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LEASES | 6 Months Ended
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Jun. 30, 2021
Leases [Abstract] |
LEASES | NOTE 8 — LEASES The Company leases its facilities under a long-term operating lease agreement expiring in October 2022. The tables below show the operating lease right-of-use assets and operating lease liabilities as of December 31, 2020 and June 30, 2021, including the changes during the periods: SCHEDULE OF OPERATING LEASE RIGHT OF USE ASSETS AND OPERATING LEASE LIABILITIES
|  | Operating lease right-of-use assets |
Net right-of-use assets at December 31, 2020 |  |  | 430,795 |
Less amortization of operating lease right-of-use assets |  |  | (109,719 | )
Operating lease right-of-use assets at June 30, 2021 |  | $ | 321,076 |
|  | Operating lease liabilities |
At December 31, 2020 |  | $ | 491,565 |
Less principal payments on operating lease liabilities |  |  | (122,780 | )
Operating lease liabilities at June 30, 2021 |  |  | 368,785 |
Less non-current portion |  |  | (98,145 | )
Current portion at June 30, 2021 |  | $ | 270,640 |
As of June 30, 2021, the Company’s operating leases have a weighted-average remaining lease term of 1.3 years and a weighted-average discount rate of 8.9%. As of June 30, 2021, future minimum payments during the next five fiscal years and thereafter are as follows: SCHEDULE OF MATURITIES OF OPERATING LEASE LIABILITIES
Year Ending December 31, |  | Amount |
2021 (six months) |  | $ | 145,958 |
2022 |  |  | 246,650 |
Total |  |  | 392,608 |
Less present value discount |  |  | (23,823 | )
Operating lease liabilities |  | $ | 368,785 |
Total lease expense was approximately $86,000 for each of the three month periods ended June 30, 2021 and 2020, and approximately $172,000 and $171,000, respectively, for the six month periods ended June 30, 2021 and 2020. Lease expense was recorded in cost of product sales, general and administrative expenses, research and development and sales and marketing expenses.

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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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