|
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 |
|
|