Quarterly report pursuant to Section 13 or 15(d)

Operating Lease (Tables)

v3.19.3
Operating Lease (Tables)
9 Months Ended
Sep. 30, 2019
Leases [Abstract]  
Schedule of Lease Expense and Supplemental Cash Flow Information Related to Leases

The components of lease expense and supplemental cash flow information related to leases for the period are as follows:

 

   

Nine months ended

September 30, 2019

 
Lease Cost        
Operating lease cost (included in general and administration in the Company’s unaudited condensed statement of operations)   $ 81,252  
         
Other Information        
Cash paid for amounts included in the measurement of lease liabilities for 2019   $ 50,310  
Weighted average remaining lease term – operating leases (in years)     4.25  
Average discount rate – operating leases     8.3 %

Schedule of Supplemental Balance Sheet Information Related to Leases

The supplemental balance sheet information related to leases for the period is as follows:

 

    At September 30, 2019  
Operating leases        
Long-term right-of-use assets   $ 327,977  
         
Short-term operating lease liabilities   $ 71,710  
Long-term operating lease liabilities     258,113  
Total operating lease liabilities   $ 329,823  

Schedule of Maturities of Operating Lease Liabilities

Maturities of the Company’s lease liabilities are as follows:

 

Year Ending   Operating Leases  
2019 (remaining 3 months)   $ 23,811  
2020     89,291  
2021     102,090  
2022     107,194  
2023     64,316  
Total lease payments     386,703  
Less: Imputed interest/present value discount     (56,880 )
Present value of lease liabilities   $ 329,823