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LEASES | 12 Months Ended
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Dec. 31, 2020
Leases [Abstract] |
LEASES | NOTE 6 — LEASES We have finance and operating leases for our corporate office and certain office and computer equipment. Our leases have remaining lease terms of 1 to 3 years, some of which include options to extend the leases annually and some with options to terminate the leases within 1 year. At contract inception, we evaluate whether an arrangement is or contains a lease for which we are the lessee (that is, arrangements which provide us with the right to control a physical asset for a period of time). Operating leases are accounted for on the balance sheets with ROU assets being recognized in “Operating lease right-of-use assets” and lease liabilities recognized in “Operating lease liability – current” and “Operating lease liability, net of current portion.” Finance leases are accounted for on the balance sheets recognized in “Property and equipment, net” and lease liabilities recognized in “Finance lease liability – current” and “Finance lease liability, net of current portion.” Operating lease expenses are recognized on a straight-line basis over the lease term. With respect to finance leases, amortization of the ROU asset is presented separately from interest expense related to the finance lease liability. We have elected to combine lease and non-lease components for all lease contracts where we are the lessee. Additionally, for arrangements with lease terms of 12 months or less, we do not recognize ROU assets and lease liabilities and lease payments are recognized on a straight-line basis over the lease term with variable lease payments recognized in the period in which the obligation is incurred. ROU assets are measured for impairment when a triggering event occurs. 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 |
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 |
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% |
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 |

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- References No definition available. + Details
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- Definition The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI http://asc.fasb.org/topic&trid=2208923 + Details
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