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Leases

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Leases

10. Leases

Operating Leases

On June 7, 2016, the Company entered into a lease agreement with Jericho Executive Center LLC for office space at 30 Jericho Executive Plaza in Jericho, New York which commenced on September 1, 2016 and runs through November 30, 2021. The Company's monthly office rent payments under the lease are currently approximately $5,900 per month.

On May 1, 2019, the Company entered into a lease agreement for office space located at 122 East 42nd Street in New York, NY and paid a $133,968 security deposit in the form of a letter of credit. The term of the lease runs until April 26, 2023. The Company's monthly office rent payments under the lease are currently approximately $33,492 per month.

On May 1, 2019, the Company entered into a sublease agreement with Telecom Infrastructure Corp. for office space located at 122 East 42nd Street in New York, NY, pursuant to which Telecom Infrastructure Corp. is required to pay the Company $11,164 per month. The term of the sublease runs until April 26, 2023.

As of December 31, 2019, the Company had no long-term leases that were classified as a financing lease. As of December 31, 2019, the Company did not have additional operating and financing leases that have not yet commenced.

At December 31, 2019, the Company had operating lease liabilities of approximately $0.6 million and right of use assets of approximately $0.7 million, which are included in the consolidated balance sheet.

Total rent expense for the year ended December 31, 2019 was $394,636, of which $52,136 was sublease income, and is recorded in general and administrative expense on the consolidated statements of operations.

The following summarizes quantitative information about the Company's operating leases:

		Years Ended
		December 31,
		2019				2018
Lease cost
Operating lease cost		$	392,424			$	273,073
Short-term lease rent expense			2,212				20,355
Total rent expense		$	394,636			$	293,428

The following table summarizes the Company's operating and financing leases:

		Years Ended
		December 31,
		2019				2018
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases		$	178,158			$	-
Weighted average remaining lease term
Operating leases			3.1				3.0
Weighted average discount rate
Operating leases			2.5	%			3.7	%

On December 31, 2019, future minimum payments under non-cancelable operating leases were as follows: 

For the years ending December 31,		Amount
2020		$	381,291
2021			382,238
2022			304,101
2023			102,418
Total		$	1,170,048
Less: present value adjustment			(484,340	)
Present value of minimum lease payments		$	685,708

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- References

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- Definition

The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-URI http://asc.fasb.org/topic&trid=2208923

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