Quarterly report pursuant to Section 13 or 15(d)

LEASES

v3.19.3
LEASES
9 Months Ended
Sep. 30, 2019
Leases [Abstract]  
LEASES

NOTE 7  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
September 30, 2019

 

Nine Months Ended
September 30, 2019

 

 

 

 

 

 

 

 

 

Operating lease cost

 

$

37,922

 

$

111,672

 

 

 

 

 

 

 

 

 

Finance lease cost:

 

 

 

 

 

 

 

Amortization of right-of-use assets

 

$

1,061

 

$

3,182

 

Interest on lease liabilities

 

 

47

 

 

178

 

Total finance lease cost

 

$

1,108

 

$

3,360

 

 

Supplemental cash flow information related to leases was as follows:

             

 

Three Months Ended
September 30, 2019

 

Nine Months Ended
September 30, 2019

 

 

 

 

 

 

 

 

Cash paid for amounts included in the measurement of lease liabilities:

 

 

 

 

 

 

Finance cash flows from finance leases

$

1,053

 

$

3,122

 

Finance lease cost:

 

 

 

 

 

 

Amortization of right-of-use assets

$

1,061

 

$

3,182

 

Interest on lease liabilities

 

47

 

 

178

 

Total finance lease cost

$

1,108

 

$

3,360

 

 

Supplemental balance sheet information related to leases was as follows:

         

 

 

Nine Months Ended
September 30, 2019

 

Operating Leases

 

 

 

 

Operating lease right-of-use assets

 

$

406,954

 

 

 

 

 

 

Operating lease current liabilities

 

 

135,275

 

Operating lease long term liabilities

 

 

271,679

 

Total operating lease liabilities

 

$

406,954

 

 

 

 

 

 

Finance Leases

 

 

 

 

Property and equipment, at cost

 

$

6,363

 

Accumulated depreciation

 

 

3,182

 

Property and equipment, net

 

$

3,181

 

 

 

 

 

 

Finance lease current liabilities

 

 

3,242

 

Finance lease long term liabilities

 

 

 

Total finance lease liabilities

 

$

3,242

 

 

       

 

 

Nine Months Ended
September 30, 2019

 

Weighted Average Remaining Lease Term

 

 

 

Operating leases

 

3 Years

 

Finance leases

 

1 Year

 

 

 

 

 

Weighted Average Discount Rate

 

 

 

Operating leases

 

4.75%

 

Finance leases

 

4.75%

 

 

Maturities of lease liabilities are as follows:

 

               

Year Ending December 31,

 

Operating Leases

 

Finance Leases

 

2019

 

$

37,922

 

$

1,100

 

2020

 

 

151,685

 

 

2,206

 

2021

 

 

149,476

 

 

 

2022

 

 

97,256

 

 

 

Total lease payments

 

 

436,339

 

 

3,306

 

Less imputed interest

 

 

(29,385

)

 

(64

)

Total

 

$

406,954

 

$

3,242