Quarterly report pursuant to Section 13 or 15(d)

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

v3.21.1
Right-of-use Assets and Operating Lease Liabilities (Tables)
 3 Months Ended
Mar. 31, 2021
Leases [Abstract]  
Schedule of Lease Cost

The components of lease expense and supplemental cash flow information related to leases for the period are as follows:

 

   

Period Ended

March 31, 2021

    

Period Ended

March 31, 2020

  
Lease cost                
Operating lease cost (included in general and administration in the Company’s statement of operations)   $ 175,000     $ 175,000  
                 
Other information                
                 
Cash paid for amounts included in the measurement of lease liabilities   $ 196,000     $ -  
Weighted average remaining lease term – operating leases (in years)     4.54       5.11  
Average discount rate – operating leases     4.0 %     4.0 %
Schedule of Operating Leases
    March 31, 2021     December 31, 2020  
Operating leases                
Right-of-use assets   $ 2,590,000     $ 2,730,000  
                 
Short-term operating lease liabilities   $ 591,000     $ 596,000  
Long-term operating lease liabilities     2,786,000       2,943,000  
Total operating lease liabilities   $ 3,377,000     $ 3,539,000  
Schedule of Present Value of Lease Liabilities
Year ending   Operating Leases  
2021     595,000  
2022     751,000  
2023     773,000  
2024     472,000  
2025 and thereafter     1,189,000  
Total lease payments     3,780,000  
Less: Imputed interest/present value discount     (403,000 )
Present value of lease liabilities   $ 3,377,000