Quarterly report pursuant to Section 13 or 15(d)

Commitments and Contingencies (Tables)

v3.19.2
Commitments and Contingencies (Tables)
3 Months Ended
Jun. 30, 2019
Commitments and Contingencies Disclosure [Abstract]  
Summary of presentation of operating lease
   

As of 

June 30, 2019

Assets        
Right of use asset – operating lease   $ 3,833,300  
         
Liabilities        
Current operating lease obligation   $ 278,100  
Non-current operating lease obligation     3,956,900  
Total operating lease liability   $ 4,235,000  
Summary of operating lease costs
   

For the 

Three Months Ended

    June 30, 2019
Operating lease cost   $ 208,800  
         
Summary of expected lease expense

Fiscal Years Ending March 31,      
2020 (remaining nine months)   $ 471,500  
2021     645,800  
2022     668,400  
2023     726,000  
2024     766,000  
Thereafter     2,720,500  
Total lease expense     5,988,200  
Less imputed interest     (1,763,200 )
Present value of operating lease liabilities   $ 4,235,000  

Summary of future minimum lease payments
Fiscal Years Ending March 31,      
2020   $ 623,900  
2021     645,800  
2022     668,400  
2023     225,300  
2024     -  
Thereafter     -  
    $ 2,163,400  
Other Lease disclosure
    As of June 30, 2019
Assumed remaining lease term in years     8.09  
Assumed discount rate     8.54 %
Supplemental disclosure of cash flow information
   

For the 

Three Months Ended

    June 30, 2019
Cash paid for amounts included in the measurement of lease liabilities   $ 188,200