LEASES

3 Months Ended

Mar. 31, 2021

Leases [Abstract]

Leases of Lessee Disclosure [Text Block]

NOTE 4 – LEASES

On March 16, 2017, the Company entered into a 5-year operating lease agreement for permanent office space, base rent payment is approximately $9,000 per month, subject to annual adjustments.

Supplemental cash flow information related to leases:	Three months ended March 31, 2021
Operating leases liabilities	$	(26,548	)
Non-cash lease expense	$	26,430
Supplemental balance sheet information related to leases:	As of March 31, 2021
Operating lease Right-of-use assets	$	109,878
Current portion of operating lease liabilities	$	113,773
Long-term operating lease liabilities		-
Total operating lease liabilities	$	113,773
Weighted average remaining operating lease term		1.00 years
Weighted average discount rate		6	%

The following table summarizes the maturity of lease liabilities under operating leases as of March 31, 2021:

2021 (remaining nine months)	$	88,128
2022		29,376
Total lease payments		117,504
Less: imputed interest		(3,731	)
Total lease liabilities	$	113,773

In July 2020, the Company entered into a sublease agreement with respect to its N.Y. office. The sublease agreement expires in April 2022. The base rent of the sublease agreement is $7,048.50 per month and increases by 2.5% in July 2021.

The Company entered into an agreement to sublet a portion of its office space. The sublease is considered to be an operating lease and the Company has not been released from its obligations under the March 16, 2017, 5-year lease agreement. The Company recognizes income from sublease on a straight-line basis over the term of the sublease, as a reduction to lease expense. The sublease is not measured under ASC 842 since the Company remains the primary obligor under the original lease and the sublease is considered to be an operating lease.