Quarterly report pursuant to Section 13 or 15(d)

5. Right of Use Leased Asset

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5. Right of Use Leased Asset
 3 Months Ended
Mar. 31, 2021
Leases [Abstract]  
Right of Use Leased Asset

Note 5: Right of Use Leased Asset

 

As of February 1, 2021, as a result of the Acquisition, management recorded lease liability and right-of-use asset of $380,050.

 

Right of use asset consisted of the following as of March 31, 2021 and December 31, 2020:

 

 

    March 31, 2021     December 31, 2020  
Office Lease Asset   $ 2,692,037     $ 2,245,093  
Printer Lease Asset     12,374       12,374  
Right of Use Asset, Gross     2,704,411       2,257,467  
                 
Office Lease Accumulated Amortization     (320,485 )     (274,980 )
Printer Lease Accumulated Amortization     (10,855 )     (10,123 )
Right of Use Asset, Net   $ 2,373,071     $ 1,972,364  

 

During the three months ended March 31, 2021 and 2020, the Company recorded amortization expense of $46,237 and $108,245 respectively.