Quarterly report pursuant to Section 13 or 15(d)

Lease Liability

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Lease Liability
9 Months Ended
Sep. 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:

 

    Nine Months
Ended
September 30,
2019
 
    (Unaudited)  
Weighted-average remaining lease term     0.58 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)  
10/1/2019-9/30/2020   $ 34,321     $ 363,265     $ 397,586  
10/1/2020-9/30/2021     -       20,000       20,000  
Total lease payments     34,321       383,265       417,586  
Less: Imputed interest     (843 )     (10,842 )     (11,685 )
Present value of lease liabilities     33,478       372,423       405,901  
Current portion     33,478       352,523       386,001  
Non-current portion   $ -     $ 19,900     $ 19,900