Quarterly report pursuant to Section 13 or 15(d)

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

v3.20.2
Right-of-use Asset and Lease Liability (Tables)
9 Months Ended
Sep. 30, 2020
Leases [Abstract]  
Schedule of Supplemental Balance Sheet and Other Information

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

 

    September 30, 2020     December 31, 2019  
             
Operating leases right-of-use assets   $ 373,121     $ 738,453  
Lease liability, current portion     247,552       453,734  
Lease liability, net of current portion     143,258       302,175  
Total operating lease liabilities   $ 390,810     $ 755,909  
Weighted average remaining lease term     1.67 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 September 30, 2020 are as follows:

 

    Operating leases  
       
Remainder of 2020   $ 116,000  
2021     221,000  
2022     103,000  
2023     69,000  
Total lease payments     509,000  
Less: Interest     (118,190 )
Total lease liability   $ 390,810