Quarterly report pursuant to Section 13 or 15(d)

COMMITMENTS AND CONTINGENCIES (Tables)

v3.21.2
COMMITMENTS AND CONTINGENCIES (Tables)
6 Months Ended
Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]  
SCHEDULE OF COMPONENTS OF LEASE EXPENSE

The components of lease expense consist of the following:

 

      2021       2020       2021       2020  
    Three Months Ended June 30,     Six Months Ended June 30,  
    2021     2020     2021     2020  
Operating lease expense   $ 127,463     $ 61,196     $ 196,258     $ 107,064  
Short-term lease expense     1,956       8,026       5,489       54,854  
Total lease cost   $ 129,419     $ 69,222     $ 201,747     $ 161,918  

SCHEDULE OF OPERATING LEASES RIGHT OF USE ASSETS AND LIABILITIES

Balance sheet information related to leases consists of the following:

 

    June 30, 2021     December 31, 2020  
Assets                
Operating lease – right-of-use asset, net   $ 1,125,368     $ 1,098,819  
Total lease assets   $ 1,125,368     $ 1,098,819  
                 
Liabilities                
Current liabilities:                
Lease obligation – operating lease   $ 245,801     $ 123,139  
Noncurrent liabilities:                
Lease obligation - operating lease, net of current portion     933,563       1,002,794  
Total lease liability   $ 1,179,364     $ 1,125,933  

SCHEDULE OF WEIGHTED-AVERAGE REMAINING LEASE TERM AND DISCOUNT RATE

The weighted-average remaining lease term and discount rate is as follows:

 

      Date  
Weighted average remaining lease term (in years) – operating lease     5.75  
Weighted average discount rate – operating lease     10.41 %
SCHEDULE OF CASH FLOW INFORMATION

Cash flow information related to leases consists of the following:

 

      June 30, 2021       June 30, 2020  
    For the six months ended  
    June 30, 2021     June 30, 2020  
Operating cash flows for operating leases   $ 67,009     $ 30,286  
Supplemental non-cash amounts of lease liabilities arising from obtaining right of use assets   $ 120,440     $ 1,210,680  

 

SCHEDULE OF FUTURE MINIMUM RENTAL PAYMENTS FOR OPERATING LEASES

Future minimum lease payment under non-cancellable lease as of June 30, 2021 are as follows:

 

      1  
As of June 30, 2021   Operating Leases  
2021, remaining   $ 183,537  
2022     306,691  
2023     247,533  
2024     254,277  
2025     261,223  
2026 and thereafter     313,307  
Total minimum lease payments     1,566,568  
Less effects of discounting     (387,204 )
Present value of future minimum lease payments   $ 1,179,364