Quarterly report pursuant to Section 13 or 15(d)

L. COMMITMENTS AND CONTINGENCIES (Tables)

v3.20.1
L. COMMITMENTS AND CONTINGENCIES (Tables)
 3 Months Ended
Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]  
Components of lease expense

The components of lease expense for the three months ended March 31, 2020 were as follows:

 

Operating lease expense:    
Operating lease cost - fixed   $ 58,779  
Variable lease cost     38,732  
Total operating lease cost   $ 97,511  
Other information related to leases

Other information related to leases as of March 31, 2020 was as follows:

 

Operating lease liability - current   $ 226,464  
Operating lease liability - long-term   $ 720,890  
Operating cash outflows from operating leases   $ 55,029  
         
Weighted-average remaining lease term of operating leases     5.43 years  
Weighted-average discount rate of operating leases     8.5 %
Future annual minimum operating lease payments

Future annual minimum operating lease payments as of March 31, 2020 were as follows:

 

2020 (excluding the three months ended March 31, 2020)   $ 168,806  
2021     242,299  
2022     195,176  
2023     193,169  
2024 and thereafter     384,119  
Total minimum lease payments     1,183,569  
Less imputed interest     (236,215 )
Total   $ 947,354  
Sales tax accrual

The following table sets forth the change in the sales tax accrual as of March 31, 2020 and December 31, 2019:

 

    March 31,
2020		   December 31, 2019
Balance, beginning of year   $ 26,957     $ 43,400  
Sales tax collected     20,449       167,233  
Provisions (reversals)     15,553       (10,664 )
Payments     (54,069 )     (173,012 )
Balance, end of period   $ 8,890     $ 26,957