Commitments and Contingencies

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Commitments and Contingencies

Note 10 – Commitments and Contingencies

Lease Agreements

On May 5, 2018, the Company signed a 5-year lease for approximately 2,300 square feet of office space at 2050 Center Avenue Suite 640, Fort Lee, New Jersey 07024. Commencement date of the lease is June 1, 2018. Total amount due under this lease is $411,150.

On April 1, 2019, the Company signed a 4-year lease for approximately 796 square feet of office space at 2050 Center Avenue Suite 660, Fort Lee, New Jersey 07024. Commencement date of the lease is April 1, 2019. Total amount due under this lease is $108,229

The components of lease expense were as follows:

	Year Ended December 31, 2019
Operating lease cost	$	101,341
Short term lease cost		(6,434	)
Total net lease cost	$	94,907

Supplemental cash flow and other information related to leases was as follows:

	Year Ended December 31, 2019
Cash paid for amounts included in the measurement of lease liabilities:
ROU asset obtained in exchange for lease obligation		349,997
Operating lease payments		60,764
Weighted average remaining lease term (in years):		3.5
Weighted average discount rate:		13	%

Total future minimum payments required under the lease as of December 31, 2019 are as follows:

Twelve Months Ending December 31,
2020	$	104,922
2021		108,983
2022		114,627
2023		53,094
Total	$	381,626

Rent expense for the years ended December 31, 2019 and 2018 was $198,473 and $179,186 respectively.