Quarterly report pursuant to Section 13 or 15(d)

LEASES

v3.21.2
LEASES
6 Months Ended
Jun. 30, 2021
Leases [Abstract]  
LEASES

NOTE 9. LEASES

 

Lessee

 

We have operating leases for our corporate office, two satellite facilities in the state of Washington and for certain equipment. We account for lease components (such as rent payments) separately from the non-lease components (such as common-area maintenance costs, real estate and sales taxes and insurance costs). The discount rate represents the interest rate implicit in each lease or our incremental borrowing rate at lease commencement date.

As of June 30, 2021, our leases have remaining lease terms ranging from six months to 66 months.

Supplemental balance sheet information related to leases is as follows:

 

 

 

As of June 30, 2021

 

 

Amount

 

 

Classification

Operating leases:

 

 

 

 

 

 

Operating lease right-of-use lease assets

 

$

1,259,803

 

 

 

 

 

 

 

 

 

 

Operating lease current liabilities

 

$

217,927

 

 

Current portion of operating lease liabilities

 

 

 

 

 

 

 

Operating lease long-term liabilities

 

 

1,111,258

 

 

Long-term operating lease liabilities

 

 

 

 

 

 

 

Total operating lease liabilities

 

$

1,329,185

 

 

 

 

 

 

 

 

 

 

Weighted-average remaining lease term:

 

 

 

 

 

 

Operating leases

 

5.4 years

 

 

 

 

 

 

 

 

 

 

Weighted-average discount rate:

 

 

 

 

 

 

Operating leases

 

 

4.2

%

 

 

 

The components of lease expense are as follows:

 

 

 

Three Months Ended June 30, 2021

 

 

Amount

 

 

Classification

Operating lease cost

 

$

70,782

 

 

Selling, general and administrative expense

 

 

 

 

 

 

 

 

 

Six Months Ended June 30, 2021

 

 

Amount

 

 

Classification

Operating lease cost

 

$

140,610

 

 

Selling, general and administrative expense

 

Supplemental cash flow information related to leases is as follows:

 

 

 

Six Months Ended June 30, 2021

 

 

Amount

 

 

Classification

Cash paid for amounts included in the

   measurement of lease liabilities:

 

 

 

 

 

 

Operating cash flows from operating leases

 

$

115,684

 

 

Net income

 

 

 

 

 

 

 

Right-of-use assets obtained in exchange

   for lease liabilities:

 

 

 

 

 

 

Operating leases

 

$

5,312

 

 

Supplemental cash flow information

 

As of June 30, 2021, future maturities of our operating lease liabilities are as follows:

 

Twelve Months Ending June 30,

 

Amount

 

2022

 

$

217,927

 

2023

 

 

213,145

 

2024

 

 

230,789

 

2025

 

 

250,429

 

2026

 

 

272,200

 

Thereafter

 

 

144,695

 

Total lease liabilities

 

$

1,329,185