Quarterly report pursuant to Section 13 or 15(d)

Leases

v3.20.1
Leases
 3 Months Ended
Mar. 31, 2020
Leases [Abstract]  
Leases

10. LEASES

 

OPERATING LEASES

 

As of March 31, 2020, the Company had no leases that were classified as a financing lease. As of March 31, 2020, the Company did not have additional operating and financing leases that have not yet commenced.

 

Total operating lease expenses for the three months ended March 31, 2020 and 2019 were $113,599 and $69,941, respectively, and are recorded in other operating expenses on the condensed consolidated statement of operations.

 

Supplemental cash flows information related to leases was as follows:

 

    For The Three Months Ended  
    March 31,  
    2020     2019  
Cash paid for amounts included in the measurement of lease liabilities:            
Operating cash flows from operating leases                
    $ 52,743     $ 30,400  
Right-of-use assets obtained in exchange for lease obligations:                
Operating leases                
    $ -     $ -  
Weighted Average Remaining Lease Term                
Operating leases                
      1.41       2.32  
Weighted Average Discount Rate                
Operating leases     6.0 %     6.0 %

 

Future minimum payments under non-cancellable leases as of March 31, 2020 were as follows:

 

For the Years Ending December 31,     Amount  
         
  2020     $ 156,274  
  2021       86,819  
  Total future minimum lease payments       243,092  
  Less: imputed interest       (13,510 )
  Total     $ 229,582