Lease Commitments

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Lease Commitments

Note 10 - Lease Commitments

The annual minimum lease payments, including fixed rate escalations, on the Company's operating lease liability with a related party under common ownership in Plantation, FL as of December 31, 2019 are as follows:

Years Ending December 31:
2020	$	361,067
2021		371,898
2022		383,055
2023		64,154
Total minimum lease payments		1,180,174
Less: amount representing interest		(49,689	)
Present value of future payments		1,130,485
Less: current obligations		(335,338	)
Long-term obligations	$	795,147

Operating Leases

During 2018, the Company entered into a third-party lease for its Miami Beach, Florida operations. The one year lease provided for monthly payments of $3,800, with a renewal option for an additional 12 months at $4,000 monthly. The lease expired April 30, 2019 and was not renewed.

During 2018, the Company entered into an agreement for the licensed right to use 201 garage parking spaces in Miami Beach, Florida. The 27-month agreement provided for monthly payments of $140 per space ($28,140 per month total), with annual escalations of two percent (2%). In April 2019, the Company terminated the license to use the parking spaces.

Rent expense charged to operations for the years ended December 31, 2019 and 2018, inclusive of CAM and taxes, was approximately $562,300 and $732,500 respectively.