Leases

12 Months Ended

Dec. 31, 2018

Leases [Abstract]

Leases

10. Leases

Operating Leases

On January 18, 2016, the Company entered into a lease agreement for office space located at 122 East 42nd Street in New York, NY and paid a security deposit in the amount of $37,000. The term of the lease runs until May 30, 2019. The Company’s monthly office rent payments under the lease are currently approximately $12,800 per month and escalate on an annual basis for each year of the term of the lease thereafter.

On June 7, 2016, the Company entered into a lease agreement with Jericho Executive Center LLC for office space at 30 Jericho Executive Plaza in Jericho, New York which commenced on September 1, 2016 and runs through November 30, 2021. The Company’s monthly office rent payments under the lease are currently approximately $5,900 per month.

On September 18, 2017, the Company entered into a lease agreement for a second office space located at 122 East 42nd Street in New York, NY and expires in July 31, 2019 and paid a security deposit in the amount of $8,000. The term of the lease runs until July 31, 2019. Our monthly office rent payments under the lease are currently approximately $4,000 per month.

As of December 31, 2018, the Company had no long-term leases that were classified as a financing lease. As of December 31, 2018, the Company did not have additional operating and financing leases that have not yet commenced.

Total operating lease expenses for the year ended December 31, 2018 was $ 293,428, and is recorded in general and administrative expense on the consolidated statements of operations.

	Year Ended
	12/31/2018
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	-
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	232,423
Weighted Average Remaining Lease Term
Operating leases		3.0
Weighted Average Discount Rate
Operating leases		3.7	%

On December 31, 2018, future minimum payments under non-cancelable operating leases were as follows: 

For the years ending December 31,	Amount
2019	$	183,302
2020		89,520
2021		84,370
Total	$	357,192