|3 Months Ended|
Mar. 31, 2019
NOTE 13 – LEASES
Manoa Innovation Center
The Company entered into an automatically renewable month-to-month lease for office space on August 13, 2010. Under the terms of this lease, the Company must provide a written notice 45 days prior to vacating the premises. Total rent expense under this agreement as amended was $9,100 and $7,201 for the three-months ended March 31, 2019 and 2018, respectively.
In January 2018, the Company entered into a vehicle lease arrangement with a rental company for three vehicles. The terms of the leases require monthly payments of $1,619 for three years. These leases convert to month-to-month leases in January 2021 unless terminated. Total lease expense under this agreement was $5,959 and $3,730 for the three-months ended March 31, 2019 and 2018, respectively.
Right-to-use leased asset and liability
As a result of the adoption of ASU No. 2016-02, Leases, on January 1, 2019, the Company recognized a right-to-use leased asset and liability for the Fleet Leases. The balance of this right-to-use asset and liability was $30,813 as of March 31, 2019.
The entire disclosure for lessor entity's leasing arrangements for operating, capital and leveraged leases.
Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef