LEASE

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

LEASE

Beginning on August 1, 2016, the Company leases its headquarters facility under an operating lease agreement that expires on June 30, 2022. The Company has the right to terminate the lease upon six months prior notice after three years of occupancy. Rent expense is $80,000 annually during the first year of the lease term and increases by 1.5% annually thereafter.

Supplemental balance sheet information related to the operating lease was as follows:

	December 31, 2020
Right of use asset – lease, net	$	120,777
Operating lease liability - short-term	$	80,258
Operating lease liability - long-term		42,347
Total operating lease liability	$	122,605
Discount rate - operating lease		6.0	%