v3.20.2

Commitments and Contingencies | 6 Months Ended
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Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract] |
Commitments and Contingencies | Note 14 – Commitments and Contingencies Contingencies
● | From time to time, the Company may be involved in litigation or disputes relating to claims arising out of its operations in the normal course of business. As of June 30, 2020, the Company is not involved in any such litigation or disputes.
| Commitments |
● | Leases
The Company entered into a non-cancelable operating lease for its United Kingdom office in the city of Hull (United Kingdom) on August 29, 2019, for a period of six years amounting to a rental of GBP 1,000 or approximately $1,260 per month. In adopting ASC Topic 842, Leases, the Company has elected the package of practical expedients which permits it not to reassess its prior conclusions about lease identifications, lease classifications and initial direct costs under the new standard. In addition, the Company elected not to apply ASC Topic 842 to arrangements with lease terms of 12 months or less. Upon adoption of this ASC, the Company recorded right-of-use leased asset and operating lease liability of $79,129. At June 30, 2020, the balance of the right-of-use leased asset and operating lease liability was $64,417. The significant assumptions used to determine the present value of the operating lease liability was a discount rate of 6% which was based on the Company’s estimated incremental borrowing rate. At June 30, 2020, the right-of-use leased asset (ROU) is summarized as follows:
|  | June 30, 2020 |
Office lease right-of-use asset |  | $ | 79,129 |
Less: Accumulated amortization |  |  | (9,350 | )
Less: Translation rate difference |  |  | (5,362 | )
Balance of ROU asset as of June 30, 2020 |  | $ | 64,417 |
At June 30, 2020, operating lease liability is summarized as follows:
|  | June 30, 2020 |
Lease liability related to office lease right-of-use asset |  | $ | 79,129 |
Less: Lease reduction |  |  | (9,350 | )
Less: Translation rate difference |  |  | (5,362 | )
Less: Current portion of operating lease liability |  |  | (12,467 | )
Long term operating lease liability as of June 30, 2020 |  | $ | 51,950 |
The following is a schedule, by years, of the future minimum lease payments as of June 30, 2020 required under the non-cancelable operating lease:
12 months period ended June 30, |  | Operating Lease |
2021 |  | $ | 14,842 |
2022 |  |  | 14,842 |
2023 |  |  | 14,842 |
2024 |  |  | 14,842 |
2025 |  |  | 14,842 |
Thereafter |  |  | 2,475 |
Total minimum lease payments |  | $ | 76,685 |
Less: Discount to fair value |  |  | (12,268 | )
Total Operating Lease Liability at June 30, 2020 |  | $ | 64,417 |
Total rent expense for the six months ended June 30, 2020 and 2019 was $7,565 and $17,390, respectively.

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