Quarterly report pursuant to Section 13 or 15(d)

RIGHT TO USE ASSETS AND LEASE LIABILITY (Tables)

v3.20.2
RIGHT TO USE ASSETS AND LEASE LIABILITY (Tables)
9 Months Ended
Sep. 30, 2020
Disclosure Text Block [Abstract]  
Right to Use Asset [Table Text Block]

Right to use assets is summarized below:

 

   

September 30,

2020

   

December 31,

2019

 

Right to use assets, net

  $ 1,084,715     $ 1,084,715  

Less accumulated depreciation

    (674,733

)

    (370,373

)

Right to use assets, net

  $ 409,982     $ 714,342  

 

Lessee, Operating Lease, Disclosure [Table Text Block]

Lease liability is summarized below:

 

   

September 30,

2020

   

December 31,

2019

 

Total lease liability

  $ 418,673     $ 723,419  

Less: short term portion

    (396,308

)

    (412,288

)

Long term portion

  $ 22,365     $ 311,131  

 

Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]

Maturity analysis under these lease agreements are as follows:

 

Year ended December 31, 2020

  $ 115,202  

Year ended December 31, 2021

    321,386  

 Total

    436,588  

Less: Present value discount

    (17,915

)

Lease liability

  $ 418,673  

 

Lease, Cost [Table Text Block]

Lease expense for the three months ended September 30, 2020 and 2019 was comprised of the following:

 

   

September 30,

2020

   

September 30,

2019

 

Operating lease expense

  $ 114,861     $ 102,394  

Short-term lease expense

    9,080       31,492  

Variable lease expense

    496       (100

)

Total

  $ 124,437     $ 133,786  

 

   

September 30,

2020

   

September 30,

2019

 

Operating lease expense

  $ 342,152     $ 232,427  

Short-term lease expense

    27,473       64,252  

Variable lease expense

    1,031       1,512  

Total

  $ 370,656     $ 298,191