Quarterly report pursuant to Section 13 or 15(d)

Right-of-Use Assets and Liabilities

v3.20.2
Right-of-Use Assets and Liabilities
6 Months Ended
Jun. 30, 2020
Right-of-Use Assets and Liabilities  
Right-of-Use Assets and Liabilities

Note 14 – Right-of-Use Assets and Liabilities

Future lease payments under operating leases as of June 30, 2020 were as follows:

Remainder of 2020

$

261,051

2021

 

512,285

2022

 

536,270

2023

 

536,270

2024

 

44,689

Total Future Lease Payments

 

1,890,565

Less: Imputed Interest

 

(163,865)

Total Lease Liability Balance

$

1,726,700

Operating lease costs under the operating leases totaled $156,606 and $149,777 for the three months ended June 30, 2020 and 2019, respectively. Operating lease costs under the operating leases totaled $306,606 and $290,077 for the six months ended June 30, 2020 and 2019, respectively.

As of June 30, 2020, the weighted average discount rate was 4.5% and the weighted average remaining lease term was 3.5 years.