Quarterly report pursuant to Section 13 or 15(d)

LEASE OBLIGATIONS

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LEASE OBLIGATIONS
6 Months Ended
Jun. 30, 2021
LEASE OBLIGATIONS  
LEASE OBLIGATIONS

NOTE 11: LEASE OBLIGATIONS

In April 2021, the Company entered into a lease agreement for operating space. The lease expires in June 2023 and has monthly base rent payments of $17,257. The lease required a $19,500 deposit.

Bailey leases facilities under operating leases with unrelated parties that expire at various dates through February 2029, however in July 2020 Bailey negotiated the early termination of the leases on two of its retail locations. The third lease was vacated and no additional liability is expected.

H&J leases office and showroom facilities in Dallas and Houston, Texas, and New Orleans, Louisiana. The leases expire at various dates through June 2022 with base rents ranging from $3,400 to $6,500.

Total rent expense for the three months ended June 30, 2021 and 2020 was $173,052 and $181,152, and $305,841 and $463,349 for the six months ended June 30, 2021 and 2020, respectively.