918.
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