Annual report pursuant to Section 13 and 15(d)

COMMITMENTS AND CONTINGENCIES (Tables)

v3.22.1
COMMITMENTS AND CONTINGENCIES (Tables)
 12 Months Ended
Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]  
SCHEDULE OF COMPONENTS OF LEASE COST

Components of lease cost under ASC 842 for the years ended December 31, 2021 and 2020 are as follows:

 

    2021     2020  
    For the years ended December 31,  
    2021     2020  
Operating lease cost   $ 1,761,000     $ 1,736,000  
Variable lease cost   $ 445,000     $ 337,000  
Short-term lease cost   $ 183,000     $ 61,000  
SCHEDULE OF SUPPLEMENTAL CASH FLOW INFORMATION RELATED TO LEASES

The following table presents information about the amount and timing of cash flows arising from operating leases under ASC 842 as of December 31, 2021:

 

Maturity of lease liabilities:        
2022   $ 1,818,000  
2023     1,834,000  
2024     1,879,000  
2025     1,896,000  
2026     871,000  
Thereafter     3,663,000  
Total undiscounted operating lease payments     11,961,000  
Less: imputed interest     2,583,000  
Present value of operating lease liabilities   $ 9,378,000  
         
Balance sheet classification:        
Current portion of lease liability   $ 1,818,000  
Long-term lease liability     7,560,000  
Total operating lease liabilities   $ 9,378,000  
         
Other information:        
Weighted-average remaining lease term for operating leases     86 months  
Weighted-average discount rate for operating leases     7.4 %