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Leases
 12 Months Ended
Dec. 31, 2020
Leases [Abstract]  
LEASES
5. 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.

 

Operating lease expense for the years ended December 31, 2020, 2019 and 2018 was $338,381, $Nil and $Nil, respectively.

 

Supplemental balance sheet information related to leases is as follows:

 

    Location on Face of
Balance Sheet		   December 31,
2020		  
Operating leases:            
Operating lease right of use assets   Operating lease, right-of-use assets   $ 4,158  
             
Current operating lease liabilities   Operating lease liabilities - current   $ 834  
Noncurrent operating lease liabilities   Operating lease liabilities     2,749  
Total operating lease liabilities       $ 3,583  
             
Weighted average remaining lease term (in years):            
Operating leases         4.0  
             
Weighted discount rate:            
Operating leases         4.75 %

 

Maturities of lease liabilities were as follows:

 

For the year ended December 31,  Operating lease 
2021  $985 
2022   985 
2023   985 
2024   985 
Total   3,941 
Less: amount representing interest   358 
Present value of future minimum lease payments   3,583 
Less: Current obligations   834 
Long-term obligations  $2,749