Commitments and Contingencies

3 Months Ended

Mar. 31, 2021

Commitments And Contingencies Disclosure [Abstract]

Note 10 — Commitments and Contingencies

Litigation

In the normal course of business, the Company may be involved in legal proceedings, claims and assessments arising from the ordinary course of business. Such matters are subject to many uncertainties, and outcomes are not predictable with assurance. Currently, there is no litigation against the Company.

Operating Leases

The company has a non-cancelable sublease agreement for its corporate headquarters in Boston, MA expiring in 2023, and it has a non-cancelable lease agreement for its office space in Fort Worth, TX expiring in 2025 with early termination available at the company’s discretion in 2023. Termination options were not included in the lease term for the Company’s existing operating leases. Certain arrangements have discounted rent periods or escalating rent payment provisions. Leases with an initial term of twelve months or less are not recorded on the consolidated balance sheets. We recognize rent expense on a straight-line basis over the lease term.

As of March 31, 2021, operating lease assets were approximately 783,800 and operating lease liabilities were approximately $848,600. The maturity of the Company’s operating lease liabilities as of March 31, 2021, are as follows:

	March 31, 2021
2021 (March 31, -December 31)	$	267,881
2022		454,774
2023		312,014
2024		57,852
2025		59,459
Thereafter		—
Total future minimum lease payments		1,151,980
Less imputed interest		303,413
Total operating lease liabilities	$	848,567
Included in the condensed consolidated balance sheet:
Current operating lease liabilities	$	204,460
Non-current operating lease liabilities		644,107
Total operating lease liabilities	$	848,567

For the three months ended March 31, 2021 and 2020, the total lease cost is comprised of the following amounts:

	For the Three Months Ended March 31,
	2021		2020
Operating lease expense		67,509		—
Short-term lease expense		23,409		173,704
Total lease expense	$	90,918	$	173,704

The following summarizes additional information related to operating leases:

	March 31, 2021
Weighted-average remaining lease term		3.0
Weighted-average discount rate		20	%

Major Customers

At March 31, 2021, one insurance company and their affiliates accounted for approximately 45% of accounts receivable.