Annual report pursuant to Section 13 and 15(d)

Commitments and Contingencies (Tables)

v3.21.1
Commitments and Contingencies (Tables)
12 Months Ended
Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Components of Lease Expense

The components of lease expense (within different expense groupings) consist of the following:

 

 

    Year Ended December 31,  
    2020  
Operating lease expense   $ 229,457  
Short-term lease expense     87,848  
Total lease cost   $ 317,305  
Schedule of Operating Leases Right of Use Assets and Liabilities

Balance sheet information related to leases consists of the following:

 

    As of December 31, 2020  
Assets        
Operating lease – right-of-use asset   $ 1,098,819  
Total lease assets   $ 1,098,819  
         
Liabilities        
Current liabilities:        
Lease obligation – operating lease   $ 123,139  
Noncurrent liabilities:        
Lease obligation - operating lease, net of current portion     1,002,794  
Total lease liability   $ 1,125,933  
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     6.25  
Weighted average discount rate – operating lease     10.41  

 

Schedule of Cash Flow Information

Cash flow information related to leases consists of the following:

 

    As of December 31, 2020  
Operating cash flows for operating leases   $ 84,747  
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 December 31, 2020 are as follows:

 

As of December 31, 2020   Operating Leases  
2021   $ 234,628  
2022     240,985  
2023     247,533  
2024     254,277  
2025     261,228  
Thereafter     313,302  
Total minimum lease payments     1,551,953  
Less effects of discounting     (426,020 )
Present value of future minimum lease payments   $ 1,125,933