Leases

9 Months Ended

Sep. 30, 2021

Leases [Abstract]

Leases

Note 4. Leases

In February 2020, the Company entered into a two-year lease for office premises located at 4 Becker Farm Road, Suite 105, Roseland, New Jersey. Monthly base rent in year one of the lease is $4,356; and $4,459 in year 2 of the lease. The term (and payment of the monthly rent) commenced upon completion of the landlord’s work on August 1, 2020.

The Company’s existing Lease is not subject to any restrictions or covenants which preclude its ability to pay dividends, obtain financing, or enter into additional Lease’s.

As of September 30, 2021, the Company has not entered into any leases which have not yet commenced which would entitle the Company to significant rights or create additional obligations.

The Company does not have any finance leases.

Supplemental lease information as of September 30, 2021:

	As of September 30, 2021			As of December 31, 2020
Operating lease right-of-use asset	$	41,171		$	79,462
Current maturities of operating lease	$	43,192		$	51,125
Non-current operating lease		-			28,607
Total operating lease liabilities	$	43,192		$	79,732
Weighted Average remaining lease term (in years):		0.84			1.6
Discount rate:		7.0	%		7.0	%
Right-of-use asset obtained in exchange for lease obligation				$	98,402

Supplemental cash flow information for the nine months ended September 30, 2021:

Cash paid for amount included in the measurement of lease liabilities for operating lease $ 39,410

The Company leases office space under a non-cancellable operating lease expiring in 2022. Future lease payments included in the measurement of lease liabilities on the balance sheet at September 30, 2021 for future periods are as follows:

Years ending December 31, 2021,
2021 (Remaining)	$	13,377
2022		31,213
Total future minimum lease payments		44,590
Less imputed interest		(1,398	)
Total	$	43,192