Quarterly report pursuant to Section 13 or 15(d)

RIGHT-OF-USE ASSETS AND OPERATING LEASE LIABILITIES (Tables)

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RIGHT-OF-USE ASSETS AND OPERATING LEASE LIABILITIES (Tables)
 9 Months Ended
Sep. 30, 2021
Right-of-use Assets And Operating Lease Liabilities  
SCHEDULE OF LEASE COST

The components of lease expense and supplemental cash flow information related to leases for the period are as follows:

 

   

Period Ended

September 30, 2021

    

Period Ended

September 30, 2020

  
Lease cost                
Operating lease cost (included in general and administration in the Company’s statement of operations)   $ 524,000     $ 524,000  
                 
Other information                
                 
Cash paid for amounts included in the measurement of lease liabilities   $ 593,000     $ 383,000  
Weighted average remaining lease term – operating leases (in years)     4.15       4.70  
Average discount rate – operating leases     4.0 %     4.0 %
SCHEDULE OF OPERATING LEASES

    September 30, 2021     December 31, 2020  
Operating leases                
Right-of-use assets   $ 2,305,000     $ 2,730,000  
                 
Short-term operating lease liabilities   $ 582,000     $ 596,000  
Long-term operating lease liabilities     2,464,000       2,943,000  
Total operating lease liabilities   $ 3,046,000     $ 3,539,000  
SCHEDULE OF PRESENT VALUE OF LEASE LIABILITIES

 

Year ending   Operating Leases  
2021 (remaining 3 months)  

$

 184,000  
2022     751,000  
2023     773,000  
2024     472,000  
2025 and thereafter     1,189,000  
Total lease payments     3,369,000  
Less: Imputed interest/present value discount     (323,000 )
Present value of lease liabilities   $ 3,046,000