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Commitments and Contingencies
 6 Months Ended
Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

Note 9. Commitments and Contingencies

 

We lease office space under non-cancelable operating lease which expires on June 30, 2023. Our periodic lease cost and operating cash flow was $19,782 and $13,612 for the three months ended June 30, 2020 and 2019, respectively. Our periodic lease cost and operating cash flow was $39,844 and $50,813 for the six months ended June 30, 2020 and 2019, respectively. As of June 30, 2020, our right of use asset and related liability was $176,325 and $188,509.

 

In determining the present value of our operating lease right-of-use asset and liability, we used a 10% discount rate (which approximates our borrowing rate). The remaining term on the lease is 3 years.

 

The following table presents the future operating lease payment as of June 30, 2020.

 

2020 (six months remaining)   $ 38,152  
2021     78,021  
2022     80,361  
2023     20,238  
Total Lease payments     216,772  
Less: imputed interest     (28,263 )
Total lease liability   $ 188,509