Quarterly report pursuant to Section 13 or 15(d)

LEASES (Tables)

v3.20.1
LEASES (Tables)
3 Months Ended
Mar. 31, 2020
LEASES (Tables)  
Schedule of lease liability

Lease liability is summarized below:

 

 

March 31,

 

2020

 

Total lease liability

 

$

486,605

 

Less: short term portion

 

79,388

 

Long term portion

 

$

407,217

Schedule of maturity analysis under lease agreements

Maturity analysis under these lease agreements are as follows:

 

 

Total

 

2020

 

$

86,112

 

2021

 

118,065

 

2022

 

121,606

 

2023

 

125,255

 

2024 and beyond

 

140,030

 

Less: present value discount

 

(104,463

)

Lease liability

 

$

486,605

Schedule of lease expense

Lease expense for the three months ended March 31, 2020 was comprised of the following: 

 

Operating lease expense

 

$

23,557

 

Short-term lease expense

 

-

 

Variable lease expense

 

-

 

$

23,557

Schedule of Weighted-average remaining lease term

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

 

Weighted-average remaining lease term

 

4.65

 

Weighted-average discount rate

 

8

%