Quarterly report pursuant to Section 13 or 15(d)

I. COMMITMENTS AND CONTINGENCIES (Tables)

v3.21.1
I. COMMITMENTS AND CONTINGENCIES (Tables)
 3 Months Ended
Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]  
Components of lease expense

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

 

   2021     2020  
Operating lease expense:                
Operating lease cost - fixed   $ 57,387     $ 58,779  
Variable lease cost     30,137       38,732  
Total operating lease cost   $ 87,524     $ 97,511  
Other information related to leases

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

 

    2021     2020  
Operating lease liability - current   $ 236,740     $ 226,464  
Operating lease liability - long-term   $ 557,286     $ 720,890  
Operating cash outflows from operating leases   $ 57,658     $ 55,029  
                 
Weighted-average remaining lease term of operating leases     4.60 years       5.43 years  
Weighted-average discount rate of operating leases     8.5%       8.5%  
Future annual minimum operating lease payments

Future annual minimum operating lease payments as of March 31, 2021 were as follows:

 

2021 (excluding the three months ended March 31, 2021)   $ 184,641  
2022     195,176  
2023     193,169  
2024     172,425  
2025 and thereafter     211,694  
Total minimum lease payments     957,105  
Less imputed interest     (163,079 )
Total   $ 794,026  
Sales tax accrual

The following table sets forth the change in the sales tax accrual as of March 31, 2021 and December 31, 2020:

 

    March 31,
2021		     December 31,
2020		  
Balance, beginning of year   $ 31,396     $ 26,957  
Sales tax collected     18,287       94,904  
Provisions (reversals)     (8,533 )     27,916  
Payments     (35,082 )     (118,381 )
Balance, end of period   $ 6,068     $ 31,396