Annual report pursuant to Section 13 and 15(d)

Property And Equipment (Tables)

v3.20.1
Property And Equipment (Tables)
 12 Months Ended
Dec. 31, 2019
Property, Plant and Equipment [Abstract]  
Summary of property and equipment
Property and equipment as of December 31, 2019 and 2018 consisted of the following:
 
 
 
December 31,
 
 
2019
 
2018
Furniture and equipment
 
$
143,168

 
$
133,229

Computers and software
 
6,708

 
122,065

Right-of-use asset (Corporate Headquarters' Lease)
 
718,628

 
—

Leasehold improvements
 
657,328

 
463,381

Total property and equipment
 
1,525,832

 
718,675

Less accumulated depreciation
 
(78,169
)
 
(132,163
)
Property and equipment, net
 
$
1,447,663

 
$
586,512

Supplemental balance sheet information
Supplemental balance sheet information related to the lease are as follows:
 
 
December 31, 2019
Property and equipment, net
 
$
718,626

Other current liabilities
 
$
155,815

Other long-term liabilities
 
$
1,111,965

Components of lease expense
The components of lease expense for the year ended December 31, 2019:
 
 
Year Ended December 31,
 
 
2019
 
2018
Operating lease cost*
 
$
160,767

 
$
239,259

*Includes short-term leases, which are immaterial.

Operating lease maturities
The following table shows a maturity analysis of the operating lease liability as of December 31, 2019:
 
 
 
 
 
Undiscounted Cash Flows
2020
 
$
155,815

2021
 
169,510

2022
 
173,748

2023
 
178,092

2024
 
182,544

Thereafter
 
1,000,746

Total lease payments
 
$
1,860,455

Less implied interest
 
(592,675
)
Total
 
$
1,267,780