Annual report pursuant to Section 13 and 15(d)

Property and Equipment (Tables)

v3.20.4
Property and Equipment (Tables)
 12 Months Ended
Dec. 31, 2020
Property, Plant and Equipment [Abstract]  
Summary of Property and Equipment
Property and equipment as of December 31, 2020 and 2019 consisted of the following:
 
  December 31,
  2020 2019
Furniture and equipment $ 152,940  $ 143,168 
Computers and software 56,240  6,708 
Right-of-use assets 917,472  718,628 
Leasehold improvements 657,328  657,328 
Total property and equipment 1,783,980  1,525,832 
Less accumulated depreciation (176,910) (78,169)
Property and equipment, net $ 1,607,070  $ 1,447,663 
Summary of Assets and Liabilities Lessee
Supplemental balance sheet information related to the leased properties include:
  As of
  December 31, 2020 December 31, 2019
Property and equipment, net $ 917,472  $ 718,626 
Accrued expenses and other current liabilities $ 426,346  $ 155,815 
Other long-term liabilities 1,038,395  1,111,965 
Total operating lease liabilities $ 1,464,741  $ 1,267,780 
Components of Lease Expense
The components of lease expense for the years ended December 31, 2020 and 2019 were as follows:
  Year Ended December 31,
2020 2019
Operating lease cost* $ 344,625  $ 160,767 
*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, 2020:
 
  Undiscounted Cash Flows
2021 $ 426,346 
2022 173,748 
2023 178,092 
2024 182,544 
2025 187,108 
Thereafter 813,638 
Total lease payments $ 1,961,476 
Less implied interest (496,735)
Total $ 1,464,741