Quarterly report pursuant to Section 13 or 15(d)

Right-of-use Asset and Lease Liability (Tables)

v3.20.1
Right-of-use Asset and Lease Liability (Tables)
3 Months Ended
Mar. 31, 2020
Leases [Abstract]  
Schedule of Components of Lease Expense

The components of lease expense for the three months ended March 31, 2020 and 2019, respectively, are as follows:

 

    Three months ended
March 31,
 
    2020     2019  
Operating lease expense   $ 150,564     $ 136,943

Schedule of Cash Paid for Amounts Included the Measurement of Lease Liabilities

Cash paid for amounts included in the measurement of lease liabilities for the three months ended March 31, 2020 and 2019, respectively, are as follows:

 

    Three months ended
March 31,
 
    2020     2019  
Operating cash flows from operating leases   $ 150,564     $ 136,943

Schedule of Supplemental Balance Sheet and Other Information

Supplemental balance sheet and other information related to operating leases are as follows:

 

    March 31, 2020     December 31, 2019  
             
Operating leases right-of-use assets   $ 606,897     $ 738,453  
Lease liability, current portion     402,876       453,734  
Lease liability, net of current portion     221,710       302,175  
Total operating lease liabilities   $ 624,586     $ 755,909  
Weighted average remaining lease term     2.16 years       2.25 years  
Weighted average discount rate     7.75 %     7.75 %

Schedule of Maturities of Lease Liabilities

Future maturities of operating lease liabilities as of March 31, 2020 are as follows:

 

    Operating leases  
       
Remainder of 2020   $ 353,601  
2021     154,559  
2022     102,891  
2023     69,333  
Total lease payments     680,384  
Less interest     (55,798 )
Total   $ 624,586