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LEASES | 9 Months Ended
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Sep. 30, 2019
Leases [Abstract] |
LEASES |
7. | LEASES
In February 2016, the FASB issued Accounting Standards Update 2016-02 (ASU 2016-02), Leases (Topic 842). ASU 2016-02 requires lessees to recognize a right-of-use (ROU) asset and lease liability in the balance sheet for all leases, including operating leases with terms of more than twelve months. The Company adopted ASU No. 2016-02, as amended, effective January 1, 2019. We recognized a ROU asset and a corresponding lease liability measured based on the present value of the future minimum lease payments utilizing our incremental borrowing rate as the basis for our computations. As of January 1, 2019, we recognized right to use assets in the amount of $259,358 and a corresponding liability. The asset is being amortized over the life of the lease agreement. As of September 30, 2019, the value of the asset amounted to $153,257. The adoption of the guidance did not have a material impact on our Statement of Operations or Statement of Cash flows. The ROU represents our right to utilize the corresponding asset for the lease term and the related lease liability translates into an obligation related to the lease payments. The operating lease liability as of September 30, 2019 amounted to $159,332 of which the short-term value amounted to $146,586 and the long-term portion was $12,747. Company entered into an office lease with a related party effective October 2015. The monthly rent amounts to $12,452 per month until October 2019 and then increases to $12,826 per month until the termination of the lease in October 2020. As of September 30, 2019, the remaining lease term is 13 months and the discount rate is 5%. Future annual minimum cash payments required under this operating type lease as of September 30, 2019 are as follows:
Future Minimum Lease Payments |  |  |
2019 |  | $ | 38,103 |
2020 |  |  | 128,259 |
Total Minimum Lease Payments |  | $ | 166,362 |
Less: Amount representing interest |  |  | (7,031 | )
Present value of lease liabilities |  | $ | 159,331 |
Less Current Portion |  |  | 146,584 |
Long-Term Portion |  |  | 12,747 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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