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LEASES

6 Months Ended

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

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