Annual report pursuant to Section 13 and 15(d)

COMMITMENTS AND CONTINGENCIES (Tables)

v3.22.0.1
COMMITMENTS AND CONTINGENCIES (Tables)
12 Months Ended
Dec. 31, 2021
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, 2021 and 2020:

 

 

 

 

2021

 

 

2020

 

Lease cost

 

 

 

 

 

 

Operating lease cost

 

$

1,240,473

 

 

$

1,240,473

 

Total lease cost

 

$

1,240,473

 

 

$

1,240,473

 

 

 

 

 

 

 

 

Other information

 

 

 

 

 

 

Weighted average remaining lease term

 

4.8 years

 

 

5.9 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, 2021, the following table summarizes the Company’s maturities of operating lease liabilities as of December 31, 2021:

Year ending December 31, 2021:

 

2022

 

$

1,652,563

2023

 

 

1,700,005

2024

 

 

1,747,447

2025

 

 

1,794,889

2026

 

 

1,688,145

Total lease payments

 

$

8,583,049

 

 

 

 

Less: imputed interest

 

 

  (1,489,884)

Total

 

$

7,093,165

 

SUMMARY OF UNDISCOUNTED SUBLEASE CASH INFLOWS

Undiscounted sublease cash inflows have been summarized in the following table:

 

2022

 

$

104,971

2023

 

 

185,717

2024

 

 

278,576

2025

 

 

290,688

2026

 

 

252,333

Total sublease payments

 

$

1,112,285