Leases

3 Months Ended

Mar. 31, 2020

Leases [Abstract]

Leases

Note 4. Leases

The Company classifies a lease for its office space at 29 Emmons Drive, Suite B-10 in Princeton, New Jersey and a lease for a copier machine in the office as an operating lease and a financing lease, respectively, and records related right-of-use lease assets and lease liabilities accordingly. As of March 31, 2020, the Company's consolidated balance sheet included a right-of-use lease asset of $79,657 for the office space and $11,164 for the copier machine. Lease liabilities in the Company's consolidated balance sheet included corresponding lease liabilities of $80,475 and $11,855, respectively. During the three months ended March 31, 2020, the Company recognized lease expense of $35,297 for the operating lease, in addition to amortization expense of $1,861 and interest expense of $327 for the financing lease in the Company's consolidated statement of operations. During the three months ended March 31, 2019, the Company recognized lease expense of $35,297 for the operating lease, in addition to amortization expense of $1,861 and interest expense of $498 for the financing lease in the Company's consolidated statement of operations.

The following represents a reconciliation of contractual lease cash flows to the right-of-use lease assets and liabilities recognized in the financial statements:

	Operating Lease		Financing Lease
Right-of-use lease asset:
Right-of-use lease asset, January 1, 2020	$	112,387	$	13,025
Less: reduction/amortization		32,730		1,861
Right-of-use lease asset, March 31, 2020	$	79,657	$	11,164
Lease liability:
Lease liability, January 1, 2020	$	113,559	$	13,665
Less: repayments		33,084		1,810
Lease liability, March 31, 2020	$	80,475	$	11,855
Lease expenses for the three months ended March 31, 2020:
Lease expense	$	35,297	$	-
Amortization expense		-		1,861
Interest expense		-		327
Total	$	35,297	$	2,188
Contractual cash payments for the remaining lease term as of March 31, 2020:
2020	$	83,183	$	6,408
2021		-		6,408
Total	$	83,183	$	12,816
Remaining lease term (months) as of March 31, 2020		7		18