Quarterly report pursuant to Section 13 or 15(d)

Commitments

v3.20.2
Commitments
3 Months Ended
Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]  
Commitments

NOTE 9 — COMMITMENTS

 

The Company leases its facilities under a long-term operating lease agreement expiring in October 2022. The agreement generally requires the payment of utilities, real estate taxes, insurance, and repairs. Rent expense was approximately $65,000 for the three month periods ended June 30, 2020 and 2019.

 

As of June 30, 2020, future minimum payments during the next five fiscal years and thereafter are as follows:

 

Year Ending March 31,   Amount  
2021 (nine months)   $ 212,906  
2022     290,492  
2023     173,315  
Total     676,713  
Less present value discount     (68,379 )
Operating lease liabilities   $ 608,334