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Leases | 9 Months Ended
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Sep. 30, 2020
Leases [Abstract] |
LEASES | Note 5. LEASES The Company has operating and finance leases for leased office and manufacturing facilities and equipment leases. The Company leases certain machinery and equipment under finance leases and leases its offices and manufacturing facilities under operating leases. The leases have remaining lease terms of one to six years, some of which include options to extend or terminate the leases. NTW's warehouse lease was terminated in May 2020 by its landlord under the terms of its lease agreement. Additionally, the Company entered into a new lease agreement for warehouse space in Bohemia, NY. The new lease term commenced on April 1, 2020 and expires on May 31, 2025. During the first year of the lease, the monthly rent is $10,964 and increases 3% each year thereafter. The final two months are equal installments of $1,746. Rent expense for the three months ended September 30, 2020 and 2019 was $280,000 and $310,000, respectively. Rent expense for the nine months ended September 30, 2020 and 2019 was $892,000 and $936,000, respectively.
|  | September 30, |
|  | 2020 |
Weighted Average Remaining Lease Term - in years |  |  | 5.77 |
Weighted Average discount rate - % |  |  | 8.88 | %
The aggregate undiscounted cash flows of operating lease payments for leases with remaining terms greater than one year are as follows:
|  | September 30, 2020 |
For the twelve months ended December 31, |  | (unaudited) |
December 31, 2020 (remaining three months) |  | $ | 271,000 |
December 31, 2021 |  |  | 1,080,000 |
December 31, 2022 |  |  | 1,007,000 |
December 31, 2023 |  |  | 1,038,000 |
December 31, 2024 |  |  | 1,070,000 |
Thereafter |  |  | 1,722,000 |
Total future minimum lease payments |  |  | 6,188,000 |
Less: discount |  |  | (1,394,000 | )
Total operating lease maturities |  |  | 4,794,000 |
Less: current portion of operating lease liabilities |  |  | (694,000 | )
Total long term portion of operating lease maturities |  | $ | 4,100,000 |

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- Definition Tabular disclosure for lessee's operating leases. Includes, but is not limited to, description of lessee's operating lease, existence and terms of renewal or purchase options and escalation clauses, restrictions imposed by lease, such as those concerning dividends, additional debt, and further leasing, rent holidays, rent concessions, or leasehold improvement incentives and unusual provisions or conditions. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 10 -Section 55 -Paragraph 40 -Subparagraph (Note 1,3) -URI http://asc.fasb.org/extlink&oid=121580752&loc=d3e38371-112697 Reference 2: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121573735&loc=d3e41499-112717 Reference 3: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 460 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=121555522&loc=d3e12069-110248 Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=121573735&loc=d3e41502-112717 Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=121549808&loc=d3e36991-112694 + Details
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