NOTE O

—LEASES

The Company’s leases office space in New Jersey, Hong Kong and Minnesota with lease termination dates of

2023,

2020,

and

2022,

respectively. The leases include non-lease components with variable payments. The following tables present the components of lease expense and supplemental balance sheet information related to the operating leases, were:

	Year ended December 31,
	2019

Lease cost
Operating lease cost	$	186,246
Short-term lease cost		41,535
Total lease cost	$	227,781

Balance sheet information
Operating right-of-use assets	$	566,479

Operating lease liabilities, current portion	$	170,560
Operating lease liabilities, non-current portion		390,466
Total operating lease liabilities	$	561,026

Weighted average remaining lease term (in years) – operating leases		3.33
Weighted average discount rate – operating leases		5.50	%

Supplemental cash flow information related to leases were as follows, for the year ended

December 31, 2019:

Cash paid for amounts included in the measurement of operating lease liabilities

179,105

Maturities of operating lease liabilities were as follows:

2020	$	197,724
2021		170,853
2022		160,817
2023		89,226
Total future lease payments	$	618,620
Less: imputed interest		(57,594	)
Total	$	561,026