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Note P - Leases | 12 Months Ended
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Dec. 31, 2020
Notes to Financial Statements |
Lessee, Operating Leases [Text Block] | NOTE P — LEASES The Company's leases office space in New Jersey, Hong Kong, Minnesota, and New Hampshire with lease termination dates of 2023, 2022, 2022, and 2022, respectively. The leases include non-lease components with variable payments. The following tables present the components of lease expense and supplemental balance sheet information related to the operating leases, were:
|  | Year ended December 31, 2020 |  |  | Year ended December 31, 2019 |
Lease cost |  |  |  |  |  |  |  |
Operating lease cost |  | $ | 239,192 |  |  | $ | 186,246 |
Short-term lease cost |  |  | - |  |  |  | 41,535 |
Total lease cost |  | $ | 239,192 |  |  | $ | 227,781 |
Balance sheet information |  |  |  |  |
Operating right-of-use assets |  | $ | 487,325 |  |  | $ | 566,479 |
Operating lease liabilities, current portion |  | $ | 234,309 |  |  | $ | 170,560 |
Operating lease liabilities, non-current portion |  |  | 264,163 |  |  |  | 390,466 |
Total operating lease liabilities |  | $ | 498,472 |  |  | $ | 561,026 |
Weighted average remaining lease term (in years) – operating leases |  |  | 2.26 |  |  |  | 3.33 |
Weighted average discount rate – operating leases |  |  | 5.50 | % |  |  | 5.50 | %
Supplemental cash flow information related to leases were as follows:
Cash paid for amounts included in the measurement of operating lease liabilities |  | $ | 235,186 |  |  | $ | 179,105 |
Maturities of operating lease liabilities were as follows as of December 31, 2020:
2021 |  | $ | 256,977 |
2022 |  |  | 187,594 |
2023 |  |  | 89,225 |
Total future lease payments |  | $ | 533,796 |
Less: imputed interest |  |  | (35,324 | )
Total |  | $ | 498,472 |

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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 http://asc.fasb.org/subtopic&trid=77888251 + Details
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