Quarterly report pursuant to Section 13 or 15(d)

LEASES

v3.21.2
LEASES
9 Months Ended
Sep. 30, 2021
Leases [Abstract]  
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 one year, some of which include options to extend the leases monthly and annually and some with options to terminate the leases within 1 year.

 

The components of lease expense were as follows:

                           
    Three Months Ended   Nine Months Ended  
    September 30,   September 30,  
    2021   2020   2021   2020  
                           
Operating lease cost   $ 37,093   $ 37,921   $ 112,383   $ 113,764  
Short-term lease cost     35,960     19,846     104,396     33,535  
Total lease cost   $ 73,053   $ 57,767   $ 216,779   $ 147,299  
                           
Finance lease cost:                          
Amortization of right-of-use assets   $ 597   $ 791   $ 2,188   $ 4,502  
Interest on lease liabilities     10     47     57     199  
Total finance lease cost   $ 607   $ 838   $ 2,245   $ 4,701  

 

Supplemental cash flow information related to leases was as follows:

               
    Nine Months Ended  
    September 30,  
    2021   2020  
Cash paid for amounts included in the measurement of lease liabilities:              
Operating cash flows from operating leases   $ 105,618   $ 113,764  
Financing cash flows from finance leases     2,232     4,502  

 

 

Supplemental balance sheet information related to leases was as follows:

 

    September 30,
2021
  December 31,
2020
 
               
Operating Leases              
Operating lease right-of-use assets   $ 131,228   $ 236,846  
               
Operating lease current liabilities     131,228     141,293  
Operating lease long term liabilities         95,553  
Total operating lease liabilities   $ 131,228   $ 236,846  
               
Finance Leases              
Property and equipment, at cost   $ 12,725   $ 12,725  
Accumulated depreciation     (12,327 )   (10,139 )
Property and equipment, net   $ 398   $ 2,586  
               
Finance lease current liabilities     414     2,646  
Finance lease long term liabilities          
Total finance lease liabilities   $ 414   $ 2,646  

 

 

    September 30,
2021
  December 31,
2020
 
           
Weighted Average Remaining Lease Term          
Operating leases   0.9 Years   1.4 Years  
Finance leases   0.2 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 nine months ended September 30, 2021)    $ 37,092    $ 417  
2022     97,257      
2023          
2024          
2025          
Thereafter          
Total undiscounted lease payments     134,349     417  
Less: imputed interest     (3,121 )   (3 )
Total lease liabilities   $ 131,228   $ 414