Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

v3.20.2
Leases (Tables)
9 Months Ended
Sep. 30, 2020
Leases  
Schedule of lease cost

 

 

 

 

 

 

 

 

 

Nine months ended September 30, 

Components of total lease cost:

 

2020

 

2019

 

 

(Unaudited)

Operating lease expense

    

$

118,059

    

$

76,582

Short-term lease expense

 

 

47,382

 

 

40,442

Total lease cost

 

$

165,441

 

$

117,024

 

Schedule of balance sheet location disclosure

 

 

 

 

 

    

As of September 30, 2020

 

 

(Unaudited)

Assets

 

 

  

Lease right of use assets

 

$

249,075

Total lease assets

 

$

249,075

Liabilities

 

 

  

Current liabilities:

 

 

  

Lease liability - current portion

 

$

78,531

Noncurrent liabilities:

 

 

 

Lease liability, net of current portion

 

 

174,163

Total lease liability

 

$

252,694

 

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

The table below presents certain information related to the weighted average remaining lease term and the weighted average discount rate for the Company’s operating leases as of September 30, 2020:

 

 

 

 

 

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

    

3.92

 

Weighted average discount rate - operating leases

 

9.62

%

 

Schedule of future lease payments

 

 

 

 

Year ending December 31, 

    

Operating Leases

2020 (remaining)

 

$

37,897

2021

 

 

80,786

2022

 

 

59,643

2023

 

 

41,686

2024

 

 

43,243

2025

 

 

37,353

Total Minimum Lease Payments

 

$

300,608

Less effects of discounting

 

 

(47,914)

Present value of future minimum lease payments

 

$

252,694