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:

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

Three Months Ended

March 31, 2021

March 31, 2020

Operating leases

Operating cash flows from operating leases