Leases (Tables)

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Schedule of Components of Lease Expense

The components of lease expense were as follows:

	Year Ended		Year Ended
	December 31, 2020		December 31, 2019
Finance leases:
Depreciation of assets	$	88,000	$	98,300
Interest on lease liabilities		38,000		52,600
Operating lease expense		328,300		200,800
Total net lease cost	$	454,300	$	351,700

Schedule of Supplemental Balance Sheet Information Related to Leases

Supplemental balance sheet information related to leases was as follows:

	December 31, 2020		December 31, 2019
Operating leases:
Operating lease ROU assets	$	873,800	$	1,132,700
Total ROU Liabilities	$	841,700	$	1,115,500
Finance leases:
Property and equipment, at cost	$	1,411,100	$	983,400
Accumulated depreciation		140,400		250,500
Property and equipment, net	$	1,270,700	$	732,900
Total Finance lease liabilities	$	999,400	$	520,700

Schedule of Supplemental Cash Flow and Other Information Related to Leases

Supplemental cash flow and other information related to leases was as follows:

	Year Ended			Year Ended
	December 31, 2020			December 31, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	(273,800	)	$	(170,700	)
Financing cash flows from finance leases		(564,400	)		(185,100	)
Assets obtained in exchange for lease liabilities:
Operating leases	$	0		$	1,286,200
Finance leases		1,043,100			0
Weighted average remaining lease term (in years):
Operating leases		3.2			3.8
Finance leases		3.1			2.0
Weighted average discount rate:
Operating leases		9.9	%		7.0	%
Finance leases		5.2	%		7.98	%

Schedule of Minimum Lease Payments Under the Terms of the Leases

The minimum lease payments under the terms of the leases are as follows:

For the years ended December 31, 2020:

	Operating Leases			Finance Leases			Total
2021	$	320,800		$	397,100		$	717,900
2022		303,000			269,400			572,400
2023		196,800			264,500			461,300
2024		113,900			161,300			276,200
2025		-			-			-
Total lease payments	$	934,500		$	1,093,300		$	2,027,800
Less amount of discount/interest		(92,800	)		(93,900	)		(186,700	)
	$	841,700		$	999,400		$	1,841,100