Operating Leases

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

OPERATING LEASES

NOTE 4. OPERATING LEASES

We lease space under non-cancelable operating leases for our two office locations. These leases do not have significant rent escalation holidays, concessions, leasehold improvement incentives, or other build-out clauses. Further, the leases do not contain contingent rent provisions.

Our leases include one or more options to renew. The exercise of lease renewal options are included in our ROU assets and lease liabilities if they are reasonably certain of exercise.

Our leases do not provide an implicit rate; we use our incremental borrowing rate of 5% which is based on the information available at the date of adoption in determining the present value of the lease payments.

The cost components of our operating leases were $65,166 and $52,583 for the year ended December 31, 2019 and 2018, respectively.

Maturities of our lease liabilities for all operating leases are as follows as of December 31, 2019:

	Leased Facilities
2020	$	57,436
2021		28,632
Total Lease Payments		86,068
Less: Interest		(4,663	)
Present value of lease liabilities	$	81,405

The weighted average remaining lease terms equals 1.47 years as of December 31, 2019.