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,

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