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LEASES (Tables)

12 Months Ended

Dec. 31, 2021

Disclosure 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 and comprehensive income:


		Year ended								Year ended
		December 31, 2021								December 31, 2020
		Operating				Finance				Operating				Finance
		Leases				Leases				Leases				Leases
Lease cost in general and administrative expenses:
Operating lease expense		$	476,815			$	—			$	384,503			$	—
Amortization of finance lease ROU assets			—				124,971				—				328,505
Total lease cost in general and administrative expenses			476,815				124,971				384,503				328,505

Lease cost in other expense:
Interest on finance lease liabilities			—				7,504				—				16,004
Total lease cost in other expense			—				7,504				—				16,004
Total lease cost		$	476,815			$	132,475			$	384,503			$	344,509

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,
		2021				2020
Leasing activity in cash flows from operating activities:
Payments under operating leases			(470,544	)			(389,831	)
Interest payments on finance lease liabilities			(7,431	)			(16,004	)
Total leasing activity in cash flows from operating activities			(477,975	)			(405,835	)

Leasing activity in cash flows from financing activities:
Principal payments on finance lease liabilities			(94,102	)			(280,208	)
Total leasing activity in cash flows from financing activities:			(94,102	)			(280,208	)

Schedule of Weighted 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, 2021 and December 31, 2020 were as follows:


		December 31,				December 31,
		2021				2020
Weighted average remaining lease term (years) - operating leases			2.3				2.6
Weighted average remaining lease term (years) - finance leases			0.7				1.1
Weighted average discount rate - operating leases			5.78	%			6.52	%
Weighted average discount rate - finance leases			3.01	%			3.95	%

Schedule of Future Minimum Lease Payments

The future annual minimum lease payments required under the Company’s leases as of December 31, 2021 are as follows:


		Operating				Finance
Future minimum lease payments		Leases				Leases				Total
2022		$	561,648			$	160,239			$	721,887
2023			513,462				45,955				559,417
2024			162,538				—				162,538
2025			5,212				—				5,212
Total future minimum lease payments			1,242,860				206,194				1,449,054
Less: Amount representing interest			(73,161	)			(3,740	)			(76,901	)
Present value of lease liabilities			1,169,699				202,454				1,372,153
Less: current portion			(511,764	)			(157,046	)			(668,810	)
Long-term portion		$	657,935			$	45,408			$	703,343