Annual report pursuant to Section 13 and 15(d)

Commitments and Contingencies (Tables)

v3.21.1
Commitments and Contingencies (Tables)
12 Months Ended
Dec. 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:
 
    
December 31,
 
Description
  
2020
    
2019
 
Operating lease liabilities:
                 
Current portion of lease liabilities
   $ 644,527      $ 631,889  
Long-term portion of lease liabilities
   $ 2,958,895      $ 3,264,128  
Summary of Future Minimum Lease Payments
As of December 31, 2020, the maturities of the Company’s operating lease liabilities were as follows:
 
    
Amount
 
Year ending December 31:
        
2021
     679,719  
2022
     693,313  
2023
     707,179  
2024
     721,323  
2025
     735,749  
Thereafter
     1,515,940  
    
 
 
 
Total lease payments
     5,053,223  
Less: Present value adjustment
     (1,449,801
    
 
 
 
Operating lease liabilities
   $ 3,603,422  
    
 
 
 
Lease, Cost
Lease costs under the terms of the Company’s leases for the years ended December 31, 2020 and 2019 are as follows:
 
    
Year Ended
December 31,
 
    
2020
    
2019
 
Operating lease cost (1)
   $ 614,735      $ 616,653  
Variable lease costs (2)
     126,203        98,909  
    
 
 
    
 
 
 
Total lease cost
   $ 740,938      $ 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.
Rent expense is recognized using the straight-line method over the term of each lease. Rent expense for the year ended December 31, 2018 was approximately $618,000.