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LEASES

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

LEASES

12. 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 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, 2023 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 years ended December 31, 2020, and 2019 the Company’s operating lease expense was $1,625,539 and $1,761,374, respectively.

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

Year ending December 31,
2021		$	1,964,815
2022			1,946,746
2023			657,667
2024			8,349
2025			—
Total undiscounted operating lease payments			4,577,577
Less imputed interest			(221,191	)
Present value of operating lease payments		$	4,356,386

The following table sets forth the ROU assets and operating lease liabilities as of December 31, 2020 and 2019:

	2020				2019
Assets
ROU Assets	$	4,075,048			$	3,886,863
Liabilities
Current operating lease liabilities	$	1,819,237			$	1,709,153
Long-term operating lease liabilities		2,537,149				2,596,784
Total ROU liabilities	$	4,356,386			$	4,305,937

The right-of-use assets under financing leases was $4,075,048 and $3,024,852 at December 31, 2020 and 2019, respectively. Accumulated depreciation of assets under financing leases was approximately $517,091 and $1,868,377 at December 31, 2020 and 2019, respectively.

The Company’s weighted average remaining lease term for its operating leases is 2.3 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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