Quarterly report pursuant to Section 13 or 15(d)

LEASES (Tables)

v3.21.2
LEASES (Tables)
6 Months Ended
Jun. 30, 2021
LEASES  
Schedule of lease liability

 

 

June 30,

 

 

December 31,

 

 

 

2021

 

 

2020

 

Total lease liability

 

$ 490,054

 

 

$ 541,695

 

Less: short term portion

 

 

112,887

 

 

 

106,290

 

Long term portion

 

$ 377,167

 

 

$ 435,405

 

Schedule of maturity analysis under lease agreements

 

 

Total

 

2021

 

$ 73,358

 

2022

 

 

150,266

 

2023

 

 

154,771

 

2024

 

 

159,420

 

2025

 

 

31,690

 

Less: present value discount

 

 

(79,451 )

Lease liability

 

$ 490,054

 

Schedule of lease expense

 

Three Months Ended

 

 

 

June 30,

 

 

 

2021

 

 

2020

 

Operating lease expense

 

$ 35,955

 

 

$ 29,098

 

Short-term lease expense

 

 

-

 

 

 

-

 

Variable lease expense

 

 

-

 

 

 

-

 

 

 

$ 35,955

 

 

$ 29,098

 

 

 

Six Months Ended

 

 

 

June 30,

 

 

 

2021

 

 

2020

 

Operating lease expense

 

$ 71,910

 

 

$ 52,655

 

Short-term lease expense

 

 

-

 

 

 

-

 

Variable lease expense

 

 

-

 

 

 

-

 

 

 

$ 71,910

 

 

$ 52,655

 

Schedule of Weighted-average remaining lease term

 

June 30,

 

 

December 31,

 

 

 

2021

 

 

2020

 

Weighted-average remaining lease term

 

 

3.6

 

 

 

4.1

 

Weighted-average discount rate

 

 

8 %

 

 

8 %