Quarterly report pursuant to Section 13 or 15(d)

Commitments and Contingencies (Tables)

v3.21.1
Commitments and Contingencies (Tables)
3 Months Ended
Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Components of Lease Expense

The components of lease expense consist of the following:

 

    Three Months Ended March 31,  
    2021     2020  
Operating lease expense   $ 68,795     $ 45,868  
Short-term lease expense     3,533       60,836  
Total lease cost   $ 72,328     $ 106,704  
Schedule of Operating Leases Right of Use Assets and Liabilities

Balance sheet information related to leases consists of the following:

 

    March 31, 2021     December 31, 2020  
Assets                
Operating lease – right-of-use asset   $ 1,180,025     $ 1,098,819  
Total lease assets   $ 1,180,025     $ 1,098,819  
                 
Liabilities                
Current liabilities:                
Lease obligation – operating lease   $ 215,555     $ 123,139  
Noncurrent liabilities:                
Lease obligation - operating lease, net of current portion     991,545       1,002,794  
Total lease liability   $ 1,207,100     $ 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     6.0  
Weighted average discount rate – operating lease     10.41 %
Schedule of Cash Flow Information

Cash flow information related to leases consists of the following:

 

    March 31, 2021     March 31, 2021  
Operating cash flows for operating leases   $ 39,273     $ 4,096  
Supplemental non-cash amounts of lease liabilities arising from obtaining right of use assets   $ 120,440     $ 1,210,680  
Schedule of Future Minimum Rental Payments for Operating Leases

Future minimum lease payment under non-cancellable lease as of March 31, 2021 are as follows:

 

As of March 31, 2021   Operating Leases  
2021, remaining   $ 231,501  
2022     306,691  
2023     247,533  
2024     254,277  
2025     261,223  
2026 and thereafter     313,307  
Total minimum lease payments     1,614,532  
Less effects of discounting     (407,432 )
Present value of future minimum lease payments   $ 1,207,100