Quarterly report pursuant to Section 13 or 15(d)

Leases

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Leases
6 Months Ended
Jun. 30, 2019
Leases [Abstract]  
Leases

10. LEASES

 

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 June 30, 2019, the Company had no leases that were classified as a financing lease. As of June 30, 2019, the Company did not have additional operating and financing leases that have not yet commenced.

 

Total operating lease expenses for the three and six months ended June 30, 2019 were $42,470 and $80,610, respectively, and are recorded in other operating expenses on the condensed consolidated statement of operations. Total rent expense for the three and six months ended June 30, 2018 was $30,751 and $78,153, respectively, and is recorded in other operating expenses on the condensed consolidated statement of operations.

 

Supplemental cash flows information related to leases was as follows:

 

   

Six Months Ended

June 30, 2019

 
       
Cash paid for amounts included in the measurement of lease liabilities:        
Operating cash flows from operating leases   $ 80,610  
         
Right-of-use assets obtained in exchange for lease obligations:        
Operating leases   $ 266,103  
         
Weighted Average Remaining Lease Term        
Operating leases     2.03  
         
Weighted Average Discount Rate        
Operating leases     6.0 %

 

Future minimum payments under non-cancellable leases as of June 30, 2019 were as follows:

 

For the Years Ending June 30,   Amount  
       
2020   $ 246,087  
2021     240,336  
2022     19,875  
Total future minimum lease payments     506,298  
Less: imputed interest     (52,192 )
Total   $ 454,106