Quarterly report pursuant to Section 13 or 15(d)

Leases

v3.21.1
Leases
3 Months Ended
Mar. 31, 2021
Leases [Abstract]  
Leases Leases
The Company has entered into operating and finance leases primarily for real estate and equipment rental. These leases have terms which range from two years to four years, and often include one or more options to renew or in the case of equipment rental, to purchase the equipment. These operating and finance leases are listed as separate line items on the Company's consolidated balance sheets and represent the Company’s right to use the underlying asset for the lease term. The Company’s obligation to make lease payments are also listed as separate line items on the Company's consolidated balance sheets. As of March 31, 2021 and December 31, 2020, total operating and financed right-of-use assets were $843,573 and $315,793, and $606,573 and $395,910, respectively.
As of March 31, 2021 and 2020, the Company recorded $80,117 and $105,678, respectively, in amortization expense related to finance leases.

Because the rate implicit in each lease is not readily determinable, the Company uses its incremental borrowing rate to determine the present value of the lease payments.

Information related to the Company's operating lease liabilities are as follows:
For the Three Months Ended March 31,
Cash paid for operating lease liabilities $ 182,807 
Weighted-average remaining lease term 2.4 years
Weighted-average discount rate 6.25  %
Minimum future lease payments ended March 31, 2021
2021 285,922 
2022 378,339 
2023 295,778 
2024 10,983 
971,022 
Less imputed interest (127,449)
Total lease liabilities $ 843,573 


Information related to the Company's financed lease liabilities are as follows:
For the Three Months Ended March 31,
Cash paid for finance lease liabilities $ 69,291 
Weighted-average remaining lease term 2.3 years
Weighted-average discount rate 6.25  %
Minimum future lease payments ended March 31, 2021
2021 $ 200,518 
2022 72,982 
2023 37,658 
311,158 
Less imputed interest (30,158)
Total lease liabilities $ 281,000 
Leases Leases
The Company has entered into operating and finance leases primarily for real estate and equipment rental. These leases have terms which range from two years to four years, and often include one or more options to renew or in the case of equipment rental, to purchase the equipment. These operating and finance leases are listed as separate line items on the Company's consolidated balance sheets and represent the Company’s right to use the underlying asset for the lease term. The Company’s obligation to make lease payments are also listed as separate line items on the Company's consolidated balance sheets. As of March 31, 2021 and December 31, 2020, total operating and financed right-of-use assets were $843,573 and $315,793, and $606,573 and $395,910, respectively.
As of March 31, 2021 and 2020, the Company recorded $80,117 and $105,678, respectively, in amortization expense related to finance leases.

Because the rate implicit in each lease is not readily determinable, the Company uses its incremental borrowing rate to determine the present value of the lease payments.

Information related to the Company's operating lease liabilities are as follows:
For the Three Months Ended March 31,
Cash paid for operating lease liabilities $ 182,807 
Weighted-average remaining lease term 2.4 years
Weighted-average discount rate 6.25  %
Minimum future lease payments ended March 31, 2021
2021 285,922 
2022 378,339 
2023 295,778 
2024 10,983 
971,022 
Less imputed interest (127,449)
Total lease liabilities $ 843,573 


Information related to the Company's financed lease liabilities are as follows:
For the Three Months Ended March 31,
Cash paid for finance lease liabilities $ 69,291 
Weighted-average remaining lease term 2.3 years
Weighted-average discount rate 6.25  %
Minimum future lease payments ended March 31, 2021
2021 $ 200,518 
2022 72,982 
2023 37,658 
311,158 
Less imputed interest (30,158)
Total lease liabilities $ 281,000