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Leases
 9 Months Ended
Sep. 30, 2020
Leases [Abstract]  
Leases

NOTE 4 – LEASES

 

The Company has entered into several non-cancellable operating lease agreements for the Company’s offices and three vehicles. the Company’s leases have original lease periods expiring between 2020 and 2022. Payments due under such lease contracts include primarily fix payments. the Company does not assume renewals in its determination of the lease term unless the renewals are deemed to be reasonably assured at lease commencement. the company’s 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  
    Nine Months Ended  
    September 30, 2020  
      (unaudited)  
Operating lease cost:        
Office space     89,009  
Vehicles     29,204  
      118,213  
Remaining Lease Term        
Office space     0.92 years  
Vehicles     1.64 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 September 30, 2020:

 

    US dollars  
    September 30, 2020  
      (unaudited)  
Period:        
The remainder of 2020     45,842  
2021     104,552  
2022     11,119  
Total operating lease payments     161,513  
Less: imputed interest     8,313  
Present value of lease liabilities     153,200