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Commitments and Contingencies
 12 Months Ended
Dec. 31, 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 March 31, 2023. We incurred lease expense of $82,194 and $92,608 for the years ended December 31, 2020 and 2019, respectively. As of December 31, 2020, our right of use asset and related liability was $147,947 and $159,177, respectively.

 

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 2.25 years.

 

The following table presents the future operating lease payment as of December 31, 2020.

 

2021   $ 78,021  
2022     80,361  
2023     20,238  
Total Lease payments     178,620  
Less: imputed interest     (19,443 )
Total lease liability   $ 159,177  

 

From time to time, various lawsuits and legal proceedings may arise in the ordinary course of business. However, litigation is subject to inherent uncertainties and an adverse result in these or other matters may arise from time to time that may harm our business. We are currently the defendant in one legal proceeding for an amount less than $100,000. Our legal counsel and management believe a material unfavorable outcome to be remote.