Annual report pursuant to Section 13 and 15(d)

Lease (Tables)

v3.21.1
Lease (Tables)
12 Months Ended
Dec. 31, 2020
Leases [Abstract]  
Components of lease expense

The components of lease expense were as follows:

 

    Year Ended
December 31, 2020
 
Finance lease:        
Amortization of assets, included in depreciation and amortization expense   $ 814,572  
Interest on lease liabilities, included in interest expense     154,858  
Operating lease:        
Amortization of assets, included in total operating expense     101,504  
Interest on lease liabilities, included in total operating expense     20,763  
Total net lease cost   $ 1,091,697  
Supplemental balance sheet information related to leases

Supplemental balance sheet information related to leases was as follows

 

Operating Leases

 

Operating lease ROU asset   $ 241,911  
         
Current operating lease liabilities     104,549  
Noncurrent operating lease liabilities     147,525  
Total operating lease liabilities   $ 252,074  

 

    December 31, 2020  
Finance leases:        
Property and equipment, at cost   $ 4,366,665  
Accumulated amortization     (2,267,449 )
Property and equipment, net     2,099,216  
         
Current obligations of finance leases   $ 1,317,542  
Finance leases, net of current obligations     1,222,420  
Total finance lease liabilities   $ 2,539,962  
Supplemental cash flow and other information related to leases

Supplemental cash flow and other information related to leases was as follows:

 

    Year Ended
December 31, 2020
 
Cash paid for amounts included in the measurement of lease liabilities:        
Operating cash flows related to operating leases   $ 80,743  
Financing cash flows related to finance leases   $ 774,971  
         
Weighted average remaining lease term (in years):        
Operating leases     1.72  
Finance leases     2.12  
         
Weighted average discount rate:        
Operating leases     7 %
Finance leases     6 %

 

Long-term obligations under the operating and Finance leases

Long-term obligations under the operating and finance leases at December 31, 2020 mature as follows:

 

For the Year ending December 31,   Operating Leases     Finance Leases  
2021   $ 104,549     $ 1,462,239  
2022     107,718       849,427  
2023     64,357       441,724  
2024     -       -  
2025     -       -  
Total lease payments     276,625       2,753,390  
Less: Amounts representing interest     (24,551 )     (213,428 )
Total lease obligations     252,074       2,539,962  
Less: Current     (104,549 )     (1,317,542 )
    $ 147,525     $ 1,222,420