Annual report pursuant to Section 13 and 15(d)

Right-of-use Assets and Operating Lease Liabilities (Tables)

v3.20.1
Right-of-use Assets and Operating Lease Liabilities (Tables)
 12 Months Ended
Dec. 31, 2019
Leases [Abstract]  
Schedule of Lease Cost

   

Year Ended

December 31, 2019

  
Lease cost        
Operating lease cost (included in general and administration in the Company’s statement of operations)   $ 366,000  
         
Other information        
Cash paid for amounts included in the measurement of lease liabilities   $ —  
Weighted average remaining lease term – operating leases (in years)     5.25  
Average discount rate – operating leases     4.0 %

Schedule of Operating Leases

    December 31, 2019  
Operating leases        
Right-of-use assets, net of amortization of $349,000   $  3,275,000  
         
Short-term operating lease liabilities   $ 391,000  
Long-term operating lease liabilities     3,591,000  
Total operating lease liabilities   $ 3,982,000  

Schedule of Present Value of Lease Liabilities

Year ending   Operating Leases  
2020     597,000  
2021     776,000  
2022     751,000  
2023     773,000  
2024 and thereafter     1,661,000  
Total lease payments     4,558,000  
Less: Imputed interest/present value discount     (576,000 )
Present value of lease liabilities   $ 3,982,000