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Leases (Tables)
9 Months Ended
Sep. 30, 2020
Leases  
Summary of quantitative information regarding the Company’s leases

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended September 30, 

 

Nine months ended September 30, 

Lease Cost

    

2020

    

2019

 

2020

    

2019

Operating lease cost

 

$

56,834

 

$

54,358

 

$

168,900

 

$

106,210

Other Information

 

 

 

 

 

 

 

 

 

 

 

 

Operating cash flows paid for amounts included in the measurement of lease liabilities

 

$

62,909

 

$

51,394

 

$

188,727

 

$

112,211

Operating lease liabilities arising from obtaining right‑of‑use assets

 

$

 —

 

$

585,256

 

$

 —

 

$

585,256

Weighted average remaining lease term (years)

 

 

1.25 - 1.75

 

 

2.3 - 2.8

 

 

1.25 - 1.75

 

 

2.3 - 2.8

Weighted average discount rate

 

 

3.0 - 4.3%

 

 

3.0 - 4.3%

 

 

3.0 - 4.3%

 

 

3.0 - 4.3%

 

Schedule of future lease payments under noncancellable leases

Future lease payments under noncancelable leases are as follows at September 30, 2020:

 

 

 

 

 

    

Operating

Future Lease Payments

 

Leases

2020

 

$

63,914

2021

 

 

257,952

2022

 

 

65,863

Total Lease Payments

 

$

387,729

Less: Imputed Interest

 

 

(10,646)

Total Lease Liabilities

 

$

377,083