v3.21.1

Leases | 3 Months Ended
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Mar. 31, 2021
Leases |
Leases | Note 7‑ Leases The Company leases facilities under agreements classified as operating leases that expire in 2022, 2023 and 2024. The Company’s leases include renewal options; however, renewal options have not been included in the calculation of the lease liabilities and right of use assets as the Company is not reasonably certain to exercise the options. Leases with an initial term of 12 months or less are not recorded on the balance sheet and expense is recognized on a straight-line basis over the lease term. The Company does not act as a lessor or have any leases classified as financing leases. In connection with the ANC-Zodega Subsidiaries acquisitions, as described in Note 1, the Company assumed lease agreements with third party vendors. The leases resulted in a $0.5 right of use asset and a $0.5 lease liabilities. At March 31, 2021 and December 31, 2020, the Company had operating lease liabilities of $0.7 million and $0.3 million, respectively, and right of use assets of $0.7 million and $0.3 million, respectively. Lease expenses during the three months ended March 31, 2021 and March 31, 2020 are as follows:
|  | Three Months Ended
|  | March 31, 2021 |  | March 31, 2020
Operating leases |  |  |  |  |  |
Operating lease cost |  | $ | 54,696 |  | $ | 19,750
Operating lease expense |  |  | 54,696 |  |  | 19,750
Short-term lease rent expense |  |  | 14,435 |  |  | 19,974
Total rent expense |  | $ | 69,131 |  | $ | 39,724
The weighted-average remaining lease term as of March 31, 2021 was 2.8 years. The weighted-average discount rate was 6%. Supplemental cash flow information related to the Company’s leases is as follows: The Company's future maturity of its operating lease liability is as follows:
|  | Three Months Ended
|  | March 31, 2021 |  | March 31, 2020
Operating leases |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 43,120 |  | $ | 19,750
Lease Maturity
2021 (excluding the three months ended March 31, 2021) |  |  | 228,505
2022 |  |  | 282,805
2023 |  |  | 217,736
2024 |  |  | 50,867
2025 |  |  | —
Thereafter |  |  | —
Total |  |  | 779,913
Less: Interest |  |  | (63,510)
Present value of lease liabilities |  | $ | 716,403

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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