OPERATING LEASES

On March 5, 2019, the Company entered into a 26 month lease agreement for an additional 1,241 square feet of office space in its current Miami Beach office building, beginning April 1, 2019 and ending May 31, 2021. The tenant and landlord have the option to cancel the contract after the first six months with 90 day’s written notice. The lease does not contain an option to extend past the lease term.

As of March 31, 2019, the Company had no leases that were classified as a financing lease. As of March 31, 2019, the Company did not have additional operating and financing leases that have not yet commenced except as disclosed elsewhere in this note.

Total operating lease expenses for the three months ended March 31, 2019 were $69,941 and are recorded in other operating expenses on the condensed consolidated statement of operations. Total rent expense for the three months ended March 31, 2018 was $33,872 and is recorded in other operating expenses on the condensed consolidated statement of operations.

Supplemental cash flows information related to leases was as follows:

Future minimum payments under non-cancellable leases as of March 31, 2019 were as follows: