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Leases
 3 Months Ended
Mar. 31, 2020
Leases [Abstract]  
Leases

NOTE 5 – LEASES

 

We have entered into several non-cancelable operating lease agreements for our offices and three vehicles. Our leases have original lease periods expiring between 2020 and 2022. Payments due under such lease contracts include primarily fix payments. We do not assume renewals in our determination of the lease term unless the renewals are deemed to be reasonably assured at lease commencement. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants.

 

The components of lease costs, lease term and discount rate are as follows:

 

    US dollars  
    Three Months Ended  
    March 31, 2020  
      (unaudited)  
Operating lease cost:        
Office space     30,000  
Vehicles     9,666  
      39,666  
Remaining Lease Term        
Office space     0.67 years  
vehicles     2.14 years  
         
Weighted Average Discount Rate        
Office space     10 %
Vehicles     10 %

 

The following is a schedule, by years, of maturities of operating lease liabilities as of March 31, 2020:

 

    US dollars  
    March 31, 2020  
    (unaudited)  
Period:        
The remainder of 2020     109,289  
2021     34,353  
2022     18,820  
Total operating lease payments     162,462  
Less: imputed interest     13,051  
Present value of lease liabilities     149,411