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Other (Income) Expenses, Net

12 Months Ended

Dec. 31, 2020

Other Income and Expenses [Abstract]

OTHER (INCOME) EXPENSES, NET

15. OTHER (INCOME) EXPENSES, NET

Other (income) expenses, net, consisted of the following:

		During the Years Ended December 31,
		2020				2019
Interest expense(1)		$	412,687			$	431,788
Interest rate swap termination fee			165,050				—
Debt forgiveness			(937,700	)			—
Loss on disposal of fixed assets			39,303				2,469
Interest income			(27,440	)			(120,752	)
Other (income) expenses, net		$	(348,100	)		$	313,505

⁽¹⁾ Interest expense during 2020 included a $94,782 write-off of debt issuance costs associated with debt that we repaid during the first quarter of 2020. Interest expense included $7,942 and $16,976 in amortization of debt issuance costs during the years ended December 31, 2020 and 2019, respectively.

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- Definition

The entire disclosure for other income or other expense items (both operating and nonoperating). Sources of nonoperating income or nonoperating expense that may be disclosed, include amounts earned from dividends, interest on securities, profits (losses) on securities, net and miscellaneous other income or income deductions.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 720
-URI http://asc.fasb.org/topic&trid=2122503

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 610
-URI http://asc.fasb.org/topic&trid=49130413

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