Quarterly report pursuant to Section 13 or 15(d)

K. COMMITMENTS AND CONTINGENCIES (Tables)

v3.19.1
K. COMMITMENTS AND CONTINGENCIES (Tables)
 3 Months Ended
Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]  
Components of lease expense
Operating lease expense:      
Operating lease cost - fixed   $ 59,476  
Variable lease cost     30,050  
Total operating lease cost   $ 89,526  
Other information related to leases

Other information related to leases as of March 31, 2019 was as follows:

 

Operating lease liability - current   $ 220,037  
Operating lease liability - long-term   $ 862,114  
Operating cash flows from operating leases   $ 54,788  
         
Weighted-average remaining lease term of operating leases     6.3 years  
Weighted-average discount rate of operating leases     8.5%  

 
Future annual minimum operating lease payments
2019 (excluding the three months ended March 31, 2019)   $ 165,008  
2020     223,835  
2021     242,299  
2022     195,176  
2023     193,169  
2024 and thereafter     384,119  
Total minimum lease payments   $ 1,403,606  
Less imputed interest     (321,455 )
Total   $ 1,082,151  
Future annual minimum lease payments under non-cancelable leases
2019   $ 211,448  
2020     223,417  
2021     242,785  
2022     195,176  
2023     193,169  
2024 and thereafter     380,715  
Total   $ 1,446,708  
Sales tax accrual
    March 31,
2019 		    December 31, 2018  
Balance, beginning of year   $ 43,400     $ 83,282  
Sales tax collected     56,314       101,145  
Provisions     (7,706 )      30,465  
Interest and penalties     –       –  
Payments     (32,823 )     (171,492 )
Balance, end of period   $ 59,185     $ 43,400