LEASE (Tables)

12 Months Ended

Dec. 31, 2020

The following table presents information about the amount, timing and uncertainty of cash flows arising from the Company’s operating leases as of December 31, 2020.

Maturity of Lease Liabilities by Fiscal Year
2021	$	631,978
2022		564,478
2023		450,877
2024		342,005
2025		337,685
Thereafter		2,209,009
Total undiscounted operating lease payments	$	4,536,032
Less: Imputed interest		(946,825)
Present value of operating lease liabilities	$	3,589,207

Balance Sheet Classification and Other Information

Balance Sheet Classification
Operating lease liability, current	$	474,686
Operating lease liability, net of current		3,114,521
Total operating lease liabilities	$	3,589,207

Other Information
Weighted-average remaining lease term for operating leases	10 years
Weighted-average discount rate for operating leases		4.77	%

Components of Lease Cost

Rent expense for the years ended December 31, 2020 and 2019 was approximately $1.0 million, respectively, is included in selling, general and administrative expenses in the accompanying consolidated statement of operations.

The following table represents the components of lease cost are as follows for twelve months ended December 31, 2020:

	December 31, 2020
Operating lease cost	$	480,314
Variable lease cost		353,887
Short-term lease cost		116,709
Total Rent Expense	$	950,910

Supplemental Balance Sheet Information Related to Operating Leases

Supplemental balance sheet information related to our operating leases is as follows:

	Balance Sheet Classification		January 1, 2020		December 31, 2020
Right of use asset		Other assets	$	4,663,019	$	4,078,621
Lease liability, current		Current liabilities	$	555,959	$	474,686
Lease liability, net of current		Other liabilities	$	3,544,729	$	3,114,521