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Leases

12 Months Ended

Dec. 31, 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 2023. Payments due under such lease contracts include primarily fixed 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:

		In thousand of US dollars
		December 31, 2020
Operating lease cost:
Office space			101
Vehicles			71
			172
Remaining Lease Term
Office space			0.67 years
Vehicles			2.33 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 December 31, 2020:

		In thousand of US dollars
		December 31, 2020
Period:
2021			136
2022			28
2023			12
Total operating lease payments			176
Less: imputed interest			10
Present value of lease liabilities			166

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- References

No definition available.

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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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