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LEASES | 12 Months Ended
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Dec. 31, 2020
Leases [Abstract] |
LEASES |
| 8. | Leases
The Company adopted ASU No. 2016-02 and related standards (collectively ASC 842, Leases), which replaced previous lease accounting guidance, on January 1, 2019 using the modified retrospective method of adoption. The Company elected the transition method expedient which allows entities to initially apply the requirements by recognizing a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. As a result of electing this transition method, prior periods have not been restated. In addition, adoption of the new standard resulted in the recording of right of use assets and associated lease liabilities of approximately $1 million each as of January 1, 2019. Operating lease expense for the years ended December 31, 2020, 2019 and 2018 was $542,748, $408,410 and $387,191, respectively. Supplemental balance sheet information related to leases is as follows:
|  | Location on Face of |  | December 31, |
|  | Balance Sheet |  | 2020 |
Operating leases: |  |  |  |  |  |
Operating lease right of use assets |  | Operating lease, right-of-use assets |  | $ | 290,410 |
Current operating lease liabilities |  | Operating lease liabilities - current |  | $ | 300,468 |
Noncurrent operating lease liabilities |  | Operating lease liabilities |  |  | - |
Total operating lease liabilities |  |  |  | $ | 300,468 |
Weighted average remaining lease term (in years): |  |  |  |  |  |
Operating leases |  |  |  |  | 1.0 |
Weighted discount rate: |  |  |  |  |  |
Operating leases |  |  |  |  | 4.72 | %
Maturities of lease liabilities were as follows:
For the year ended December 31, |  | Operating lease |
2021 |  | $ | 270,349 |
2022 |  |  | 22,069 |
2023 |  |  | 18,391 |
Total |  | $ | 310,809 |
Less: amount representing interest |  |  | 10,341 |
Present value of future minimum lease payments |  |  | 300,486 |
Less: Current obligations |  |  | 300,486 |
Long-term obligations |  | $ | - |
As of December 31, 2020 and 2019, the Company has additional operating lease commitments that have not yet commenced of approximately $25,748 and $40,681.

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- Definition The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI http://asc.fasb.org/topic&trid=2208923 + Details
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