Leases - Related Party (Tables)
|
3 Months Ended |
12 Months Ended |
Mar. 31, 2021 |
Dec. 31, 2020 |
| Accounting Policies [Abstract] |
|
|
| Schedule of leases supplemental balance sheet information |
At March 31, 2021 and December 31, 2020, supplemental
balance sheet information related to leases were as follows:
| |
|
March 31, |
|
December 31, |
| |
|
2021 |
|
2020 |
| Operating lease ROU asset |
|
$ |
1,838,801 |
|
|
$ |
1,279,595 |
|
| |
|
|
|
|
|
|
|
|
| |
|
March 31, |
|
December 31, |
| |
|
2021 |
|
2020 |
| Operating lease liabilities: |
|
|
|
|
|
|
|
|
| Current portion |
|
$ |
357,273 |
|
|
$ |
295,374 |
|
| Non-current portion |
|
|
1,520,739 |
|
|
|
1,015,759 |
|
|
| |
|
|
|
December 31, |
|
| Operating Leases |
|
Classification |
|
2020 |
|
| Right-of-use assets |
|
Operating right of use assets |
|
$ |
1,279,595 |
|
| |
|
|
|
|
|
|
| Current lease liabilities |
|
Current operating lease liabilities |
|
|
295,374 |
|
| Non current lease liabilities |
|
Long-term operating lease liabilities |
|
|
1,015,759 |
|
| Total lease liabilities |
|
|
|
$ |
1,311,133 |
|
|
| Schedule of operating lease cost |
The following summarizes other supplemental information about the Company’s
operating lease:
| |
|
March 31, 2021 |
| Weighted average discount rate |
|
|
0.36 |
% |
| Weighted average remaining lease term (years) |
|
|
4.67 |
|
| |
|
Three Months Ended |
| |
|
March 31, |
| |
|
2021 |
|
2020 |
| Operating lease cost |
|
$ |
97,674 |
|
|
$ |
82,884 |
|
|
Lease term and discount rate were as follows:
| |
|
December 31, |
|
| |
|
2020 |
|
| Weighted average remaining lease term (years) |
|
|
4.0 |
|
| Weighted average discount rate |
|
|
1.67 |
% |
| |
|
Year ended
December 31, |
|
| |
|
2020 |
|
| Operating lease cost |
|
$ |
303,910 |
|
| Variable lease cost (1) |
|
|
|
|
| Total lease costs |
|
$ |
303,910 |
|
(1) Variable lease cost primarily relates to common
area maintenance, property taxes and insurance on leased real estate.
|
| Schedule of lease supplemental disclosures of cash flow information |
|
Supplemental disclosures of cash flow information related to leases were
as follows:
| |
|
December 31, |
|
| |
|
2020 |
|
| Cash paid for operating lease liabilities |
|
$ |
300,000 |
|
| Operating right of use assets obtained in exchange for operating lease liabilities |
|
$ |
1,311,133 |
|
|
| Schedule of maturities of lease liabilities |
At March 31, 2021, future minimum lease payments under
the non-cancelable operating leases are as follows:
| Year Ending December 31, |
|
|
| 2021 (excluding the three months ended March 31, 2021) |
|
$ |
270,000 |
|
| 2022 |
|
|
373,800 |
|
| 2023 |
|
|
396,900 |
|
| 2024 |
|
|
416,745 |
|
| 2025 |
|
|
437,582 |
|
| Total lease payment |
|
|
1,895,027 |
|
| Less imputed interest |
|
|
(17,015 |
) |
| Total |
|
$ |
1,878,012 |
|
|
Maturities of lease liabilities were as follows as
of December 31, 2020:
| |
|
Operating |
|
| |
|
Leases |
|
| 2021 |
|
$ |
315,000 |
|
| 2022 |
|
|
330,750 |
|
| 2023 |
|
|
347,287 |
|
| 2024 |
|
|
364,652 |
|
| Total |
|
|
1,357,689 |
|
| Less: Imputed interest |
|
|
(46,556 |
) |
| Present value of lease liabilities |
|
$ |
1,311,133 |
|
|