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Leases | 3 Months Ended
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Mar. 31, 2021
Leases [Abstract] |
Leases | 3. Leases Accounting and reporting guidance for leases requires that leases be evaluated and classified as either operating or finance leases by the lessee and as either operating, sales-type or direct financing leases by the lessor. For leases with terms greater than 12 months, the Company records the related right-of-use (“ROU”) asset and lease obligation at the present value of lease payments over the term. Leases may include fixed rental escalation clauses, renewal options and / or termination options that are factored into the determination of lease payments when appropriate. The Company’s operating leases are included in ROU assets, lease liabilities-current portion and lease liability-less current portion in the accompanying consolidated balance sheets. ROU assets represent the Company’s right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make lease payments arising from the lease. The Company’s leases do not usually provide a readily determinable implicit rate; therefore, an estimate of the Company’s incremental borrowing rate is used to discount the lease payments based on information available at the lease commencement date. The discount rate used was 5.5%. The table below summarizes the right-of-use asset and lease liability for the period ended March 31, 2021:
|  | March 31, 2021 |
Right of Use Assets |  |  |  |
Balance at December 31, 2020 |  | $ | 483,113 |
Depreciation |  |  | (74,883 | )
Balance at March 31, 2021 |  | $ | 408,230 |
Lease Liability |  |  |  |
Balance at December 31, 2020 |  | $ | 483,113 |
Lease interest expense |  |  | 8,187 |
Payments |  |  | (83,070 | )
Balance at March 31, 2021 |  | $ | 408,230 |
Short-term portion |  | $ | 223,535 |
Long-term portion |  |  | 184,695 |
Total |  | $ | 408,230 |
Undiscounted rent payments for the next five years are as follows:
2021 |  | $ | 204,830 |
2022 |  |  | 67,320 |
2023 |  |  | 66,180 |
2024 |  |  | 59,520 |
2025 |  |  | 61,020 |
Total |  | $ | 458,870 |
Impact of discounting |  |  | 50,640 |
Lease liability, March 31, 2021 |  | $ | 408,230 |

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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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