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Leases (Tables)
12 Months Ended
Dec. 31, 2020
Leases  
Schedule of Operating lease cost

Years Ended December 31,

 

2020

 

 

2019

 

 

 

 

 

 

 

 

Operating lease cost

 

$259,954

 

 

$255,475

 

 

 

 

 

 

 

 

 

 

Finance lease cost:

 

 

 

 

 

 

 

 

Amortization of right-of-use assets

 

$38,667

 

 

$70,667

 

Interest on lease liabilities

 

 

5,396

 

 

 

16,705

 

Variable rent expense

 

 

33,940

 

 

 

33,940

 

Total finance lease cost

 

$78,003

 

 

$121,312

 

Schedule of Operating lease right-of-use assets

December 31,

 

2020

 

 

2019

 

 

 

 

 

 

 

 

Operating Leases

 

 

 

 

 

 

Operating lease right-of-use assets

 

$1,048,686

 

 

$1,254,384

 

 

 

 

 

 

 

 

 

 

Operating lease liabilities

 

$1,060,391

 

 

$1,263,173

 

 

 

 

 

 

 

 

 

 

Finance Leases

 

 

 

 

 

 

 

 

Finance lease right-of-use assets

 

$85,680

 

 

$124,347

 

 

 

 

 

 

 

 

 

 

Finance lease liabilities

 

$38,159

 

 

$99,823

 

 

 

 

 

 

 

 

 

 

December 31,

 

2020

 

 

2019

 

 

 

 

 

 

 

 

 

 

Weighted Average Remaining Lease Term

 

 

 

 

 

 

 

 

Operating Leases

 

4.0 Years

 

 

4.4 Years

 

Finance Leases

 

0.5 Years

 

 

1.5 Years

 

 

 

 

 

 

 

 

 

 

Weighted Average Discount Rate

 

 

 

 

 

 

 

 

Operating Leases

 

 

1.28%

 

 

1.28%

Finance Leases

 

 

7.50%

 

 

7.50%
schedule of Operating lease obligations

2021

 

$210,350

 

2022

 

 

216,180

 

2023

 

 

223,432

 

2024

 

 

199,648

 

2025

 

 

154,659

 

Subsequent to 2025

 

 

99,165

 

Total

 

$1,103,434

 

Schedule of Finance lease obligations

2021

 

$39,119

 

Less amount representing interest

 

 

(960)

Present value of net minimum lease payments

 

$38,159

 

Schedule of undiscounted cash flows in the maturity analysis

 

 

Operating

Leases

 

 

Finance

Leases

 

 

 

 

 

 

 

 

Undiscounted cash flows

 

$1,103,434

 

 

$39,119

 

Discount effect of cash flows

 

 

(43,043)

 

 

(960)

Lease liabilities

 

$1,060,391

 

 

$38,159