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Related Party Transaction
12 Months Ended
Dec. 31, 2019
Related Party Transactions [Abstract]  
Related Party Transaction

Note 7. Related Party Transaction

 

In February 2019, Altamont, a company which owns 5% or more of the Company's shares of common stock, signed a service agreement with a third-party vendor to re-develop the Company's website. Upon completion of the project at the end of June 2019, the Company issued 78,338 shares of common stock of the Company, including 65,493 shares with a fair value of $46,500 to Altamont as reimbursement for the website development costs incurred by Altamont on behalf of the Company. In accordance with FASB ASC 350-50 "Accounting for Web Site Development Cost", the Company has capitalized the value of these shares as website development costs of $46,500, which was included in other assets with a carrying value of $38,750, net of amortization, in the accompanying consolidated balance sheet as of December 31, 2019. The balance of 12,845 shares with a fair value of $9,120 was issued to Altamont as consideration for its contractual investor relation and web hosting services, $6,570 of which was expensed during the year ended December 31, 2019. The remaining balance of $2,550 is included in prepaid expenses and other current assets as of December 31, 2019.