Quarterly report pursuant to Section 13 or 15(d)

Lease Liability

v3.19.2
Lease Liability
6 Months Ended
Jun. 30, 2019
Lease Liability [Abstract]  
Lease Liability

NOTE 9 - Lease Liability

 

  A. Lease term and discount rate

 

The weighted-average remaining lease term (in years) and discount rate related to the operating leases were as follows:

 

    Six Months Ended
June 30,
2019
 
   

(Unaudited)

 
Weighted-average remaining lease term     0.76 year  
Weighted-average discount rate     6.00%
         

 

As most of our leases do not provide an implicit rate, we use the prime rate based on the information available at the lease commencement date to determine the present value of lease payments.

 

  B. Maturity of lease liabilities

 

    Related Party     Others     Total  
    (Unaudited)    

(Unaudited)

   

(Unaudited)

 
7/1/2019-6/30/2020   $ 45,953     $ 516,465     $ 562,418  
7/1/2020-6/30/2021     -       81,352       81,352  
Total lease payments   45,953       597,817     643,770  
Less: Imputed interest     (1,459 )     (17,033 )     (18,492 )
Present value of lease liabilities   44,494       580,784       625,278  
Current portion     44,494       500,429       544,923  
Non-current portion   $ -     $ 80,355     $ 80,355