Quarterly report pursuant to Section 13 or 15(d)

Operating Lease (Tables)

v3.21.1
Operating Lease (Tables)
3 Months Ended
Mar. 31, 2021
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:

 

   

Three months ended

March 31, 2021

 
       
Lease Cost        
Operating lease cost (included in selling, general, and administrative expense in the Company’s statement of operations)   $ 44,274  
         
Other Information        
Cash paid for amounts included in the measurement of lease liabilities for 2021   $ 23,891  
Weighted average remaining lease term – operating leases (in years)     2.75  
Average discount rate – operating leases     4 %
Schedule of Supplemental Balance Sheet Information Related to Leases
    At March 31, 2021  
Operating leases        
Long-term right-of-use assets   $ 341,844  
         
Short-term operating lease liabilities   $ 102,400  
Long-term operating lease liabilities     273,714  
Total operating lease liabilities   $ 376,114  
Schedule of Maturities of Operating Lease Liabilities

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

 

Year Ending   Operating Leases  
2021(remainder of year)     68,809  
2022     95,481  
2023     98,345  
2024     118,266  
Total lease payments     380,901  
Less: Imputed interest     4,787  
Present value of lease liabilities     376,114  
Less current portion     (102,400 )
Operating lease liabilities, long-term   $ 273,714