Annual report pursuant to Section 13 and 15(d)

Leases (Tables)

v3.21.1
Leases (Tables)
12 Months Ended
Dec. 31, 2020
Leases  
Schedule of lease cost

 

 

 

 

 

 

 

 

 

December 31, 

Components of total lease cost:

    

2020

    

2019

Operating lease expense

 

$

167,729

 

$

104,794

Short-term lease expense

 

 

66,025

 

 

38,414

Total lease cost

 

$

233,754

 

$

143,208

 

Schedule of balance sheet location disclosure

 

 

 

 

 

 

 

 

 

December 31, 

 

    

2020

 

2019

Assets

 

 

 

 

 

 

Lease right of use assets

 

$

437,421

 

$

265,140

Total lease assets

 

$

437,421

 

$

265,140

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Lease liability - current portion

 

$

140,100

 

$

89,566

Noncurrent liabilities:

 

 

 

 

 

 

Lease liability, net of current portion

 

 

301,429

 

 

177,578

Total lease liability

 

$

441,529

 

$

267,144

 

Schedule of weighted average remaining lease term and the weighted average discount rate for the Company's operating leases

 

 

 

 

 

 

 

 

December 31,

 

 

    

2020

    

2019

 

Weighted average remaining lease term (in years) - operating leases

    

3.37

    

4.51

 

Weighted average discount rate - operating leases

 

7.67

%  

 8

%

 

Schedule of future lease payments

 

 

 

 

Years Ended December 31,

    

Operating Leases

2021

 

 

168,650

2022

 

 

147,507

2023

 

 

105,106

2024

 

 

43,243

2025

 

 

37,353

Total Minimum Lease Payments

 

$

501,859

Less effects of discounting

 

 

(60,330)

Present value of future minimum lease payments

 

$

441,529