Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

v3.21.1
Leases (Tables)
3 Months Ended
Mar. 31, 2021
Leases  
Schedule of lease cost

 

 

 

 

 

 

 

 

 

For the Three Months Ended March 31, 2021

 

For the Three Months Ended March 31, 2020

Operating lease cost

 

$

113,555

 

$

103,956

Finance lease cost

 

 

 

 

 

 

Amortization of lease assets

 

 

29,725

 

 

25,027

Interest on lease liabilities

 

 

3,743

 

 

4,412

Total finance lease cost

 

$

33,468

 

$

29,439

 

Schedule of weighted average remaining lease term and incremental borrowing rate

 

 

 

 

 

Weighted average remaining lease term

 

 

 

 

Operating leases

 

 

6.0

years

Finance leases

 

 

1.7

years

Weighted average discount rate

 

 

 

 

Operating leases

 

 

6.47

%

Finance leases

 

 

6.17

%

 

Schedule of maturities of operating and finance lease liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Operating Leases

    

Finance Leases

    

Total

2021 (excluding the three months ended March 31, 2021)

 

$

278,302

 

$

90,513

 

$

368,815

2022

 

 

360,839

 

 

155,694

 

 

516,533

2023

 

 

244,973

 

 

10,284

 

 

255,257

2024

 

 

231,503

 

 

 -

 

 

231,503

2025

 

 

238,452

 

 

 -

 

 

238,452

2026

 

 

245,606

 

 

 -

 

 

245,606

Thereafter

 

 

209,214

 

 

 -

 

 

209,214

Total minimum lease payments

 

 

1,808,889

 

 

256,491

 

 

2,065,380

Less: imputed interest

 

 

(295,328)

 

 

(14,553)

 

 

(309,881)

Present value of lease liabilities

 

$

1,513,561

 

$

241,938

 

$

1,755,499