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Lease Liability

3 Months Ended

Mar. 31, 2021

Leases [Abstract]

Lease Liability

8. Lease Liability

The Company has operating leases predominantly for operating facilities. As of March 31, 2021, the remaining lease terms on our operating leases range from less than one to two years. DSS Plastics Group which finalized the sale of its assets on August 14, 2020 is not included in the lease liability calculation (see Note 11). Renewal options to extend our leases have not been exercised due to uncertainty. Termination options are not reasonably certain of exercise by the Company. There is no transfer of title or option to purchase the leased assets upon expiration. There are no residual value guarantees or material restrictive covenants. There are no significant finance leases as of March 31, 2021.

Future minimum lease payments as of March 31, 2021 are as follows:

Maturity of Lease Liability
					Totals
		2021			132,000
		2022			18,000
		2023			4,000
		2024			4,000
		2025			4,000
		2026			2,000
		Total lease payments			164,000
		Less: Imputed Interest			(8,000	)
		Present value of remaining lease payments		$	156,000
		Current		$	138,000
		Noncurrent		$	18,000
		Weighted-average remaining lease term (years)			0.9
		Weighted-average discount rate			4.04	%

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- References

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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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