XML 23 R12.htm IDEA: XBRL DOCUMENT v3.20.2
Leases
 6 Months Ended
Jun. 30, 2020
Leases [Abstract]  
Leases

NOTE 5 – LEASES

 

We have entered into several non-cancellable 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  
    Six Months Ended  
    June 30, 2020  
    (unaudited)  
Operating lease cost:        
Office space     60,000  
Vehicles     19,332  
      79,332  
Remaining Lease Term        
Office space     0.42 years  
Vehicles     1.89 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 June 30, 2020:

 

    US dollars  
    June 30, 2020  
      (unaudited)  
Period:        
The remainder of 2020     69,470  
2021     34,254  
2022     18,766  
Total operating lease payments     122,490  
Less: imputed interest     7,418  
Present value of lease liabilities     115,072