Annual report pursuant to Section 13 and 15(d)

LEASES

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LEASES
12 Months Ended
Dec. 31, 2019
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:

 

    Year Ended
December 31, 2019
 
         
Operating lease cost   $ 149,594  
         
Finance lease cost:        
Amortization of right-of-use assets   $ 4,837  
Interest on lease liabilities     239  
Total finance lease cost   $ 5,076  

 

Supplemental cash flow information related to leases was as follows:

 

  Year Ended
December 31, 2019
 
       
Cash paid for amounts included in the measurement of lease liabilities:      
Finance cash flows from finance leases $ 4,783  
Finance lease cost:      
Amortization of right-of-use assets $ 4,837  
Interest on lease liabilities   239  
Total finance lease cost $ 5,076  

 

Supplemental balance sheet information related to leases was as follows:

 

    Year Ended
December 31, 2019
 
Operating Leases        
Operating lease right-of-use assets   $ 373,734  
         
Operating lease current liabilities     136,888  
Operating lease long term liabilities     236,846  
Total operating lease liabilities   $ 373,734  
         
Finance Leases        
Property and equipment, at cost   $ 12,725  
Accumulated depreciation     4,837  
Property and equipment, net   $ 7,888  
         
Finance lease current liabilities     5,296  
Finance lease long term liabilities     2,646  
Total finance lease liabilities   $ 7,942  

 

    Year Ended
December 31, 2019
 
Weighted Average Remaining Lease Term      
Operating leases   2.4 Years  
Finance leases   1.3 Years  
       
Weighted Average Discount Rate      
Operating leases   4.75%  
Finance leases   4.75%  

 

Maturities of lease liabilities are as follows:

 

Year Ended December 31,   Operating Leases   Finance Leases  
2020   $ 151,686   $ 5,533  
2021     149,476     2,705  
2022     97,256      
Total lease payments     398,418     8,238  
Less imputed interest     (24,684 )   (296 )
Total   $ 373,734   $ 7,942