Quarterly report pursuant to Section 13 or 15(d)

I. COMMITMENTS AND CONTINGENCIES (Tables)

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

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

 

Operating lease expense:      
Operating lease cost – fixed   $ 116,167  
Variable lease cost     72,785  
Total operating lease cost   $ 188,952  
Other information related to leases

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

 

Operating lease liability – current   $ 231,796  
Operating lease liability – long-term   $ 680,087  
Operating cash outflows from operating leases   $ 110,000  
         
Weighted-average remaining lease term of operating leases     5.22 years  
Weighted-average discount rate of operating leases     8.5%  
Future annual minimum operating lease payments

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

 

2020 (excluding the six months ended June 30, 2020)   $ 113,835  
2021     242,299  
2022     195,176  
2023     193,169  
2024 and thereafter     384,119  
Total minimum lease payments     1,128,598  
Less imputed interest     (216,715 )
Total   $ 911,883  
Sales tax accrual

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

 

    June 30,
2020		    

December 31,

2019

  
Balance, beginning of year   $ 26,957     $ 43,400  
Sales tax collected     31,384       167,233  
Provisions (reversals)     25,944       (10,664 )
Payments     (62,976 )     (173,012 )
Balance, end of period   $ 21,309     $ 26,957