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:
SCHEDULE OF COMPONENTS OF LEASE EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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:
SCHEDULE OF OPERATING LEASES RIGHT OF USE ASSETS AND LIABILITIES
|
|
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:
SCHEDULE OF WEIGHTED-AVERAGE REMAINING LEASE TERM AND DISCOUNT RATE
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:
SCHEDULE OF CASH FLOW INFORMATION
|
|
|
|
|
|
|
|
|
|
|
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:
SCHEDULE OF FUTURE MINIMUM RENTAL PAYMENTS FOR OPERATING LEASES
|
|
|
|
|
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 |
|
|