Quarterly report pursuant to Section 13 or 15(d)

RIGHT TO USE ASSETS AND LEASE LIABILITY (Tables)

v3.21.1
RIGHT TO USE ASSETS AND LEASE LIABILITY (Tables)
3 Months Ended
Mar. 31, 2021
Disclosure Text Block [Abstract]  
Right to Use Asset [Table Text Block]

Right to use assets is summarized below:

 

   

March 31,

2021

   

December 31,

2020

 

Right to use assets, net

  $ 808,511     $ 1,087,075  

Less accumulated depreciation

    (452,245

)

    (780,591

)

Right to use assets, net

  $ 356,266     $ 306,484  

 

Lessee, Operating Lease, Disclosure [Table Text Block]

Lease liability is summarized below:

 

   

March 31,

2021

   

December 31,

2020

 

Total lease liability

  $ 358,034     $ 313,411  

Less: short term portion

    (329,924

)

    (312,691

)

Long term portion

  $ 28,110     $ 720  

 

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

Maturity analysis under these lease agreements are as follows:

 

Remainder of 2021

  $ 289,195  

Year ended December 31, 2022

    83,412  

Total

    372,607  

Less: Present value discount

    (14,573

)

Lease liability

  $ 358,034  

 

Lease, Cost [Table Text Block]

Lease expense for the three months ended March 31, 2021 and 2020 was comprised of the following:

 

   

March 31,

2021

   

March 31,

2020

 

Operating lease expense

  $ 110,932     $ 113,262  

Short-term lease expense

    7,429       5,655  

Variable lease expense

    240       491  

Total

  $ 118,601     $ 119,408