Note 6 - Operating Leases (Tables)

3 Months Ended

Mar. 31, 2019

Notes to Financial Statements

Balance sheet information related to lease

Balance sheet information related to the lease is as follows:

	March 31,			December 31,
	2019			2018
Operating lease right-of-use asset	$	254,199			258,276
Operating lease liability, current portion		(17,362	)		(16,935	)
Operating lease liability, net of current portion		(236,837	)		(241,341	)

Components of lease expense

The components of lease expense are as follows:

	March 31,		March 31,
	2019		2018
Amortization of right-of-use asset recorded as rent expense	$	4,077	$	—
Interest on lease liability included in other expense		6,423		—
Total lease cost	$	10,500	$	—

Maturities of lease liability

Maturities of the lease liability are as follows:

Future Minimum Lease Payments
2019	$	42,000
2020		42,000
2021		42,000
2022		42,000
2023		42,000
Thereafter		210,000
Total future minimum lease payments	$	420,000
Less: amount representing interest		(165,801)
Present value of future payments	$	254,199
Current portion		17,362
Long-term portion		236,837

Other information related to lease

Other information related to the lease:

	March 31,			March 31,
	2019			2018
Operating cash flows
Cash paid related to operating lease obligations	$	10,500		$	—
Weighted average remaining lease term (in years)
Operating leases		9.33			—
Weighted average discount rate
Operating leases		10.0	%		0.0	%