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Operating Lease
3 Months Ended
Dec. 31, 2019
Operating Lease [Abstract]  
OPERATING LEASE

NOTE 8 – OPERATING LEASE

 

On May 10, 2018, the Company entered into a lease agreement for its office with a monthly rent of RMB15,000 (approximately $2,130) and a term of two years. Effective October 1, 2019, the Company initially recognized operating lease liability of $14,714 and corresponding right-of-use asset of $15,332 based on the present value of the remaining minimum rental payments under current lease standards for existing operating lease. The discount rate utilized in such present value calculation was 4.80% based on an estimate of the Company's incremental borrowing rate. In December 2019, the Company has terminated the lease.

 

During the three months ended December 31, 2019, the Company had operating lease expense of $4,879, and cash paid for amounts included in the measurement of operating lease liability is $2,130. Operating lease right-of-use asset and operating lease liability in the amount of $10,566 has been extinguished due to the lease termination in December 2019. The loss related to termination was $2,130 which is included in other expenses. As of December 31, 2019, there is no operating lease right-of-use asset and operating lease liability in the consolidated balance sheet.