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6. LEASES

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

6. LEASES

In April 2018, we entered into a 10-year lease agreement for a new 9,000-square-foot facility that contains office, warehouse, lab and research and development space in Frederick, Maryland. The lease agreement was scheduled to commence on December 1, 2018 or when the property was ready for occupancy. The agreement provided for annual rent of $143,460, an escalation clause that increases the rent 3% year over year, a landlord tenant improvement allowance of $405,000 and additional landlord work as discussed in the lease agreement. We took occupancy of the property on December 17, 2018 and the lease was amended in March 2019 to provide for a 4-month rent holiday and a commencement date of April 1, 2019. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term.

The balances for our operating lease where we are the lessee are presented as follows within our consolidated balance sheet:

Operating leases:	December 31, 2019
Assets:
Operating lease right-of-use asset	$674,471
Liabilities:
Current Portion of Long-Term Operating Lease	$71,510
Long-Term Operating Lease, Net of Current Portion	$1,034,413
	$1,105,923

The components of lease expense are as follows within our consolidated statement of operations:

	For the Year Ended December 31, 2019
Operating lease expense	$157,315

Other information related to leases where we are the lessee is as follows:

	For the Year Ended December 31, 2019
Weighted-average remaining lease term:
Operating leases	9.25 years
Discount rate:
Operating leases	7.00%

Supplemental cash flow information related to leases where we are the lessee is as follows:

	For the Year Ended December 31, 2019
Cash paid for amounts included in the measurement of lease liabilities:	$65,753

As of December 31, 2019, the maturities of our operating lease liability are as follows:

Year Ended:	Operating Lease
December 31, 2020	146,688
December 31, 2021	151,088
December 31, 2022	155,621
December 31, 2023	160,290
December 31, 2024	165,098
Thereafter	745,183
Total minimum lease payments	1,523,968
Less: Interest	418,045
Present value of lease obligations	1,105,923
Less: Current portion	71,510
Long-term portion of lease obligations	$1,034,413

As previously reported in our Annual Report on Form 10-K for the year ended December 31, 2018 and under legacy lease accounting (ASC 840), future minimum lease payments under non-cancellable leases as of December 31, 2018 were as follows:

Year Ended:	Operating Lease
December 31, 2019	$102,000
December 31, 2020	147,000
December 31, 2021	151,000
December 31, 2022	156,000
December 31, 2023	160,000
Thereafter	923,000
	$1,639,000

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- Definition

The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-URI http://asc.fasb.org/topic&trid=2208923

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