Quarterly report pursuant to Section 13 or 15(d)

Commitments (Tables)

v3.20.1
Commitments (Tables)
3 Months Ended
Mar. 31, 2020
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
  
March 31,

2020
    
December 31,

2019
 
Operating lease liabilities:
     
Current portion of lease liabilities
   $ 634,932      $ 631,889
Long-term portion of lease liabilities
   $ 3,190,626      $ 3,264,128
Summary of Future Minimum Lease Payments
As of March 31, 2020, the maturities of our operating lease liabilities were as follows:
 
    
Amount
 
April 1, 2020-December 31, 2020
   $ 499,793  
Year ending December 31:
  
2021
     679,719  
2022
     693,313  
2023
     707,179  
2024
     721,323  
Thereafter
     2,251,688  
  
 
 
 
Total lease payments
     5,553,015  
Less: Present value adjustment
     (1,727,457
  
 
 
 
Operating lease liabilities
     3,825,558  
  
 
 
 
Lease, Cost
Lease costs under the terms of the Company’s leases for the three months ended March 31, 2020 and 2019 were as follows:
 
    
March 31,
 
    
2020
    
2019
 
Operating lease cost (1)
   $ 153,288      $ 153,372  
Variable lease costs (2)
     21,353        17,689  
  
 
 
    
 
 
 
Total lease cost
   $ 174,641      $ 171,061  
  
 
 
    
 
 
 
 
(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.