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Commitments and Contingencies
 6 Months Ended
Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

Note 9. Commitments and Contingencies

 

We lease office space under non-cancelable operating lease which expires on March 31, 2023. Our periodic lease cost and operating cash flows was $19,752 and $19,782 for the three months ended June 30, 2021 and 2020, respectively. Our periodic lease cost and operating cash flow was $39,670 and $34,844 for the six months ended June 30, 2021 and 2020, respectively. As of June 30, 2021, our right of use asset and related liability was $118,068 and $127,771.

 

In determining the present value of our operating lease right-of-use asset and liability, we used a 10% discount rate (which approximated our borrowing rate). The remaining term on the lease is 3 years.

 

The following table presents the future operating lease payment as of June 30, 2021.

 

    Jun. 30, 2021 
2021 (six months remaining)   39,297 
2022   80,361 
2023   20,238 
Total Lease payments   139,896 
Less: imputed interest   (12,125)
Total lease liability  $127,771 

 

From time to time, various lawsuits and legal proceedings may arise in the ordinary course of business. However, litigation is subject to inherent uncertainties and an adverse result in these or other matters may arise from time to time that may harm our business. We are currently the defendant in one legal proceeding for an amount less than $100,000. Our legal counsel and management believe a material unfavorable outcome to be remote.

 

 

Barfresh Food Group Inc.

Notes to Condensed Consolidated Financial Statements

June 30, 2021

(Unaudited)