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LEASES

3 Months Ended

Mar. 31, 2020

Leases [Abstract]

LEASES

3. lEases

The Company leases a building and equipment. Under ASC 842, at contract inception we determine whether the contract is or contains a lease and whether the lease should be classified as an operating or a financing lease. Operating leases are included in ROU (right-of-use) assets and operating lease liabilities in our consolidated balance sheets.

The Company leases manufacturing and office space under an agreement classified as an operating lease.

The lease agreement expires on April 30, 2022 and does not include any renewal options. The agreement provides for an initial monthly base amount plus annual escalations through the term of the lease.

In addition to the monthly base amounts in the lease agreement, the Company is required to pay real estate taxes and operating expenses during the lease terms.

The Company also leases office equipment in agreements classified as operating leases.

For the three months ended March 31, 2020, the Company’s operating lease expense was $441,610.

Future minimum lease payments under non-cancellable operating leases as of March 31, 2020 were as follows:

Twelve months ending March 31,
2021		$	1,931,965
2022			1,964,815
2023			236,050
2024			19,155
2025			5,067
Total undiscounted operating lease payments			4,157,052
Less imputed interest			(268,862	)
Present value of operating lease payments		$	3,888,190

The following table sets forth the ROU assets and operating lease liabilities as of March 31, 2020:

Assets
ROU assets		$	3,507,760
Liabilities
Current operating lease liabilities		$	1,745,616
Long-term operating lease liabilities			2,142,574
Total ROU liabilities		$	3,888,190

The Company’s weighted average remaining lease term for its operating leases is 2.1 years.

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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

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