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Leases

3 Months Ended

Mar. 31, 2021

Note 8. Leases

For the three months ended March 31, 2021 and 2020 the Company recognized lease expense of $40,304 and $119,650, respectively. This expense does not include non-lease components associated with the lease agreements as the Company elected not to include such charges as part of the lease expense.

The tables below provide the details of the right of use assets and lease liabilities:

Supplemental Balance Sheet Information for Operating Leases

	March 31, 2021			December 31, 2020
Operating leases:
Operating lease right of use assets	$	502,108		$	517,257
Operating lease liabilities:
Current portion of operating lease liabilities		537,002			534,547
Noncurrent operating lease liabilities		874,003			885,333
Total operating lease liabilities	$	1,411,005		$	1,419,880
Weighted average remaining lease term (in years)		5.7			5.7
Weighted average discount rate		13.75	%		13.75	%

Future minimum lease payments under non-cancellable operating leases as of March 31, 2021:

Remainder of 2021	$	750,778
2022		337,254
2023		142,892
2024		146,044
2025 and there after		676,260
Total future minimum lease payments		2,053,228
Less: Amounts representing interest		(642,223	)
Total	$	1,411,005