Annual report pursuant to Section 13 and 15(d)

LEASES (Tables)

v3.21.1
LEASES (Tables)
12 Months Ended
Dec. 31, 2020
Leases [Abstract]  
Schedule of components of lease expense

The components of lease expense were as follows:

 

    Years Ended  
    December 31,  
    2020   2019  
               
Operating lease cost   $ 151,686   $ 149,594  
Short-term lease cost     65,227     21,362  
Total lease cost   $ 216,913   $ 170,956  
               
Finance lease cost:              
Amortization of right-of-use assets   $ 5,302   $ 4,837  
Interest on lease liabilities     237     239  
Total finance lease cost   $ 5,539   $ 5,076  
Schedule of cash flow information related to leases

Supplemental cash flow information related to leases was as follows:

 

    Years Ended  
    December 31,  
    2020   2019  
               
Cash paid for amounts included in the measurement of lease liabilities:              
Operating cash flows from operating leases   $ 136,888   $ 110,120  
Financing cash flows from finance leases   $ 5,296   $ 4,783  
Schdeule of balance sheet information related to leases

Supplemental balance sheet information related to leases was as follows:

 

    December 31,
2020
  December 31,
2019
 
Operating Leases              
Operating lease right-of-use assets   $ 236,846   $ 373,734  
               
Operating lease liability - current     141,293     136,888  
Operating lease liability, net of current portion     95,553     236,846  
Total operating lease liabilities   $ 236,846   $ 373,734  
               
Finance Leases              
Property and equipment, at cost   $ 12,725   $ 12,725  
Accumulated depreciation     (10,139 )   (4,837 )
Property and equipment, net   $ 2,586   $ 7,888  
               
Finance lease liability – current     2,646     5,296  
Finance lease liability, net of current portion         2,646  
Total finance lease liabilities   $ 2,646   $ 7,942  

 

    December 31,
2020
  December 31,
2019
 
           
Weighted Average Remaining Lease Term          
Operating leases   1.4 Years   2.4 Years  
Finance leases   0.7 Years   1.3 Years  
           
Weighted Average Discount Rate          
Operating leases   4.75%   4.75%  
Finance leases   4.75%   4.75%  
Schedule of maturities of lease liabilities

Maturities of lease liabilities are as follows:

 

Year Ending December 31,   Operating Leases   Finance Leases  
2021   $ 149,476   $ 2,705  
2022     97,256      
2023          
2024          
2025          
Thereafter          
Total undiscounted lease payments     246,732     2,705  
Less: imputed interest     (9,886 )   (59 )
Total lease liabilities   $ 236,846   $ 2,646