Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

v3.20.1
Leases (Tables)
3 Months Ended
Mar. 31, 2020
Leases  
Schedule of lease cost

 

 

 

 

 

 

For the Three Months Ended March 31, 2020

Operating lease cost

 

$

103,956

Finance lease cost

 

 

 

Amortization of lease assets

 

 

25,027

Interest on lease liabilities

 

 

4,412

Total finance lease cost

 

$

29,439

 

Schedule of weighted average remaining lease term and incremental borrowing rate

 

 

 

 

 

Weighted average remaining lease term

 

 

 

 

Operating leases

 

 

7 years

 

Finance leases

 

 

3 years

 

Weighted average discount rate

 

 

 

 

Operating leases

 

 

6.56

%

Finance leases

 

 

6.17

%

 

Schedule of maturities of operating and finance lease liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Leases

    

Finance Leases

    

Total

2020 (excluding the three months ended March 31, 2020)

 

$

241,661

 

$

90,513

 

$

332,174

2021

 

 

330,032

 

 

120,684

 

 

450,716

2022

 

 

338,960

 

 

155,694

 

 

494,654

2023

 

 

244,973

 

 

10,284

 

 

255,257

2024

 

 

231,503

 

 

 -

 

 

231,503

2025

 

 

238,452

 

 

 -

 

 

238,452

Thereafter

 

 

454,821

 

 

 -

 

 

454,821

Total minimum lease payments

 

 

2,080,402

 

 

377,175

 

 

2,457,577

Less: imputed interest

 

 

(395,645)

 

 

(31,968)

 

 

(427,613)

Present value of lease liabilities

 

$

1,684,757

 

$

345,207

 

$

2,029,964

 

 

Maturities of operating lease liabilities as of March 31, 2019 were as follows:

 

 

 

 

 

2019 (excluding the three months ended March 31, 2020)

 

$

166,238

2020

 

 

115,580

2021

 

 

118,158

2022

 

 

120,737

2023

 

 

20,195

Total lease payments

 

 

540,908

Less: imputed interest

 

 

(69,769)

Present value of operating lease liabilities

 

$

471,139