Operating Leases

9 Months Ended

Sep. 30, 2020

Disclosure of Operating Leases [Abstract]

Operating Leases

5. Operating Leases.

The Company has operating lease agreements for its corporate office. The leases include options to extend the leases for up to 1 year and options to terminate the lease within 1 year. There are no obligations under finance leases.

The Company entered into an agreement in May 2020 that amended its lease for its office facilities. Under the amended lease, the Company’s leased space will increase from approximately 7,800 square feet of space to approximately 10,700 square feet of space. The lessor is currently building this space. The lease is expected to commence in early 2021 when construction of the asset is completed and available for use. The lease disclosures for the three and nine months periods ended September 30, 2020 in these financial statements have been adjusted for the modification of the current lease.

The components of lease expense were as follows:

	For the Three Months Ended September 30, 2020		For the Nine Months Ended September 30, 2020
Operating lease cost	$	61,111	$	200,624

Supplemental cash flow information related to leases was as follows:

	September 30, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows	$	253,024
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	37,528

Supplemental balance sheet information related to leases was as follows:

	September 30, 2020
Operating lease right-of-use assets	$	12,167
Other current liabilities	$	114,563
Operating lease liabilities, net of current portion		—
Total operating lease liabilities	$	114,563
Weighted average remaining lease term		0.3 years
Weighted average discount rate		3.68	%

Remaining payments of lease liabilities as of September 30, 2020 were as follows:

2020 (remaining three months)	$	86,582
2021		28,860
2022		—
Total lease payments		115,442
Less imputed interest		(879	)
Total	$	114,563