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

 

 

 

 

 

 

 

 

 

For the Three
Months Ended September 30, 2020

 

For the Nine
Months Ended September 30, 2020

Operating lease cost

 

$

113,222

 

$

321,469

Finance lease cost

 

 

 

 

 

 

Amortization of lease assets

 

 

29,725

 

 

84,476

Interest on lease liabilities

 

 

4,522

 

 

13,837

Total finance lease cost

 

$

34,247

 

$

98,313

 

Schedule of weighted average remaining lease term and incremental borrowing rate

 

 

 

 

 

Weighted average remaining lease term

 

 

 

 

Operating leases

 

 

6.1

years

Finance leases

 

 

2.3

years

Weighted average discount rate

 

 

 

 

Operating leases

 

 

6.51

%

Finance leases

 

 

6.17

%

 

Schedule of maturities of operating and finance lease liabilities

Maturities of operating and finance lease liabilities as of September 30, 2020 were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Leases

    

Finance Leases

    

Total

2020 (excluding the nine months ended September 30, 2020)

 

$

91,478

 

$

30,060

 

$

121,538

2021

 

 

369,995

 

 

120,684

 

 

490,679

2022

 

 

360,839

 

 

155,694

 

 

516,533

2023

 

 

244,973

 

 

10,284

 

 

255,257

2024

 

 

231,503

 

 

 -

 

 

231,503

2025

 

 

238,452

 

 

 -

 

 

238,452

Thereafter

 

 

454,820

 

 

 -

 

 

454,820

Total minimum lease payments

 

 

1,992,060

 

 

316,722

 

 

2,308,782

Less: imputed interest

 

 

(346,216)

 

 

(22,432)

 

 

(368,648)

Present value of lease liabilities

 

$

1,645,844

 

$

294,290

 

$

1,940,134

 

Maturities of operating lease liabilities as of September 30, 2019 were as follows:

 

 

 

 

 

2019 (excluding the nine months ended September 30, 2019)

 

$

28,358

2020

 

 

115,580

2021

 

 

118,158

2022

 

 

120,737

2023

 

 

20,195

Total lease payments

 

 

403,028

Less: imputed interest

 

 

(52,738)

Present value of operating lease liabilities

 

$

350,290