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Note P - Leases

12 Months Ended

Dec. 31, 2021

NOTE P—LEASES

The Company’s leases office space in New Jersey under a lease terminating in 2023 and Hong Kong, Minnesota, and New Hampshire with lease termination dates in 2022. The property leased in China is paid monthly as used, without a formal agreement. 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, 2021			Year ended December 31, 2020
Lease cost
Operating lease cost	$	255,892		$	239,192
Short-term lease cost		-			-
Total lease cost	$	255,892		$	239,192

*Balance sheet information*
Operating right-of-use assets	$	254,100		$	487,325

Operating lease liabilities, current portion	$	177,188		$	234,309
Operating lease liabilities, non-current portion		86,974			264,163
Total operating lease liabilities	$	264,162		$	498,472

Weighted average remaining lease term (in years) – operating leases		1.45			2.26
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	$	256,977		$	235,186

Maturities of operating lease liabilities were as follows as of December 31, 2021:

2022	$	187,594
2023		89,225
Total future lease payments	$	276,819
Less: imputed interest		(12,657	)
Total	$	264,162