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Operating Lease
 12 Months Ended
Dec. 31, 2020
Operating Lease [Abstract]  
OPERATING LEASE

NOTE 9 – OPERATING LEASE


On June 24, 2020, eVance, Inc. (“eVance”), a Delaware corporation and an indirect, wholly owned subsidiary of The OLB Group, Inc. (the “Company”), entered into a Lease Agreement dated June 24, 2020 (the “Lease”) with Pergament Lodi, LLC (the “Lessor”) relating to approximately 4,277 square feet of property located at 960 Northpoint Parkway, Alpharetta, Georgia, Suite 400. The term of the Lease is for thirty-nine (39) months commencing September 1, 2020. The monthly base rent is $8,019 for the first twelve (12) months increasing thereafter to $8,768. The total rent for the entire lease term is $315,044 and $8,768 is payable as a security deposit. The first three months of rent will be abated so long as eVance is not in default of any portion of the Lease.


   Balance Sheet Classification  December 31,
2020		 
Asset        
Operating lease asset  Right of use asset  $269,508 
Total lease asset     $269,508 
         
Liability        
Operating lease liability – current portion  Current operating lease liability  $85,598 
Operating lease liability – noncurrent portion  Long-term operating lease liability   185,045 
Total lease liability     $270,643 

Lease obligations at December 31, 2020 consisted of the following:


For the year ended December 31:    
2021  $97,202 
2022   100,139 
2023   94,393 
Total payments  $291,734 
Amount representing interest  $(21,091)
Lease obligation, net   270,643 
Less current portion   (85,598)
Lease obligation – long term  $185,045 

Rent expense for the year ended December 31, 2020 was $91,052 and $97,488, respectively.


At December 31, 2020, the weighted average remaining lease term is 2.92 years and the weighted average discount rate is 5%.