Note 6 - Operating Leases (Tables)

6 Months Ended

Jun. 30, 2019

Notes to Financial Statements

Balance sheet information related to lease

Balance sheet information related to the lease is as follows:

	June 30,		December 31,
	2019		2018
Operating lease right-of-use asset	$	250,019		258,276
Operating lease liability, current portion		(17,799)		(16,935)
Operating lease liability, net of current portion		(232,220)		(241,341)

Components of lease expense

The components of lease expense are as follows:

	June 30,		June 30,
	2019		2018
Amortization of right-of-use asset recorded as rent expense	$	8,257		-
Interest on lease liability included in other expense		12,743		-
Total lease cost	$	21,000		-

Maturities of lease liability

Maturities of the lease liability for the twelve months ended June 30, 2019 are as follows:

Future Minimum Lease Payments
2020	$	42,000
2021		42,000
2022		42,000
2023		42,000
2024		42,000
Thereafter		171,500
Total future minimum lease payments	$	381,500
Less: amount representing interest		(131,481)
Present value of future payments	$	250,019
Current portion		17,799
Long-term portion		232,220

Other information related to lease

Other information related to the lease:

	June 30,		June 30,
	2019		2018
Operating cashflows
Cash paid related to operating lease obligations	$	10,500		-
Weighted average remaining lease term (in years)
Operating leases		9.08		-
Weighted average discount rate
Operating leases		10.0%		0.0%