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Leases | 12 Months Ended
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Dec. 31, 2020
Leases [Abstract] |
LEASES | NOTE 9 - LEASES The Company has leases for certain office and production facilities in the PRC which are classified as operating leases. The leases contain payment terms for fixed amounts. Options to extend are recognized as part of the lease liabilities and recognized as right to use assets when management estimates to renew the lease. There are no residual value guarantees, no variable lease payments, and no restrictions or covenants imposed by leases. The discount rate used in measuring the lease liabilities and right of use assets was determined by reviewing the Company's incremental borrowing rate at the initial measurement date. For the years ended December 31, 2020 and 2019, operating lease cost was $96,552 and $90,306, respectively and cash paid for amounts included in the measurement of lease liabilities for operating cash flows from operating leases was $102,624 and $95,985, respectively. As of December 31, 2020 and December 31, 2019, the Company reported operating lease right of use assets of $49,687 and $136,779, respectively and operating use liabilities of $52,070 and $140,007, respectively. As of December 31, 2020, its operating leases had a weighted average remaining lease term of 0.52 years and a weighted average discount rate of 4.75%. Minimum lease payments for the Company's operating lease liabilities were as follows for the years ended December 31:
2021 |  | $ | 52,814 |
Total undiscounted cash flows |  |  | 52,814 |
Less: Imputed interest |  |  | (744 | )
|  |  | 52,070 |
Less: Operating lease liabilities, current portion |  |  | - |
Operating lease liabilities, net of current portion |  | $ | 52,070 |
The Company has leases with terms of less than one year for certain provincial sales offices that are not material.

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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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