Quarterly report pursuant to Section 13 or 15(d)

Operating and Finance Leases (Tables)

v3.20.2
Operating and Finance Leases (Tables)
6 Months Ended
Jun. 30, 2020
Lease Liability [Abstract]  
Schedule of lease term and discount rate

Weighted-average remaining lease term   Unaudited  
Operating lease     2.15 Years  
Finance lease     4.35 Years  
Weighted-average discount rate        
Operating lease     6.00 %
Finance lease     3.82 %
Schedule of operating and finance leases

Operating Leases

 

    June 30,
2020
    December 31,
2019
 
    (Unaudited)        
Right-of-use assets   $ 343,005     $ 302,602  
Lease liability - current   $ 306,829     $ 322,430  
Lease liability – non-current   $ 161,223     $ -  

 

Finance Leases

 

    June 30,
2020
    December 31,
2019
 
    (Unaudited)        
Property and equipment, at cost   $ 56,770     $ 56,770  
Accumulated depreciation     (7,501 )     (1,569 )
Property and equipment, net   $ 49,269     $ 55,201  
                 
Lease liability - current   $ 10,302     $ 9,949  
Lease liability – non-current     40,721       45,199  
Total finance lease liabilities   $ 51,023     $ 55,148
Schedule of lease expense

Operating Leases

 

    Three Months Ended     Six Months Ended  
    June 30,
2020
    June 30,
2019
    June 30,
2020
    June 30,
2019
 
    (Unaudited)     (Unaudited)     (Unaudited)     (Unaudited)  
Lease expense   $ 108,348     $ 128,286     $ 220,345     $ 243,995  
Sublease rental income     (2,791 )     -       (5,545 )     -  
Net lease expense   $ 105,557     $ 128,286     $ 214,800     $ 243,995  

 

Finance Leases

 

    Three Months Ended     Six Months Ended  
    June 30,
2020
    June 30,
2019
    June 30,
2020
    June 30,
2019
 
    (Unaudited)     (Unaudited)     (Unaudited)     (Unaudited)  
Amortization of right-of-use asset   $ 2,841     $      -     $ 5,932     $       -  
Interest on lease liabilities     496       -       1,012       -  
Total finance lease cost   $ 3,337     $ -     $ 6,944     $ -  
Schedule of supplemental cash flow information related to leases
    June 30,
2020
    June 30,
2019
 
    (Unaudited)     (Unaudited)  
Cash paid for amounts included in the measurement of lease liabilities:            
Operating cash outflows from operating leases   $ 93,689     $ 83,685  
Operating cash outflows from finance lease   $ 5,926     $ -  
Financing cash outflows from finance lease   $ 1,012     $ -  
Leased assets obtained in exchange for lease liabilities:                
Operating leases   $ 261,781     $ 722,423  
Schedule of maturity of lease liabilities

Operating Leases

 

    (Unaudited)  
July 1, 2020 – June 30, 2021   $ 320,500  
July 1, 2021 – June 30, 2022     89,256  
July 1, 2022 – June 30, 2023     81,818  
Total lease payments     491,574  
Less: Imputed interest     (23,522 )
Present value of lease liabilities     468,052  
Current portion     (306,829 )
Non-current portion   $ 161,223  

  

Finance Leases

 

    (Unaudited)  
July 1, 2020 – June 30, 2021   $ 12,073  
July 1, 2021 – June 30, 2022     12,073  
July 1, 2022 – June 30, 2023     12,073  
July 1, 2023 – June 30, 2024     12,073  
July 1, 2024 – June 30, 2025     7,421  
Total lease payments     55,713  
Less: Imputed interest     (4,690 )
Present value of lease liabilities     51,023  
Current portion     (10,302 )
Non-current portion   $ 40,721