Quarterly report pursuant to Section 13 or 15(d)

LEASES

v3.20.1
LEASES
3 Months Ended
Mar. 31, 2020
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 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