Leases

6 Months Ended

Jun. 30, 2020

Disclosure Text Block [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 June 30, 2020, the Company’s consolidated balance sheet included a right-of-use lease asset of $46,089 for the office space and $9,304 for the copier machine. Lease liabilities in the Company’s consolidated balance sheet included corresponding lease liabilities of $46,555 and $10,001 respectively. During the six months ended June 30, 2020, the Company recognized lease expense of $70,595 for the operating lease, in addition to amortization expense of $3,721 and interest expense of $608 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		66,298		3,721
Right-of-use lease asset, June 30, 2020	$	46,089	$	9,304
Lease liability:
Lease liability, January 1, 2020	$	113,559	$	13,665
Less: repayments		67,004		3,664
Lease liability, June 30, 2020	$	46,555	$	10,001
Lease expenses for the six months ended June 30, 2020:
Lease expense	$	70,595	$	-
Amortization expense		-		3,721
Interest expense		-		608
Total	$	70,595	$	4,329
Contractual cash payments for the remaining lease term as of June 30, 2020:
2020	$	47,533	$	4,272
2021		-		6,408
Total	$	47,533	$	10,680
Remaining lease term (months) as of June 30, 2020		4		15