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LEASES (Tables) | 12 Months Ended
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Dec. 31, 2021
LEASES [Abstract] |
Summary of Lease Cost | A summary of lease cost recognized in the Company’s consolidated and combined statements of operations and comprehensive loss is as follows:
| For the Years Ended December 31, |
| 2021 |  | 2020 |  |  | 2019 |
Operating leases cost excluding short-term rental expense |  | $ | 682,616 |  |  | $ | 232,758 |  |  | $ | 446,260 |
Short-term lease cost |  |  | 4,974 |  |  | 16,717 |  |  |  | 30,063 |
Total |  | $ | 687,590 |  |  | $ | 249,475 |  |  | $ | 476,323 |
Summary of Supplemental Information Related to Operating Leases | A summary of supplemental information related to operating leases is as follows:
|  | December 31, 2021 |  |  | December 31, 2020 |  |  | December 31, 2019 |
Cash paid for amounts included in the measurement of lease liabilities |  | $ | 879,788 |  |  | $ | 310,931 |  |  | $ | 246,668 |
Weighted average remaining lease term |  | 2.00 years |  |  | 2.08 years |  |  | 3.02 years |
Weighted average discount rate |  | 3.80% |  |  | 4.75% |  |  | 4.75% |
Summary of Maturity of Lease Liabilities Under Operating Leases | The following table summarizes the maturity of lease liabilities under operating leases as of December 31, 2021:
For the year ending December 31, |  | Operating Leases |
2022 |  | $ | 858,478 |
2023 |  |  | 525,690 |
Total lease payments |  |  | 1,384,168 |
Less: imputed interest |  |  | 54,841 |
Total |  |  | 1,329,327 |
Less: current portion |  |  | 839,330 |
Non-current portion |  | $ | 489,997 |

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- Definition Tabular disclosure of lessee's operating lease supplemental cash flow information. + References No definition available. + Details
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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=123408670&loc=SL77918686-209980 + Details
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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=123408670&loc=SL77918701-209980 + Details
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