General form of registration statement for all companies including face-amount certificate companies

Leases - Related Party (Tables)

v3.21.1
Leases - Related Party (Tables)
 12 Months Ended
Dec. 31, 2020
Accounting Policies [Abstract]  
Schedule of leases supplemental balance sheet information
        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

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

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