OPERATING LEASE LIABILITY
|6 Months Ended|
Jun. 30, 2021
|Disclosure Text Block [Abstract]|
|Lessee, Operating Leases [Text Block]||
NOTE 8 – OPERATING LEASE LIABILITY
The Company leases office space in ten different locations with monthly payments ranging from $655 to $9,617 which expire at various dates through March 2025. The Company also leases equipment with a monthly payment of $10,279 which expires February 2024.
The Company's leases generally do not provide an implicit rate, and therefore the Company uses its incremental borrowing rate as the discount rate when measuring operating lease liabilities. The incremental borrowing rate represents an estimate of the interest rate the Company would incur at lease commencement to borrow an amount equal to the lease payments on a collateralized basis over the term of a lease. The Company used incremental borrowing rates as of January 1, 2019 for operating leases that commenced prior to that date.
The Company's weighted average remaining lease term and weighted average discount rate for operating leases as of June 30, 2021 are as follows:
The following table reconciles the undiscounted future minimum lease payments (displayed by year and in the aggregate) under noncancelable operating leases with terms of more than one year to the total lease liabilities recognized on the unaudited condensed consolidated balance sheet as of June 30, 2021:
Total rent expense under for the three and six months ended June 30, 2021 was $157,509 and $319,323, respectively, as compared to $134,485 and $263,270 for the three and six months ended June 30, 2020, respectively.
The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef