COMMITMENTS AND CONTINGENCIES (Tables)
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9 Months Ended |
Sep. 30, 2021 |
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| Commitments and Contingencies Disclosure [Abstract] |
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| SCHEDULE OF COMPONENTS OF LEASE EXPENSE |
The
components of lease expense consist of the following:
SCHEDULE OF COMPONENTS OF LEASE EXPENSE
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Three Months Ended
September 30, |
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Nine Months Ended
September 30, |
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2021 |
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2020 |
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2021 |
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2020 |
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| Operating lease expense |
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$ |
126,419 |
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$ |
61,196 |
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$ |
322,677 |
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$ |
168,260 |
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| Short-term lease expense |
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2,788 |
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10,763 |
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8,277 |
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65,801 |
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| Total lease cost |
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$ |
129,207 |
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$ |
71,959 |
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$ |
330,954 |
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$ |
234,061 |
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| 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
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September 30, 2021 |
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December 31, 2020 |
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| Assets |
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| Operating lease – right-of-use asset |
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$ |
1,069,883 |
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$ |
1,098,819 |
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| Total lease assets |
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$ |
1,069,883 |
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$ |
1,098,819 |
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| Liabilities |
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| Current liabilities: |
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| Lease obligation – operating lease |
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$ |
231,867 |
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$ |
123,139 |
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| Noncurrent liabilities: |
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| Lease obligation - operating lease, net of current portion |
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897,032 |
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1,002,794 |
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| Total lease liability |
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$ |
1,128,899 |
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$ |
1,125,933 |
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| 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 |
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5.50 |
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| Weighted average discount rate – operating lease |
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10.41 |
% |
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| SCHEDULE OF CASH FLOW INFORMATION |
Cash
flow information related to leases consists of the following:
SCHEDULE OF CASH FLOW INFORMATION
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For the nine months ended |
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September 30, 2021 |
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September 30, 2020 |
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| Operating cash flows for operating leases |
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$ |
117,474 |
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$ |
57,163 |
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| Supplemental non-cash amounts of lease liabilities arising from obtaining right of use assets |
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$ |
120,440 |
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$ |
1,210,680 |
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| 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
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| As of September 30, 2021 |
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Operating Leases |
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| 2021, remaining |
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$ |
91,768 |
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| 2022 |
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306,691 |
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| 2023 |
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247,533 |
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| 2024 |
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254,277 |
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| 2025 |
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261,223 |
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| 2026 and thereafter |
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313,307 |
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| Total minimum lease payments |
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1,474,799 |
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| Less effects of discounting |
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(345,900 |
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| Present value of future minimum lease payments |
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$ |
1,128,899 |
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