XML 37 R24.htm IDEA: XBRL DOCUMENT

LEASES (Tables)

9 Months Ended

Sep. 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 nine months ended September 30, 2021, the net operating lease expenses were as follows:

	Three months ended September 30, 2021			Nine months ended September 30, 2021
Operating lease expense	$	187,498		$	501,097
Sublease income		(21,045	)		(62,116	)
Variable lease expense		5,625			15,977
Total lease expense	$	172,078		$	454,958

Operating Lease Right-of-use Assets and Liabilities

The tables below show the beginning balances of the operating ROU assets and lease liabilities as of January 1, 2021 and the ending balances as of September 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		(242,849	)
Addition of operating lease ROU assets		815,799
Operating lease ROU assets at September 30, 2021	$	2,665,828

	Operating Lease Liabilities
Operating lease liabilities at January 1, 2021	$	2,178,612
Principal payments on operating lease liabilities		(225,618	)
Addition of operating lease liabilities		865,798
Operating lease liabilities at September 30, 2021		2,818,792
Less non-current portion		2,410,667
Current portion at September 30, 2021	$	408,125

Maturities of Operating Lease Liabilities

The maturities of the operating lease liabilities are as follows:

	As of September 30, 2021
2021	$	183,877
2022		750,335
2023		767,154
2024		784,504
2025		802,358
Thereafter		512,534
Total payments		3,800,762
Less imputed interest		(981,970	)
Total operating lease liabilities	$	2,818,792

Future Lease Payments from Sublease Agreement

	As of September 30, 2021
2021	$	20,458
2022		82,419
2023		84,194
2024		86,010
2025		87,867
Thereafter		74,590
	$	435,538