Quarterly report pursuant to Section 13 or 15(d)

Commitments (Tables)

Commitments (Tables)

6 Months Ended

Jun. 30, 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	June 30, 2020		December 31, 2019
Operating lease liabilities:
Current portion of lease liabilities	$	638,051	$	631,889
Long-term portion of lease liabilities	$	3,115,284	$	3,264,128

Summary of Future Minimum Lease Payments

As of June 30, 2020, the maturities of the Company’s operating lease liabilities were as follows:


	Amount
July 1, 2020-December 31, 2020	$	333,195
Year ending December 31:
2021		679,719
2022		693,313
2023		707,179
2024		721,323
Thereafter		2,251,688

Total lease payments		5,386,417
Less: Present value adjustment		(1,633,082	)

Operating lease liabilities	$	3,753,335

Lease, Cost

Lease costs under the terms of the Company’s leases for the three and six months ended June 30, 2020 and 2019 were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Operating lease cost (1)	$	153,734	$	153,809	$	307,022	$	307,181
Variable lease costs (2)		24,260		33,428		45,613		51,117

Total lease cost	$	177,994	$	187,237	$	352,635	$	358,298

(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.