Item 2. Properties
ITEM
2. PROPERTIES
The
Company maintains office space in Jersey City, NJ. The initial lease agreement was for the period March 1, 2019 to February 29,
2020 and was renewed for one year under the same terms. In April 2020, the Company was given a 50% discount on the rent for April
and May 2020 as well as an optional lease extension for an additional three months under the same terms. The base rent under this
agreement is $2,343 per month, and expires May 31, 2021. Lease expense amounted to $25,773 and $27,648 for the twelve months ended
December 31, 2020 and 2019 respectively. The security deposit for the lease agreement is $4,518 and the lease expires on May 31,
2021.
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