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LEASES (Tables)

9 Months Ended

Sep. 30, 2022

LEASES [Abstract]

Supplemental Cash Flow Information and Non-Cash Activity Related to Leases

Supplemental cash flow information and non-cash activity related to leases for the nine months ended September 30, 2022 and 2021 were as follows:

		For the Nine Months Ended September 30,
		2022				2021
Cash used in operating leases		$	236,832			$	211,077
ROU assets obtained in exchange for new operating lease liabilities		$	39,791			$	1,082,684

ROU Lease Assets and Lease Liabilities

ROU lease assets and lease liabilities for the Company’s operating leases were recorded in the condensed consolidated balance sheet as follows:

		September 30, 2022				December 31, 2021
Right of use assets, net		$	706,272			$	859,637
Short-term operating lease liabilities		$	265,474			$	247,325
Long-term operating lease liabilities			444,996				611,523
Total lease liabilities		$	710,470			$	858,848
Weighted average remaining lease term (in years)			2.60				3.32
Weighted average discount rate			8.5%				8.5%

Components of Lease Expenses

The components of lease expense were as follows for each of the periods presented:

		For the Three Months Ended September 30,								For the Nine Months Ended September 30,
		2022				2021				2022				2021
Operating lease expense		$	84,262			$	81,936			$	241,824			$	191,182
Short-term lease expense		$	55,965			$	19,393			$	174,374			$	62,916
Total operating lease costs		$	140,227			$	101,329			$	416,198			$	254,098

Future Lease Payments Included in Measurement of Lease Liabilities

Future lease payments included in the measurement of lease liabilities on the condensed consolidated balance sheet as of September 30, 2022, for the following five fiscal years and thereafter were as follows:

		September 30, 2022
2022 (Remaining)		$	82,598
2023			308,594
2024			302,123
2025			85,726
2026			14,287
Total future minimum lease payments		$	793,328
Less imputed interest			(82,858	)
Total		$	710,470

X

- Definition

Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 50
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X

- Definition

Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 50
-Paragraph 6
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- Definition

Tabular disclosure for lessee's operating leases. Includes, but is not limited to, description of lessee's operating lease, existence and terms of renewal or purchase options and escalation clauses, restrictions imposed by lease, such as those concerning dividends, additional debt, and further leasing, rent holidays, rent concessions, or leasehold improvement incentives and unusual provisions or conditions.

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