Annual report pursuant to Section 13 and 15(d)

OPERATING LEASES (Tables)

v3.22.1
OPERATING LEASES (Tables)
 12 Months Ended
Dec. 31, 2021
Operating Leases  
SCHEDULE OF LEASE COST

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

 

    Years Ended December 31,  
    2021     2020  
Lease cost                
Operating lease cost (included in general and administrative expenses in the Company’s statement of operations)   $ 598,000     $ 520,000  
                 
Other information                
Cash paid for amounts included in the measurement of lease liabilities   $ 667,000     $ 577,000  
Weighted average remaining lease term – operating leases (in years)     4.34       4.54  
Weighted average discount rate – operating leases     4.0 %     4.0 %
SCHEDULE OF OPERATING LEASES

 

    2021     2020  
    As of December 31,  
    2021     2020  
Operating leases                
Right-of-use assets   $ 2,177,000     $ 2,730,000  
                 
Short-term operating lease liabilities   $ 592,000     $ 596,000  
Long-term operating lease liabilities     2,299,000       2,943,000  
Total operating lease liabilities   $ 2,891,000     $ 3,539,000  
SCHEDULE OF PRESENT VALUE OF LEASE LIABILITIES

 

Year ending   Operating Leases  
2022   $ 751,000  
2023     773,000  
2024     472,000  
2025     484,000  
2026 and thereafter     705,000  
Total lease payments     3,185,000  
Less: Imputed interest/present value discount     (294,000 )
Present value of lease liabilities   $ 2,891,000