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LEASES | 3 Months Ended
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Mar. 31, 2022
Leases |
LEASES | NOTE 13. LEASES Operating Leases ASU 2016-02 requires recognition in the statement of operations of a single lease cost, calculated so that the cost of the lease is allocated over the lease term, generally on a straight-line basis. The standard requires a lessee to record a right-of-use asset and a corresponding lease liability at the inception of the lease, initially measured at the present value of the lease payments. The Company’s leases consist of operating leases on buildings and office space. In accordance with ASU 2016-02, right-of-use assets are amortized over the life of the underlying leases. Lease expense for the three months ended March 31, 2022 and 2021 was $145,662 and $68,268 respectively. As of March 31, 2022, the weighted average remaining lease term and weighted average discount rate for the operating leases were 4.41 years and 5.77% respectively. Future minimum lease payment under these operating leases consisted of the following: SCHEDULE OF FUTURE MINIMUM LEASE PAYMENT
Year ending December 31, |  | Operating Lease Obligations |
2022 |  | $ | 371,025 |
2023 |  |  | 439,110 |
2024 |  |  | 172,690 |
2025 |  |  | 112,923 |
2026 |  |  | 113,736 |
Thereafter |  |  | 268,197 |
Total undiscounted operating lease payments |  |  | 1,477,681 |
Less: Imputed interest |  |  | 172,402 |
Present value of operating lease liabilities |  | $ | 1,305,279 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=77888251 + Details
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