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LEASES
 12 Months Ended
Dec. 31, 2020
Leases [Abstract]  
LEASES

17. LEASES

 

We have operating leases for office space and restaurant locations. Our leases have remaining lease terms of 2 months to 11 years, some of which may include options to extend the leases perpetually, and some of which may include options to terminate the leases within 1 year.

 

The following table provides a summary of leases by balance sheet category as of December 31, 2020:

 

    December 31, 2020  
Operating right-of-use assets   $ 4,317,778  
Operating lease liability - current     524,326  
Operating lease liability - non-current     3,854,573

 

The components of lease expenses for the year ended December 31, 2020, were as follows:

 

    Year Ended  
    December 31, 2020  
Operating lease cost   $ 951,196  
Short-term lease cost     -  
Variable lease cost     106,927  

 

The following tables provides a summary of other information related to leases for the year ended December 31, 2020:

 

    December 31, 2020  
Cash paid for amounts included in the measurement of lease liabilities:        
Operating cash flows from operating leases   $ 1,024,478  
Right-of-use assets obtained in exchange for new operating lease liabilities   $ -  
Weighted-average remaining lease term - operating leases      7.3 years  
Weighted-average discount rate - operating leases     10 %

 

Maturity of lease liabilities under our non-cancellable operating leases as of December 31, 2020, are as follows:

 

Payments due by period      
2021   $ 938,240  
2022     929,925  
2023     952,526  
2024     914,693  
2025     697,692  
Thereafter     1,793,975  
Total lease payments     6,227,051  
Less interest     (1,848,152 )
Present value of lease liabilities   $ 4,378,899