Note 13 - Commitments and Contingencies

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

NOTE

13:

COMMITMENTS AND CONTINGENCIES

Lease Commitments

The Company's operating lease assets consist of an office lease and a copier system lease. In

May 2020,

we amended our office lease and extended the expiration from 

August 31, 2020

to

February 28, 2021.

This amendment increased our right of use asset and lease liability by approximately 

$20,200

,

which is a non-cash item. Our copier system lease expires in

October

of

2021.

None

of our leases contain options to extend. Total operating lease expense for the year ended

December 

31,

2020

and

2019,

was approximately

$56,800

 and

$56,200,

respectively, and variable lease payments of taxes and insurance were immaterial. As of

December 

31,

2020,

the weighted average remaining lease term was approximately

4.1

 months and the weighted average discount rate of our operating leases was

11.3%.

 As of

December 

31,

2020,

the future minimum lease payments are approximately

$19,400

 for 

2021.

These payments are reported in the consolidated balance sheets at

December 31, 2020

and

December 31, 2019, 

net of approximately

$1,400

 and

6,100

of imputed interest, respectively. The cash paid for amounts included in the measurement of operating lease liabilities for the year ended

December 

31,

2020

and

2019

was approximately 

$54,900,

and

$58,800,

respectively.

The Company had lease expense under short term leases of

$17,739

and

$12,825

during the year ended

December 31, 2020

and

2019,

respectively. 

On

March 1, 

2021,

the Company entered into a new operating lease for office space to pay monthly rent of

$750

 for a term of

12

months.

Litigation and Contingencies

We are subject to legal proceedings and claims that arise in the normal course of business. We believe these matters are either without merit or of a kind that should

not

have a material effect, individually or in the aggregate, on our financial position, results of operations or cash flows.