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LEASES (Tables)

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Schedule of components of lease costs

The following is a summary of lease cost recognized in the Company’s consolidated statements of operations:

		Year ended								Year ended
		December 31, 2020								December 31, 2019
		Operating				Finance				Operating				Finance
		Leases				Leases				Leases				Leases
Lease cost in general and administrative expenses:
Operating lease expense		$	384,503			$	-			$	188,977			$	-
Amortization of finance lease ROU assets			-				328,505				-				97,478
Total lease cost in general and administrative expenses			384,503				328,505				188,977				97,478

Lease cost in other expense:
Interest on finance lease liabilities			-				16,004				-				2,288
Total lease cost in other expense			-				16,004				-				2,288
Total lease cost		$	384,503			$	344,509			$	188,977			$	99,766

Schedule of cash flow information related to leases

The following is a summary of the impact of the Company’s leases on the consolidated statements of cash flows:

		Years ended
		December 31,
		2020				2019
Leasing activity in cash flows from operating activities:
Payments under operating leases			(389,831	)			(182,917	)
Interest payments on finance lease liabilities			(16,004	)			(2,288	)
Total leasing activity in cash flows from operating activities			(405,835	)			(185,205	)

Leasing activity in cash flows from financing activities:
Principal payments on finance lease liabilities			(280,208	)			(26,486	)
Total leasing activity in cash flows from financing activities:			(280,208	)			(26,486	)

Schedule of weightesd average remaining lease term and weighted average discount rate

The weighted-average remaining lease terms and weighted-average discount rates for operating and finance leases at December 31, 2020 and December 31, 2019 were as follows:

		December 31,				December 31,
		2020				2019
Weighted average remaining lease term (years) - operating leases			2.6				1.5
Weighted average remaining lease term (years) - finance leases			1.1				1.2
Weighted average discount rate - operating leases			6.52	%			6.88	%
Weighted average discount rate - finance leases			3.95	%			2.62	%

Schedule of future annual minimum cash payments required under operating lease

The future annual minimum lease payments required under the Company’s leases as of December 31, 2020 are as follows:

		Operating				Finance
Future minimum lease payments		Leases				Leases				Total
2021		$	365,738			$	210,477			$	576,215
2022			283,274				76,434				359,708
2023			252,081				7,392				259,473
2024			15,391				-				15,391
Total future minimum lease payments			916,484				294,303				1,210,787
Less: Amount representing interest			(80,253	)			(6,189	)			(86,442	)
Present value of lease liabilities			836,231				288,114				1,124,345
Less: current portion			(321,283	)			(205,824	)			(527,107	)
Long-term portion		$	514,948			$	82,290			$	597,238