Quarterly report pursuant to Section 13 or 15(d)

Lease Obligations

v3.20.2
Lease Obligations
3 Months Ended
Jun. 30, 2020
Leases [Abstract]  
Lease Obligations

NOTE 8 — LEASE OBLIGATIONS

 

The tables below show the initial measurement of the operating lease right-of-use assets and liabilities as of April 1, 2020 and the balances as of June 30, 2020, including the changes during the periods:

 

    Operating lease right-of-use assets  
Operating lease right-of-use-assets obtained in exchange for lease obligation at April 1, 2020:   $ 585,513  
Less amortization of operating lease right-of-use assets     (50,319 )
Operating lease right-of-use assets at June 30, 2020   $ 535,194  

 

    Operating lease liabilities  
Lease liabilities arising from obtaining right-of-use assets at April 1, 2020:   $663,110  
Less principal payments on operating lease liabilities     (54,776 )
Lease liabilities at June 30, 2020     608,334  
Less non-current portion     368,785  
Current portion at June 30, 2020   $ 239,549  

 

As of June 30, 2020, the Company’s operating leases have a weighted-average remaining lease term of 2.3 years and a weighted-average discount rate of 8.9%.

 

Total lease expense was approximately $86,000 and $84,000, respectively, for the three month periods ended June 30, 2020 and 2019. Lease expense was recorded in cost of product sales, general and administrative expenses, research and development and sales and marketing expenses.