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COMMITMENT
9 Months Ended
Sep. 30, 2019
COMMITMENT  
COMMITMENT

On March 30, 2018, the Company entered into a rental agreement with Ridge II Properties for the corporate office. Monthly rent is $1,000. The term of the lease is one year, beginning April 1, 2018 to March 30, 2019. Our office lease meets the definition of a short-term lease because the lease term is 12 months or less. Consequently, consistent with Company’s accounting policy election, the Company does not recognize the right-of-use asset and the lease liability arising from this lease. During the nine months ended September 30, 2019, the Company incurred rent expense of $3,000.

 

In September 2019, the Company entered into an employment agreement and approved a base compensation of $5,000 per month and 250,000 shares valued at $26,375 to be issued on August 31, 2020. As of September 30, 2019, the Company recorded $5,000 as accrued liabilities and stock-based compensation of $2,198 for the nine months ended September 30, 2019.