Annual report pursuant to Section 13 and 15(d)

Leases (Tables)

v3.21.1
Leases (Tables)
12 Months Ended
Dec. 31, 2020
Leases  
Schedule of lease cost

 

 

 

 

 

 

 

 

 

For the Year Ended December 31, 2020

 

For the Year Ended December 31, 2019

Operating lease cost

 

$

435,024

 

$

191,737

Finance lease cost

 

 

 

 

 

 

Amortization of lease assets

 

 

114,201

 

 

5,210

Interest on lease liabilities

 

 

17,972

 

 

954

Total finance lease cost

 

$

132,173

 

$

6,164

 

Schedule of weighted average remaining lease term and incremental borrowing rate

 

 

 

 

 

 

 

 

 

 

For the Year Ended December 31, 2020

 

For the Year Ended December 31, 2019

 

Weighted average remaining lease term

 

 

 

 

 

 

 

Operating leases

 

 

5.9

years

 

7.0

years

Finance leases

 

 

2.0

years

 

3.0

years

Weighted average discount rate

 

 

 

 

 

 

 

Operating leases

 

 

6.49

%

 

6.58

%

Finance leases

 

 

6.17

%

 

6.17

%

 

Schedule of maturities of operating and finance lease liabilities

Maturities of operating and finance lease liabilities as of December 31, 2020 were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Leases

    

Finance Leases

    

Total

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

 

 

1,900,582

 

 

286,662

 

 

2,187,244

Less: imputed interest

 

 

(320,193)

 

 

(18,295)

 

 

(338,488)

Present value of lease liabilities

 

$

1,580,389

 

$

268,367

 

$

1,848,756

 

Maturities of operating and finance lease liabilities as of December 31, 2019 were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

Operating Leases

    

Finance Leases

    

Total

2020

 

$

321,273

 

$

58,980

 

$

380,253

2021

 

 

330,032

 

 

58,980

 

 

389,012

2022

 

 

338,960

 

 

93,990

 

 

432,950

2023

 

 

244,973

 

 

 -

 

 

244,973

2024

 

 

231,503

 

 

 -

 

 

231,503

Thereafter

 

 

693,272

 

 

 -

 

 

693,272

Total minimum lease payments

 

 

2,160,013

 

 

211,950

 

 

2,371,963

Less: imputed interest

 

 

(423,607)

 

 

(20,179)

 

 

(443,786)

Present value of lease liabilities

 

$

1,736,406

 

$

191,771

 

$

1,928,177