Well, this is what ChatGPT says:
“Imagine you want to play with your friend’s toy car for a week. Your friend says it’s okay, but you have to give them one candy every day that you play with it. That candy you have to give every day is like a lease liability.
Now, let’s say you want to rent a house from someone. The rent you pay every month is like a lease liability. It’s the money you have to pay the landlord every month for the right to use their property. And just like with the toy car, if you don’t pay the rent, you might have to give the property back or face consequences.
So, lease liability is like an agreement to pay someone a certain amount of money over a period of time in order to use something that belongs to them.”
If you want to know its impact on financials – thread on same https://twitter.com/soicfinance/status/1623335700811878402 from @Worldlywiseinvestors
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