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LEASES | 12 Months Ended
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Dec. 31, 2021
Leases |
LEASES | NOTE 8 – LEASES In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which supersedes all existing guidance on accounting for leases in ASC 840, Lease Accounting. ASU 2016-02 is intended to provide enhanced transparency and comparability by requiring lessees to record right-of-use assets and corresponding lease liabilities on the balance sheet. ASU 2016-02 will continue to classify leases as either finance or operating, with classification affecting the pattern of expense recognition in the statement of income. The Company leases office space domestically under operating leases. The Company’s headquarters are located in New York, New York for which the lease expires in 2025. We operate a marketing and sales center in Huntington Beach, California for which the lease expires in 2023 and a patient care center in Greenville, South Carolina for which the lease expires in 2024. The table below reconciles the undiscounted future minimum lease payments under the above noted operating leases to the total operating lease liabilities recognized on the consolidated balance sheet as of December 31, 2021: SCHEDULE OF MATURITY OF OPERATING LEASE LIABILITIES
Fiscal year 2022 |  | $ | 715,969 |
Fiscal year 2023 |  |  | 703,897 |
Fiscal year 2024 |  |  | 484,580 |
Fiscal year 2025 |  |  | 68,850 |
Less: imputed interest |  |  | (187,262 | )
Present value of operating lease liabilities |  | $ | 1,786,034 |
Operating lease expenses were $47,565 and $10,886 for the years ended December 31, 2021 and 2020, respectively, and were included in other operating expenses in our consolidated statement of operations. Other information related to operating lease liabilities consisted of the following: SCHEDULE OF OTHER INFORMATION RELATED TO OPERATING LEASE LIABILITIES
|  | Year Ended December 31, |
|  | 2021 |  |  | 2020 |
Cash paid for operating lease liabilities |  | $ | 392,241 |  |  | $ | 90,962 |
Weighted average remaining lease term in years |  |  | 3.75 |  |  |  | 4.08 |
Weighted average discount rate |  |  | 7.15 | % |  |  | 7.0 | %
We have elected to apply the short-term lease exception to the warehouse space we lease in Lancaster, Pennsylvania. This lease has a term of 12 months and is not recognized on the balance sheet, but rather expensed on a straight-line basis over the lease term. Straight-line lease payments are $2,100 per month. Additionally, Conversion Labs PR utilizes office space in Puerto Rico, which is currently subleased from Fried LLC, on a month-to-month basis, incurring rental expense of approximately $3,000 per month.

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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