Annual report pursuant to Section 13 and 15(d)

COMMITMENTS AND CONTINGENCIES (Tables)

v3.20.4
COMMITMENTS AND CONTINGENCIES (Tables)
12 Months Ended
Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]  
SCHEDULE OF LEASE COSTS

The following table contains a summary of the lease costs recognized under ASC 842 and other information pertaining to the Company’s operating leases for the year ended December 31, 2020 and 2019:

 

    2020     2019  
Lease cost                
Operating lease cost   $ 1,240,473       1,025,899  
Total lease cost   $ 1,240,473       1,025,899  
                 
Other information                
Weighted average remaining lease term     5.9 years       6.9 years  
Weighted average discount rate     8.00 %     8.00 %
SCHEDULE OF MATURITIES OF OPERATING LEASE LIABILITIES

Pursuant to the terms of the Company’s non-cancelable lease agreements in effect at December 31, 2020, the following table summarizes the Company’s maturities of operating lease liabilities as of December 31, 2020:

 

Year ending December 31, 2020:

 

      December 31, 2020  
2021   $ 1,605,121  
2022     1,652,563  
2023     1,700,005  
2024     1,747,447  
2025     1,794,889  
Thereafter     1,688,145  
Total lease payments   $ 10,188,170  
         
Less: imputed interest   $ (2,090,942 )
Total   $ 8,097,228