Annual report pursuant to Section 13 and 15(d)

Commitments and Contingencies (Tables)

v3.20.1
Commitments and Contingencies (Tables)
12 Months Ended
Dec. 31, 2019
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 the Company’s non-cancelable lease agreements in effect at December 31, 2019, the following table summarizes the Company’s maturities of operating lease liabilities as of December 31, 2019:

 

Year ending December 31, 2019:

 

2020   $ 1,265,760  
2021     1,605,121  
2022     1,652,563  
2023     1,700,005  
2024     1,747,447  
Thereafter     3,483,034  
Total lease payments   $ 11,453,929  
         
Less: imputed interest     (2,760,957 )
Total   $ 8,692,973  

Schedule of Future Minimum Operating Lease Payments

The following disclosures as of December 31, 2018 continue to be in accordance with ASC 840. Future minimum lease payments for operating leases as of December 31, 2018 were as follows:

 

2019   $ 623,958  
2020     784,243  
2021     830,600  
2022     855,150  
2023     879,699  
Thereafter     1,055,639  
Total   $ 5,029,289  

Schedule of Future Minimum Capital Lease Commitments

The following disclosures as of December 31, 2018 continue to be in accordance with ASC 840. Future minimum lease payments for capital leases as of December 31, 2018 was as follows:

 

Total future minimum lease payments – end in 2019   $ 378  
Less: interest     (3 )
Future capital lease obligations     375  
Less: current portion     (375 )
Long-term portion   $