| LEASES |
NOTE 6 LEASES
We have finance and operating leases
for our corporate office and certain office and computer equipment. Our leases have remaining lease terms of 1 to 3 years,
some of which include options to extend the leases annually and some with options to terminate the leases within 1 year.
The components of lease expense
were as follows:
| |
|
Year
Ended
December 31, 2019 |
|
| |
|
|
|
|
| Operating lease cost |
|
$ |
149,594 |
|
| |
|
|
|
|
| Finance lease cost: |
|
|
|
|
| Amortization of right-of-use
assets |
|
$ |
4,837 |
|
| Interest on lease
liabilities |
|
|
239 |
|
| Total finance lease cost |
|
$ |
5,076 |
|
Supplemental cash flow information
related to leases was as follows:
| |
Year
Ended
December 31, 2019 |
|
| |
|
|
|
| Cash paid for amounts included in the measurement
of lease liabilities: |
|
|
|
| Finance cash flows
from finance leases |
$ |
4,783 |
|
| Finance lease cost: |
|
|
|
| Amortization of right-of-use
assets |
$ |
4,837 |
|
| Interest on lease
liabilities |
|
239 |
|
| Total finance lease cost |
$ |
5,076 |
|
Supplemental balance sheet information
related to leases was as follows:
| |
|
Year
Ended
December 31, 2019 |
|
| Operating Leases |
|
|
|
|
| Operating lease right-of-use
assets |
|
$ |
373,734 |
|
| |
|
|
|
|
| Operating lease current
liabilities |
|
|
136,888 |
|
| Operating lease long
term liabilities |
|
|
236,846 |
|
| Total operating lease liabilities |
|
$ |
373,734 |
|
| |
|
|
|
|
| Finance Leases |
|
|
|
|
| Property and equipment,
at cost |
|
$ |
12,725 |
|
| Accumulated depreciation |
|
|
4,837 |
|
| Property and equipment,
net |
|
$ |
7,888 |
|
| |
|
|
|
|
| Finance lease current
liabilities |
|
|
5,296 |
|
| Finance lease long
term liabilities |
|
|
2,646 |
|
| Total finance lease liabilities |
|
$ |
7,942 |
|
| |
|
Year
Ended
December 31, 2019 |
|
| Weighted Average Remaining Lease Term |
|
|
|
| Operating leases |
|
2.4 Years |
|
| Finance leases |
|
1.3 Years |
|
| |
|
|
|
| Weighted Average Discount Rate |
|
|
|
| Operating leases |
|
4.75% |
|
| Finance leases |
|
4.75% |
|
Maturities of lease liabilities
are as follows:
| Year Ended
December 31, |
|
Operating
Leases |
|
Finance
Leases |
|
| 2020 |
|
$ |
151,686 |
|
$ |
5,533 |
|
| 2021 |
|
|
149,476 |
|
|
2,705 |
|
| 2022 |
|
|
97,256 |
|
|
— |
|
| Total lease payments |
|
|
398,418 |
|
|
8,238 |
|
| Less
imputed interest |
|
|
(24,684 |
) |
|
(296 |
) |
| Total |
|
$ |
373,734 |
|
$ |
7,942 |
|