XML 25 R16.htm IDEA: XBRL DOCUMENT
v3.22.1

LEASES | 9 Months Ended
--- | ---
Sep. 30, 2021
Leases |
LEASES |
10. | LEASES
The Company leases a building and equipment. Under Accounting Standards Codification Topic 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, as amended, expires on April 30, 2026 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 and nine months ended September 30, 2021, the Company’s operating lease expense was $466,869 and $1,400,607, respectively. Future minimum lease payments under non-cancellable operating leases as of September 30, 2021 were as follows:
Twelve months ending September 30, |  |  |  |
2022 |  |  | $ | 1,951,263 |
2023 |  |  |  | 1,141,072 |
2024 |  |  |  | 11,631 |
Total undiscounted operating lease payments |  |  |  | 3,103,966 |
Less imputed interest (between 4.0% - 6.0%) |  |  |  | (104,902 | )
Present value of operating lease payments |  |  | $ | 2,999,064 |
The following table sets forth the ROU assets and operating lease liabilities as of September 30, 2021:
Assets |  |  |
ROU assets-net |  | $ | 2,790,731 |
Liabilities |  |  |  |
Current operating lease liabilities |  | $ | 1,862,933 |
Long-term operating lease liabilities |  |  | 1,136,131 |
Total ROU liabilities |  | $ | 2,999,064 |
The Company’s weighted average remaining lease term for its operating leases is 1.6 years.

X
- References No definition available. + Details
Name: | cvu_DisclosureLeasesAbstract
Namespace Prefix: | cvu_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration