Quarterly report pursuant to Section 13 or 15(d)

Commitments and Contingencies (Tables)

v3.20.2
Commitments and Contingencies (Tables)
9 Months Ended
Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Components of Lease Expense

The components of lease expense consist of the following:

 

    Three months ended
September 30, 2020
    Nine months ended
September 30, 2020
 
Operating lease expense   $ 61,196     $ 168,260  
Short-term lease expense     10,763       65,801  
Total lease cost   $ 71,959     $ 234,061  

Schedule of Operating Leases Right of Use Assets and Liabilities

Balance sheet information related to leases consists of the following:

 

    September 30, 2020  
Assets        
Operating lease – right-of-use asset   $ 1,130,233  
Total lease assets   $ 1,130,233  
         
Liabilities        
Current liabilities:        
Lease obligation – operating lease   $ 118,466  
Noncurrent liabilities:        
Lease obligation - operating lease, net of current portion     1,035,051  
Total lease liability   $ 1,153,517  

Schedule of Weighted-average Remaining Lease Term and Discount Rate

The weighted-average remaining lease term and discount rate is as follows:

 

Weighted average remaining lease term (in years) – operating lease     6.50  
Weighted average discount rate – operating lease     10.41 %

Schedule of Cash Flow Information

Cash flow information related to leases consists of the following:

 

   

Nine months ended

September 30, 2020

 
Operating cash flows for operating leases   $ 57,163  
Supplemental non-cash amounts of lease liabilities arising from obtaining right of use assets   $ 1,210,680  

Schedule of Future Minimum Rental Payments for Operating Leases

Future minimum lease payment under non-cancellable lease as of September 30, 2020 are as follows:

 

As of September 30, 2020   Operating Leases  
2020, remaining   $ 57,365  
2021     234,628  
2022     240,985  
2023     247,533  
2024     254,277  
2025 and thereafter     574,530  
Total minimum lease payments     1,609,318  
Less effects of discounting     (455,801 )
Present value of future minimum lease payments   $ 1,153,517