Commitments and Contingencies

3 Months Ended

Sep. 30, 2019

Commitments And Contingencies

Commitments and Contingencies

18. Commitments and contingencies

On February 23, 2018 the Company entered into lease agreement for a new office space as part of the plan to expand operation, the lease is set to commence Commencing March 1, 2018. The term of the lease is for a (5) Five Years with 1 month free on the 1^st year of the term. The monthly rent on the 1^st year will be $11,770 with a 3% increase for each subsequent year. Total commitment for the full term of the lease will be $737,367. As of the date of this filing, this property became the headquarter of the company.

Three Months Ended
September 30, 2019
Lease Cost
Operating lease cost (included in general and administration in the Company’s unaudited condensed statement of operations)	$	37,494
Other Information
Cash paid for amounts included in the measurement of lease liabilities for the quarter ended September 30, 2019	$	36,369
Remaining lease term – operating leases (in years)		3.42
Average discount rate – operating leases		10%
The supplemental balance sheet information related to leases for the period is as follows:
Operating leases
Right-of-use assets	$	444,229
Total operating lease assets	$	444,229
Short-term operating lease liabilities	$	108,073
Long-term operating lease liabilities	$	347,518
Total operating lease liabilities	$	455,590
Maturities of the Company’s lease liabilities are as follows:
Period ending June 30,	Operating
	Lease
2020		$                        146,932
2021		151,344
2022		155,888
2023		105,984
Total lease payments		560,148
Less: Imputed interest/present value discount		104,558
Present value of lease liabilities		$                        455,590