Quarterly report pursuant to Section 13 or 15(d)

Leases

v3.20.2
Leases
 6 Months Ended
Jun. 30, 2020
Leases [Abstract]  
Leases
10. LEASES

 

OPERATING LEASES

 

As of June 30, 2020, the Company had no leases that were classified as a financing lease. As of June 30, 2020, the Company did not have additional operating and financing leases that have not yet commenced.

 

Total operating lease expenses for the three and six months ended June 30, 2020 were $120,460 and $234,059, respectively, and for the three and six months ended June 30, 2019 were $42,470 and $80,610, respectively, and are recorded in other operating expenses on the condensed consolidated statements of operations.

 

Supplemental cash flows information related to leases was as follows:

 

    For The Six Months Ended  
    June 30,  
    2020     2019  
Cash paid for amounts included in the measurement of lease liabilities:            
Operating cash flows from operating leases   $ 166,963     $ 80,610  
                 
Right-of-use assets obtained in exchange for lease obligations:                
Operating leases   $ -     $ 266,103  
                 
Weighted Average Remaining Lease Term                
Operating leases     0.92       2.03  
                 
Weighted Average Discount Rate                
Operating leases     6.0 %     6.0 %

 

Future minimum payments under non-cancellable leases as of June 30, 2020 were as follows:

 

For the Years Ending December 31,   Amount  
       
2020   $ 104,182  
2021     86,819  
Total future minimum lease payments     191,001  
Less: imputed interest     (8,565 )
Total   $ 182,436