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Lease | 6 Months Ended
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Jun. 30, 2022
Leases [Abstract] |
LEASE | NOTE 10 – LEASE The Company has several operating leases for manufacturing facilities and offices. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. For leases with lease term less than one year (short-term leases), the Company records operating lease expense in its consolidated statements of operations on a straight-line basis over the lease term and record variable lease payments as incurred. Lease expense for the six months ended June 30, 2022 and 2021 was $178,779 and $51,961(including short-term lease expense), respectively. The Company’s operating leases primarily include leases for office space and manufacturing facilities. The current portion of operating lease liabilities and the non-current portion of operating lease liabilities are presented on the consolidated balance sheet. Total lease expense related to right-of-use assets amounted to $153,064 which included $20,720 of interest and $134,281 of amortization expense of right-of-use assets. Total cash paid for operating leases amounted to $170,228 and $141,026 for the six months ended June 30, 2022 and 2021. Supplemental balance sheet information related to operating leases is as follows:
|  | June 30, 2022 |
|  | (Unaudited) |
Right-of-use assets |  | $ | 580,135 |
Operating lease liabilities - current |  | $ | 264,396 |
Operating lease liabilities - non-current |  |  | 240,752 |
Total operating lease liabilities |  | $ | 505,148 |
The weighted average remaining lease terms and discount rates for all of operating leases were as follows as of June 30, 2022:
Remaining lease term and discount rate: |  |  |
Weighted average remaining lease term (years) |  |  | 2.04 |
Weighted average discount rate |  |  | 7.42 | %
The following is a schedule of maturities of lease liabilities as of June 30, 2022:
For the twelve months ending June 30, 2022 |  | Lease payment |
2023 |  | $ | 293,440 |
2024 |  |  | 169,794 |
2025 |  |  | 84,896 |
Total lease payments |  |  | 548,130 |
Less: imputed interest |  |  | 42,982 |
Less: current portion of operating lease labilities |  |  | 264,396 |
Non-current portion of operating lease labilities |  | $ | 240,752 |

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- Definition The entire disclosure for lessees 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 No definition available. + Details
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- References No definition available. + Details
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