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Commitments and Contingencies
 3 Months Ended
Mar. 31, 2021
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. Our periodic lease cost was $19,918 and $20,062 for the three months ended March 31, 2021 and 2020, respectively. As of March 31, 2021, our right of use asset and related liability was $133,202 and $143,954.

 

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 years.

 

The following table presents the future operating lease payment as of March 31, 2021.

 

2021 (nine months remaining)     58,945  
2022     80,361  
2023     20,238  
Total Lease payments     159,544  
Less: imputed interest     (15,590 )
Total lease liability   $ 143,954  

 

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.