Quarterly report pursuant to Section 13 or 15(d)

COMMITMENTS AND CONTINGENCIES (Tables)

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

The components of lease expense consist of the following:

 

                         
    Three Months Ended
September 30,
    Nine Months Ended
September 30,
 
    2021     2020     2021     2020  
Operating lease expense   $ 126,419     $ 61,196     $ 322,677     $ 168,260  
Short-term lease expense     2,788       10,763       8,277       65,801  
Total lease cost   $ 129,207     $ 71,959     $ 330,954     $ 234,061  
SCHEDULE OF OPERATING LEASES RIGHT OF USE ASSETS AND LIABILITIES

Balance sheet information related to leases consists of the following:

 

    September 30, 2021     December 31, 2020  
Assets                
Operating lease – right-of-use asset   $ 1,069,883     $ 1,098,819  
Total lease assets   $ 1,069,883     $ 1,098,819  
                 
Liabilities                
Current liabilities:                
Lease obligation – operating lease   $ 231,867     $ 123,139  
Noncurrent liabilities:                
Lease obligation - operating lease, net of current portion     897,032       1,002,794  
Total lease liability   $ 1,128,899     $ 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:

 

Weighted average remaining lease term (in years) – operating lease     5.50  
Weighted average discount rate – operating lease     10.41 %
SCHEDULE OF CASH FLOW INFORMATION

Cash flow information related to leases consists of the following:

 

             
    For the nine months ended  
    September 30, 2021     September 30, 2020  
Operating cash flows for operating leases   $ 117,474     $ 57,163  
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 September 30, 2021 are as follows:

 

         
As of September 30, 2021   Operating Leases  
2021, remaining   $ 91,768  
2022     306,691  
2023     247,533  
2024     254,277  
2025     261,223  
2026 and thereafter     313,307  
Total minimum lease payments     1,474,799  
Less effects of discounting     (345,900 )
Present value of future minimum lease payments   $ 1,128,899