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 Classification of Lease Liabilities
The balance sheet classification of the Company’s lease liabilities was as follows:
 
Description
  
December 31,
2019
    
December 31,
2018
 
Operating lease liabilities:
     
Current portion of lease liabilities
   $ 631,889      $ —    
Long-term portion of lease liabilities
   $ 3,264,128      $ —    
Summary of Future Minimum Lease Payments
As of December 31, 2019, the maturities of the Company’s operating lease liabilities were as follows:
 
    
Amount
 
Year ending December 31:
  
2020
   $ 666,391  
2021
     679,719  
2022
     693,313  
2023
     707,179  
2024
     721,323  
Thereafter
     2,251,688  
  
 
 
 
Total lease payments
     5,719,613  
Less: Present value adjustment
     (1,823,596
  
 
 
 
Operating lease liabilities
   $ 3,896,017  
  
 
 
 
Lease, Cost
Lease costs under the terms of the Company’s leases for the year ended December 31, 2019 are as follows:
 
 
  
Year Ended
December 31, 2019
 
Operating lease cost (1)
  
$
616,653
 
Variable lease cost (2)
  
 
98,909
 
 
  
 
 
 
Total lease cost
  
$
715,562
 
 
  
 
 
 
 
(1)
Operating lease payments included in the measurement of the Company’s lease liabilities are comprised of fixed payments according to the terms of the Company’s leases.
(2)
Variable lease payments consist of the Company’s utility costs billed by and paid to its landlord. Variable lease payments are presented as operating expenses in the Company’s Consolidated Statement of Operations in the same line item as expense arising from fixed lease payments and in net cash used in operating activities in the Company’s Statement of Cash Flows.