| 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 2 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:
| |
|
|
|
|
|
|
|
| |
|
Three Months
Ended |
|
| |
|
March
31, |
|
| |
|
2021 |
|
2020 |
|
| |
|
|
|
|
|
|
|
| Operating lease cost |
|
$ |
37,921 |
|
$ |
37,922 |
|
| Short-term lease cost |
|
|
34,889 |
|
|
5,457 |
|
| Total lease cost |
|
$ |
72,810 |
|
$ |
43,379 |
|
| |
|
|
|
|
|
|
|
| Finance
lease cost: |
|
|
|
|
|
|
|
| Amortization
of right-of-use assets |
|
$ |
795 |
|
$ |
1,856 |
|
| Interest
on lease liabilities |
|
|
28 |
|
|
87 |
|
| Total finance lease cost |
|
$ |
823 |
|
$ |
1,943 |
|
Supplemental cash flow information
related to leases was as follows:
| |
|
Three Months
Ended |
|
| |
|
March
31, |
|
| |
|
2021 |
|
2020 |
|
| |
|
|
|
|
|
|
|
| Cash
paid for amounts included in the measurement of lease liabilities: |
|
|
|
|
|
|
|
| Operating cash flows from operating leases |
|
$ |
35,248 |
|
$ |
33,616 |
|
| Financing cash flows from finance leases |
|
|
803 |
|
|
1,848 |
|
Supplemental balance sheet information
related to leases was as follows:
| |
|
March
31,
2021 |
|
December
31,
2020 |
|
| |
|
|
|
|
|
|
|
| Operating
Leases |
|
|
|
|
|
|
|
| Operating
lease right-of-use assets |
|
$ |
201,598 |
|
$ |
236,846 |
|
| |
|
|
|
|
|
|
|
| Operating
lease current liabilities |
|
|
141,869 |
|
|
141,293 |
|
| Operating
lease long term liabilities |
|
|
59,729 |
|
|
95,553 |
|
| Total
operating lease liabilities |
|
$ |
201,598 |
|
$ |
236,846 |
|
| |
|
|
|
|
|
|
|
| Finance
Leases |
|
|
|
|
|
|
|
| Property
and equipment, at cost |
|
$ |
12,725 |
|
$ |
12,725 |
|
| Accumulated
depreciation |
|
|
(10,934 |
) |
|
(10,139 |
) |
| Property
and equipment, net |
|
$ |
1,791 |
|
$ |
2,586 |
|
| |
|
|
|
|
|
|
|
| Finance
lease current liabilities |
|
|
1,843 |
|
|
2,646 |
|
| Finance
lease long term liabilities |
|
|
— |
|
|
— |
|
| Total
finance lease liabilities |
|
$ |
1,843 |
|
$ |
2,646 |
|
| |
|
|
|
|
|
| |
|
March
31,
2021 |
|
December
31,
2020 |
|
| |
|
|
|
|
|
| Weighted Average
Remaining Lease Term |
|
|
|
|
|
| Operating
leases |
|
1.1
Years |
|
1.4
Years |
|
| Finance
leases |
|
0.5
Years |
|
0.7
Years |
|
| |
|
|
|
|
|
| Weighted Average
Discount Rate |
|
|
|
|
|
| Operating
leases |
|
4.75% |
|
4.75% |
|
| Finance
leases |
|
4.75% |
|
4.75% |
|
Maturities of lease liabilities are
as follows:
| |
|
|
|
|
|
|
|
| Year
Ending December 31, |
|
Operating
Leases |
|
Finance
Leases |
|
| 2021 (excluding the
three months ended March 31, 2021) |
|
|
111,554 |
|
|
1,873 |
|
| 2022 |
|
|
97,257 |
|
|
— |
|
| 2023 |
|
|
— |
|
|
— |
|
| 2024 |
|
|
— |
|
|
— |
|
| 2025 |
|
|
— |
|
|
— |
|
| Thereafter |
|
|
— |
|
|
— |
|
| Total undiscounted lease
payments |
|
|
208,811 |
|
|
1,873 |
|
| Less:
imputed interest |
|
|
(7,213 |
) |
|
(30 |
) |
| Total lease liabilities |
|
$ |
201,598 |
|
$ |
1,843 |
|
|