Quarterly report pursuant to Section 13 or 15(d)

Commitments and Contingencies (Tables)

v3.20.1
Commitments and Contingencies (Tables)
3 Months Ended
Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Lease Costs

The following table contains a summary of the lease costs recognized under ASC 842 and other information pertaining to the Company’s operating leases for the year ended December 31, 2019:

 

Lease cost        
Operating lease cost   $ 1,025,899  
Total lease cost   $ 1,025,899  
         
Other information        
Operating cash flows received for operating leases   $ 338,435  
Weighted average remaining lease term     6.9 years  
Weighted average discount rate     8.00 %

Schedule of Maturities of Operating Lease Liabilities

Pursuant to the terms of our non-cancelable lease agreements in effect at March 31, 2020, the following table summarizes our maturities of operating lease liabilities as of March 31, 2020:

 

2020   $ 1,003,714  
2021     1,605,121  
2022     1,652,563  
2023     1,700,005  
2024     1,747,447  
Thereafter     3,483,034  
Total lease payments   $ 11,191,884  
         
Less: imputed interest     (2, 589,355
Total   $ 8,602,529