Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

v3.20.2
Leases (Tables)
6 Months Ended
Jun. 30, 2020
Leases [Abstract]  
Schedule of Lease Expense

The components of lease expense were as follows:

 

   

For the Six

Months Ended

   

For the Six

Months Ended

 
    June 30, 2020     June 30, 2019  
Operating lease   $ 130,314     $ 22,040  
Interest on lease liabilities     32,733       2,642  
Total net lease cost   $ 163,407     $ 22,682  
Schedule of Supplemental Information Related to Leases

Supplemental balance sheet information related to leases was as follows:

 

    June 30, 2020     December 31, 2019  
Operating leases:                
Operating lease ROU assets - net   $ 473,152     $ 210,816  
                 
Current operating lease liabilities, included in current liabilities   $ 122,598     $ 90,944  
Noncurrent operating lease liabilities, included in long-term liabilities     342,392       119,872  
Total operating lease liabilities   $ 464,990     $ 210,816  

 

Supplemental cash flow and other information related to leases was as follows:

 

   

For the Six

Months Ended

   

For the Six

Months Ended

 
    June 30, 2020     June 30, 2019  
Cash paid for amounts included in the measurement of lease liabilities:                
Operating cash flows from operating leases   $ 92,867     $ 17,398  
                 
ROU assets obtained in exchange for lease liabilities:                
Operating leases   $ 355,203     $ 230,812  
                 
Weighted average remaining lease term (in years):                
Operating leases     2.20       2.30  
                 
Weighted average discount rate:                
Operating leases     11 %     5 %
Schedule of Future Minimum Payments

The following table presents the maturity of the Company’s lease liabilities as of June 30, 2020:

 

Twelve Months Ending December 31,      
2020 (remainder of year)   $ 146,520  
2021     235,361  
2022     144,000  
Total lease payments   $ 525,881  
Less: amounts representing interest     (60,891 )
Total lease obligations   $ 464,990