Quarterly report pursuant to Section 13 or 15(d)

I. COMMITMENTS AND CONTINGENCIES (Tables)

v3.20.2
I. COMMITMENTS AND CONTINGENCIES (Tables)
 9 Months Ended
Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]  
Components of lease expense

The components of lease expense for the nine months ended September 30, 2020 were as follows:

 

Operating lease expense:      
Operating lease cost – fixed   $ 173,556  
Variable lease cost     101,725  
Total operating lease cost   $ 275,281  
Other information related to leases

Other information related to leases as of September 30, 2020 was as follows:

 

Operating lease liability – current   $ 237,048  
Operating lease liability – long-term   $ 636,622  
Operating cash outflows from operating leases   $ 166,918  
         
Weighted-average remaining lease term of operating leases     5.01 years  
Weighted-average discount rate of operating leases     8.5%  
Future annual minimum operating lease payments

Future annual minimum operating lease payments as of September 30, 2020 were as follows:

 

2020 (excluding the nine months ended September 30, 2020)   $ 56,917  
2021     242,299  
2022     195,176  
2023     193,169  
2024 and thereafter     384,119  
Total minimum lease payments     1,071,680  
Less imputed interest     (198,010 )
Total   $ 873,670  
Sales tax accrual

The following table sets forth the change in the sales tax accrual as of September 30, 2020 and December 31, 2019:

 

    September 30,
2020		    

December 31,

2019

  
Balance, beginning of year   $ 26,957     $ 43,400  
Sales tax collected     67,413       167,233  
Provisions (reversals)     24,353       (10,664 )
Payments     (101,215 )     (173,012 )
Balance, end of period   $ 17,508     $ 26,957