Quarterly report pursuant to Section 13 or 15(d)

Right-of-Use Assets and Liabilities

v3.20.1
Right-of-Use Assets and Liabilities
3 Months Ended
Mar. 31, 2020
Right-of-Use Assets and Liabilities  
Right-of-Use Assets and Liabilities

Note 13 – Right-of-Use Assets and Liabilities

Future lease payments under operating leases as of March 31,2020 were as follows:

 

 

 

 

Remainder of 2020

    

$

456,524

2021

 

 

599,190

2022

 

 

587,286

2023

 

 

489,405

Total Future Lease Payments

 

 

2,132,405

Less: Imputed Interest

 

 

(167,421)

Total Lease Liability Balance

 

$

1,964,984

 

Operating lease costs under the operating leases totaled $150,000 and $140,300 for the three months ended March 31, 2020 and 2019, respectively.

As of March 31, 2020, the weighted average discount rate was 4.5% and the weighted average remaining lease term was 3.5 years.