| 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:
| |
|
|
|
|
|
|
|
| |
|
Three
Months Ended
March 31, 2020 |
|
Three
Months Ended
March 31, 2019 |
|
| |
|
|
|
|
|
|
|
| Operating lease
cost |
|
$ |
37,922 |
|
$ |
35,829 |
|
| |
|
|
|
|
|
|
|
| Finance lease
cost: |
|
|
|
|
|
|
|
| Amortization
of right-of-use assets |
|
$ |
1,856 |
|
$ |
1,060 |
|
| Interest
on lease liabilities |
|
|
87 |
|
|
72 |
|
| Total finance
lease cost |
|
$ |
1,943 |
|
$ |
1,132 |
|
Supplemental cash flow information
related to leases was as follows:
| |
|
|
|
|
|
|
|
| |
|
Three
Months Ended
March 31, 2020 |
|
Three
Months Ended
March 31, 2019 |
|
| |
|
|
|
|
|
|
|
| Cash paid for
amounts included in the measurement of lease liabilities: |
|
|
|
|
|
|
|
| Finance
cash flows from finance leases |
|
$ |
1,848 |
|
$ |
1,028 |
|
| Finance lease
cost: |
|
|
|
|
|
|
|
| Amortization
of right-of-use assets |
|
$ |
1,856 |
|
$ |
1,060 |
|
| Interest
on lease liabilities |
|
|
87 |
|
|
72 |
|
| Total finance
lease cost |
|
$ |
1,943 |
|
$ |
1,132 |
|
Supplemental balance sheet
information related to leases was as follows:
| |
|
|
|
|
|
|
|
| |
|
Three
Months Ended
March 31, 2020 |
|
Three
Months Ended
March 31, 2019 |
|
| |
|
|
|
|
|
|
|
| Operating
Leases |
|
|
|
|
|
|
|
| Operating
lease right-of-use assets |
|
$ |
340,118 |
|
$ |
472,224 |
|
| |
|
|
|
|
|
|
|
| Operating
lease current liabilities |
|
$ |
138,520 |
|
$ |
131,845 |
|
| Operating
lease long term liabilities |
|
|
201,598 |
|
|
340,379 |
|
| Total operating
lease liabilities |
|
$ |
340,118 |
|
$ |
472,224 |
|
| |
|
|
|
|
|
|
|
| Finance
Leases |
|
|
|
|
|
|
|
| Property
and equipment, at cost |
|
$ |
12,725 |
|
$ |
6,363 |
|
| Accumulated
depreciation |
|
|
(6,693 |
) |
|
(1,060 |
) |
| Property
and equipment, net |
|
$ |
6,032 |
|
$ |
5,303 |
|
| |
|
|
|
|
|
|
|
| Finance
lease current liabilities |
|
$ |
4,252 |
|
$ |
4,241 |
|
| Finance
lease long term liabilities |
|
|
1,842 |
|
|
1,094 |
|
| Total finance
lease liabilities |
|
$ |
6,094 |
|
$ |
5,335 |
|
| |
|
|
|
|
|
| |
|
Three
Months Ended
March 31, 2020 |
|
Three
Months Ended
March 31, 2019 |
|
| Weighted Average
Remaining Lease Term |
|
|
|
|
|
| Operating
leases |
|
2
Years |
|
3
Years |
|
| Finance
leases |
|
1
Year |
|
1
Year |
|
| |
|
|
|
|
|
| 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 |
|
| 2020 |
|
$ |
113,764 |
|
$ |
3,598 |
|
| 2021 |
|
|
149,476 |
|
|
2,705 |
|
| 2022 |
|
|
97,256 |
|
|
— |
|
| Total lease payments |
|
|
360,496 |
|
|
6,303 |
|
| Less
imputed interest |
|
|
(20,378 |
) |
|
(209 |
) |
| Total |
|
$ |
340,118 |
|
$ |
6,094 |
|
|