Annual report pursuant to Section 13 and 15(d)

Leases (Tables)

v3.20.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2019
Leases [Abstract]  
Schedule of Lease Expense

The components of lease expense were as follows:

 

   

Year Ended

December 31, 2019

  
       
Operating leases   $ 80,760  
Interest on lease liabilities     7,002  
Total net lease cost   $ 87,762  

Schedule of Supplemental Information Related to Leases

Supplemental balance sheet information related to leases was as follows:

 

    December 31, 2019  
Operating leases:        
Operating lease ROU assets - net   $ 210,816  
         
Current operating lease liabilities, included in current liabilities   $ 90,944  
Noncurrent operating lease liabilities, included in long-term liabilities     119,872  
Total operating lease liabilities   $ 210,816  

 

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

 

    Year Ended December 31, 2019  
Cash paid for amounts included in the measurement of lease liabilities:        
Operating cash flows from operating leases   $ 55,608  
ROU assets obtained in exchange for lease liabilities:        
Operating leases   $ 266,424  
Weighted average remaining lease term (in years):        
Operating leases     2.12  
Weighted average discount rate:        
Operating leases     5.5 %

Schedule of Future Minimum Payments

Total future minimum payments required under the lease obligations as of December 31, 2019 are as follows:

 

Twelve Months Ending December 31,      
2020 (thereafter)   $ 99,360  
2021     99,160  
2022     27,040  
Total lease payments   $ 222,560  
Less: amounts representing interest     (11,744 )
Total lease obligations   $ 210,816