Commitments and Contingencies
|12 Months Ended|
Dec. 31, 2020
|Commitments and Contingencies Disclosure [Abstract]|
|COMMITMENTS AND CONTINGENCIES||
NOTE 15 – COMMITMENTS AND CONTINGENCIES
The Company has employment agreements with certain employees that provide severance payments upon termination of employment under certain circumstances, as defined in the applicable agreements. The Company has estimated its possible severance payments of approximately $10,000 as of December 31, 2020 and 2019, which have not been reflected in its consolidated financial statements.
See note 10 for related party operating lease commitment.
On March 1, 2018, the Company entered into a lease agreement (the “Lease Agreement”) for office space in Hong Kong. Pursuant to the Lease Agreement, the monthly payments are HK$298,500 (approximately US$38,000). The Lease Agreement expired on February 28, 2021.
For the years ended December 31, 2020, 2019 and 2018, rent expense and corresponding administrative service charge related to the Service Agreement amounted to $461,786, $457,098 and $457,063, respectively.
As of December 31, 2020, future minimum lease payments on operating leases were as follows:
The remaining lease terms (in years) and discount rates consisted of the following:
The entire disclosure for commitments and contingencies.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef