Annual report pursuant to Section 13 and 15(d)

LEASES (Tables)

v3.20.1
LEASES (Tables)
12 Months Ended
Dec. 31, 2019
LEASES (Tables)  
Schedule of lease liability

Lease liability is summarized below:

 

 

 

December 31, 2019

 

Total lease liability

 

$ 505,139

 

Less: short term portion

 

 

76,977

 

Long term portion

 

$ 428,162

 

 

Schedule of maturity analysis under lease agreements

Maturity analysis under these lease agreements are as follows:

 

2020

 

$ 114,625

 

2021

 

 

118,065

 

2022

 

 

121,606

 

2023

 

 

125,255

 

2024 and beyond

 

 

140,030

 

Less: Present value discount

 

 

(114,442 )

Lease liability

 

$ 505,139

 

 

Schedule of lease expense

Lease expense for the year ended December 31, 2019 was comprised of the following:

 

Operating lease expense

 

$ 78,034

 

Short-term lease expense

 

 

-

 

Variable lease expense

 

 

-

 

 

 

$ 78,034

 

Schedule of Weighted-average remaining lease term

During the year ended December 31, 2019, the Company paid $32,367 lease expense in cash.

 

Weighted-average remaining lease term and discount rate for operating leases are as follows:

 

Weighted-average remaining lease term

 

 

4.90

 

Weighted-average discount rate

 

 

8 %

 

During the year ended December 31, 2018, rent expense was $52,029. As of December 31, 2018, future minimum lease payments for office space are as follows:

 

Year ended December 31, 2019

 

$ 26,844