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NOTE 5 - LEASES |
NOTE 5 – 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 Fort 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: Operating leases:
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 September 30, 2021, the maturities of our operating lease liability are as follows:
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