Annual report pursuant to Section 13 and 15(d)

RIGHT TO USE ASSETS AND LEASE LIABILITY (Tables)

v3.20.4
RIGHT TO USE ASSETS AND LEASE LIABILITY (Tables)
12 Months Ended
Dec. 31, 2020
Disclosure Text Block [Abstract]  
Right to Use Asset [Table Text Block]

Right to use assets is summarized below:

 

   

December 31,

2020

   

December 31,

2019

 

Right to use assets, net

  $ 1,087,075     $ 1,084,715  

Less accumulated depreciation

    (780,591

)

    (370,373

)

Right to use assets, net

  $ 306,484     $ 714,342  

 

Lessee, Operating Lease, Disclosure [Table Text Block]

Lease liability is summarized below:

 

   

December 31,

2020

   

December 31,

2019

 

Total lease liability

  $ 313,411     $ 723,419  

Less: short term portion

    (312,691

)

    (412,288

)

Long term portion

  $ 720     $ 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, 2021

  $ 322,586  

Year ended December 31, 2022

    1,200  

Total

    323,786  

Less: Present value discount

    (10,375

)

Lease liability

  $ 313,411  

 

Lease, Cost [Table Text Block]

Lease expense for the year ended December 31, 2020 and 2019 was comprised of the following:

 

   

December 31,

2020

   

December 31,

2019

 

Operating lease expense

  $ 455,591     $ 345,667  

Short-term lease expense

    35,453       66,422  

Variable lease expense

    1,800       1,674  

Total

  $ 492,844     $ 413,763