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LEASES | 12 Months Ended
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Dec. 31, 2020
Leases |
LEASES |
| 11. | 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 |
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-Net |  | $ | 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 operating leases was $4,075,048 and $3,886,863 at December 31, 2020 and 2019, respectively. The non-cash amortization expense of these assets under operating leases was $1,783,280 and $1,761,374 for the years ended December 31, 2020 and 2019, respectively. The Company’s weighted average remaining lease term for its operating leases is 2.3 years. On November 10, 2021, the Company executed the second amendment to the lease agreement for its manufacturing and office space, which extends the lease agreement’s expiration date to April 30, 2026.

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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