Annual report pursuant to Section 13 and 15(d)

M. COMMITMENTS AND CONTINGENCIES (Tables)

v3.21.1
M. COMMITMENTS AND CONTINGENCIES (Tables)
 12 Months Ended
Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]  
Components of lease expense

The components of lease expense for the years ended December 31 is as follows:

 

Operating lease expense:   2020     2019  
Operating lease cost - fixed   $ 230,944     $ 237,900  
Variable lease cost     125,872       118,198  
Total operating lease cost   $ 356,816     $ 356,098  
Other information related to leases

Other information related to leases as of December 31 is as follows:

 

    2020     2019  
Operating lease liability - current   $ 242,299     $ 223,835  
Operating lease liability - long-term   $ 592,341     $ 758,315  
Operating cash outflows from operating leases   $ 223,835     $ 219,798  
                 
Weighted-average remaining lease term of operating leases     4.8 years       5.6 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 December 31, 2020 were as follows:

 

2021   $ 242,299  
2022     195,176  
2023     193,169  
2024     172,425  
2025 and thereafter     211,693  
Total minimum lease payments     1,014,762  
Less imputed interest     (180,122 )
Total   $ 834,640  
Sales tax accrual

The following table sets forth the change in the sales tax accrual during the years ended December 31:

 

    2020     2019  
Balance, beginning of year   $ 26,957     $ 43,400  
Sales tax collected     94,904       167,233  
Provisions (reversals)     27,916       (10,664 )
Payments     (118,381 )     (173,012 )
Balance, end of year   $ 31,396     $ 26,957