Quarterly report pursuant to Section 13 or 15(d)

Commitments and Contingencies (Tables)

v3.21.2
Commitments and Contingencies (Tables)
9 Months Ended
Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Lease Expense

The tables below present information regarding the Company’s operating lease assets and liabilities at September 30, 2021 and December 31, 2020, respectively:

 

    For the
Nine Months Ended
    For the
Nine Months Ended
 
    September 30, 2021     September 30, 2020  
Operating Leases   $ 140,464     $ 248,677  
Interest on lease liabilities     31,898       44,237  
Total net lease cost   $ 172,362     $ 292,914  
Schedule of Supplemental Information Related to Leases

Supplemental balance sheet information related to leases was as follows:

 

    September 30, 2021     December 31, 2020  
             
Operating leases                
                 
Operating lease ROU assets - net   $ 522,072     $ 368,638  
                 
Operating lease liabilities - current   $ 68,303     $ 210,556  
Operating lease liabilities - non-current     447,002       155,167  
Total operating lease liabilities   $ 515,305     $ 365,723  

 

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

 

    For the
Nine Months Ended
    For the
Nine Months Ended
 
    September 30, 2021     September 30, 2020  
Cash paid for amounts included in measurement of lease liabilities                
Operating cash flows from operating leases   $ 117,357     $ 150,145  
                 
ROU assets obtained in exchange for lease liabilities                
Operating leases   $ 515,848     $ 355,203  
                 
Weighted average remaining lease term (in years)                
Operating leases     8.19       2.03  
                 
Weighted average discount rate                
Operating leases     5 %     11 %
Schedule of Future Minimum Payments

 

Future minimum lease payments at December 31,

 

2021 (3 months remaining)   $ 27,841  
2022     78,750  
2023     60,294  
2024     61,876  
2025     63,460  
Thereafter     350,269  
Total lease payments     642,490  
Less: amount representing interest     (127,185 )
Total lease obligations   $ 515,305