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Related Party Transaction
3 Months Ended
Mar. 31, 2020
Related Party Transactions [Abstract]  
Related Party Transaction

Note 8. 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 $34,873, net of amortization, in the accompanying consolidated balance sheet as of March 31, 2020. 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, and is being amortized over the term of the service agreement. During the three months ended March 31, 2020, $2,280 was expensed, aggregate amortization was $8,850 and the remaining balance of $270 is included in prepaid expenses and other current assets as of March 31, 2020.