Item 2. Properties
ITEM 2. PROPERTIES
We do not own any real estate
or other physical properties materially important to our operations. The Company entered into short-term agreements for temporary
office space expiring through October 31, 2021. For the years ended December 31, 2020 and 2019, the Company incurred rent expense
of $23,639 and $3,978, respectively. The remaining amounts due under these agreements for the year ended December 31, 2021 and 2022 is
approximately $16,812 and $0, respectively.
Effective February 1,
2021, the Company entered into a new lease for office space located in Shanghai China for a one-year period. The Company’s
prior lease for space has expired. The cost is 16,000 RMB per month. We consider our current office space, combined with other office
space otherwise available to our executive officers, adequate for our current operations.
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