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LEASES (Tables)

6 Months Ended

Jun. 30, 2021

The Company recognizes operating lease expense and lease payments from the sublease on a straight-line basis in its statements of operations over the lease terms. During the three and six months ended June 30, 2021, the net operating lease expenses were as follows:

	Three months ended June 30, 2021			Six months ended June 30, 2021
Operating lease expense	$	163,752		$	314,617
Sublease income		(21,045	)		(42,090	)
Variable lease expense		1,350			10,352
Total lease expense	$	144,057		$	282,879

Operating Lease Right-of-use Assets and Liabilities

The tables below show the beginning balances of the operating ROU assets and liabilities as of January 1, 2021 and the ending balances as of June 30, 2021, including the changes during the period.

	Operating Lease ROU Assets

Operating lease ROU assets at January 1, 2021	$	2,092,878
Amortization of operating lease ROU assets		(148,702	)
Addition of operating lease ROU assets		823,628
Operating lease ROU assets at June 30, 2021	$	2,767,804

	Operating Lease Liabilities
Operating lease liabilities at January 1, 2021	$	2,178,612
Principal payments on operating lease liabilities		(138,895	)
Addition of operating lease liabilities		873,628
Operating lease liabilities at June 30, 2021		2,913,345
Less non-current portion		2,529,422
Current portion at June 30, 2021	$	383,923

Maturities of Operating Lease Liabilities

The maturities of the operating lease liabilities are as follows:

	As of June 30, 2021
2021	$	361,318
2022		751,861
2023		769,864
2024		787,275
2025		805,192
Thereafter		514,174
Total payments		3,989,684
Less imputed interest		(1,076,339	)
Total operating lease liabilities	$	2,913,345

Future Lease Payments from Sublease Agreement

Future lease payments to be received under the sublease agreement as of June 20, 2021 are as follows:

	As of June 30, 2021
2021	$	40,628
2022		82,419
2023		84,194
2024		86,010
2025		87,867
Thereafter		74,590
	$	455,708