Metrospaces Inc (MSPC)

[miamirave]

No convertible notes payable in 2023 or in the future. Only 1 note payable in 2023 and at all in the future for: Borrow Date: 3/15/2022 Maturity Date: 3/15/2023 Interest Rate: 3.1% Amount: 2,579,400 . 3.1% interest rate was a hell of a deal. But wait..Britto is leasing a Ferrari for $2800 a month... There is no cash...

The Company's leases a vehicle for the use of the Company’s chief executive officer.

Operating lease right-of-use assets and liabilities are recognized at the commencement date of the lease based on the present value of
lease payments over the lease term. Right-of-use assets represent the Company's right to use an underlying asset for the lease term, and
right-of-use lease liabilities represent the Company's obligation to make lease payments arising from the lease. Generally, the implicit
rate of interest, equivalent to a discount rate, in lease arrangements is not readily determinable and the prevailing commercial property
mortgage rate is utilized in determining the present value of lease payments.

The monthly cash payment for this operating lease was approximately $2,300 per month.