Quarterly report pursuant to Section 13 or 15(d)

LEASES (Tables)

v3.20.2
LEASES (Tables)
9 Months Ended
Sep. 30, 2020
LEASES  
Schedule of lease liability

 

 

September 30,

 

 

 

2020

 

Total lease liability

 

$ 566,470

 

Less: short term portion

 

 

103,098

 

Long term portion

 

$ 463,372

 

Schedule of maturity analysis under lease agreements

 

 

Total

 

2020

 

$ 35,942

 

2021

 

 

145,813

 

2022

 

 

150,266

 

2023

 

 

154,771

 

2024

 

 

159,420

 

2025 and beyond

 

 

31,690

 

Less: present value discount

 

 

(111,432 )

Lease liability

 

$ 566,470

 

Schedule of lease expense

 

 

Three Months Ended

 

 

 

September 30,

 

 

 

2020

 

 

2019

 

Operating lease expense

 

$ 29,706

 

 

$ (468 )

Short-term lease expense

 

 

-

 

 

 

-

 

Variable lease expense

 

 

-

 

 

 

-

 

 

 

$ 29,706

 

 

$ (468 )

 

Lease expense for the nine months ended September 30, 2020 and 2019 was comprised of the following:

 

 

 

Nine Months Ended

 

 

 

September 30,

 

 

 

2020

 

 

2019

 

Operating lease expense

 

$ 82,361

 

 

$ 62,329

 

Short-term lease expense

 

 

-

 

 

 

-

 

Variable lease expense

 

 

-

 

 

 

-

 

 

 

$ 82,361

 

 

$ 62,329

 

Schedule of Weighted-average remaining lease term

Weighted-average remaining lease term

 

 

4.3

 

Weighted-average discount rate

 

 

8 %