|6 Months Ended|
Jun. 30, 2021
|NOTE 4 - LEASES||
NOTE 4 – LEASES
On December 17, 2020, the Company entered into a 25 ½ month lease agreement for a 2,700-square-foot facility that contains office, warehouse, lab and R&D space in Ft. Myers, Florida. The lease agreement commenced on December 17, 2020 and ends on January 31, 2023. The agreement provided for a total rent of $54,993 over the period. Occupancy of the property commenced on December 17, 2020, there was a 6-week rent holiday and a commencement date of February 1, 2021. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term. Rent is $3,291 per month from January 15, 2021 to January 31, 2022 and $1,154 from February 1, 2022 to January 31, 2023.
The balances for our operating lease where we are the lessee are presented as follows within our condensed consolidated balance sheet:
The components of lease expense are as follows within our condensed consolidated statement of operations:
Other information related to leases where we are the lessee is as follows:
Supplemental cash flow information related to leases where we are the lessee is as follows:
As of June 30, 2021, the maturities of our operating lease liability are as follows:
The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing.
Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef