Quarterly report pursuant to Section 13 or 15(d)

LEASES (Tables)

v3.21.1
LEASES (Tables)
3 Months Ended
Mar. 31, 2021
Leases [Abstract]  
Schedule of Supplemental Balance Sheet Information Related to Leases

Supplemental balance sheet information related to leases is as follows:

 

 

 

As of March 31, 2021

 

 

Amount

 

 

Classification

Operating leases:

 

 

 

 

 

 

Operating lease right-of-use lease assets

 

$

1,311,349

 

 

 

 

 

 

 

 

 

 

Operating lease current liabilities

 

$

213,531

 

 

Current portion of operating lease liabilities

 

 

 

 

 

 

 

Operating lease long-term liabilities

 

 

1,163,743

 

 

Long-term operating lease liabilities

 

 

 

 

 

 

 

Total operating lease liabilities

 

$

1,377,274

 

 

 

 

 

 

 

 

 

 

Weighted-average remaining lease term:

 

 

 

 

 

 

Operating leases

 

5.6 years

 

 

 

 

 

 

 

 

 

 

Weighted-average discount rate:

 

 

 

 

 

 

Operating leases

 

 

4.2

%

 

 

Schedule of Components of Lease Expense

The components of lease expense are as follows:

 

 

 

Three Months Ended March 31, 2021

 

 

Amount

 

 

Classification

Operating lease cost

 

$

69,828

 

 

Selling, general and administrative expense

 

 

 

 

 

 

 

Schedule of Supplemental Cash Flow Information Related to Leases

 

Supplemental cash flow information related to leases is as follows:

 

 

 

Three Months Ended March 31, 2021

 

 

Amount

 

 

Classification

Cash paid for amounts included in the

   measurement of lease liabilities:

 

 

 

 

 

 

Operating cash flows from operating leases

 

$

69,828

 

 

Net income

 

 

 

 

 

 

 

Right-of-use assets obtained in exchange

   for lease liabilities:

 

 

 

 

 

 

Operating leases

 

$

 

 

Supplemental cash flow information

Schedule of Future Maturities of Operating Lease Liabilities

As of March 31, 2021, future maturities of our operating lease liabilities are as follows:

 

Twelve Months Ending March 31,

 

Amount

 

2022

 

$

213,532

 

2023

 

 

210,892

 

2024

 

 

226,496

 

2025

 

 

245,204

 

2026

 

 

266,645

 

Thereafter

 

 

214,505

 

Total lease liabilities

 

$

1,377,274