LEASES (Tables)

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Schedule of components of lease costs

The following is a summary of lease cost recognized in the Company's consolidated statements of operations for the year ended December 31, 2019:

	Year ended December 31, 2019
	Operating Leases		Finance Leases
Lease cost in general and administrative expenses:
Operating lease expense	$	188,977	$	-
Amortization of finance lease ROU assets		-		97,478
Total lease cost in general and administrative expenses		188,977		97,478
Lease cost in other expense:
Interest on finance lease liabilities		-		2,288
Total lease cost in other expense		-		2,288
Total lease cost	$	188,977	$	99,766

Schedule of cash flow information related to leases

The following is a summary of the impact of the Company's leases on the consolidated statements of cash flows for the year ended December 31, 2019:

	Year ended December 31, 2019
Leasing activity in cash flows from operating activities:
Operating leases		(182,917	)
Interest payments on finance lease liabilities		(2,288	)
Total leasing activity in cash flows from operating activities		(185,205	)
Leasing activity in cash flows from financing activities:
Principal payments on finance lease liabilities		(26,486	)
Total leasing activity in cash flows from financing activities:		(26,486	)

Schedule of weightesd average remaining lease term and weighted average discount rate

The following is a summary of the weightesd average remaining lease term and weighted average discount rate for the Company's population of leases as of December 31, 2019:

	Operating Leases			Finance Leases
Weighted average remaining lease term (years)		1.5			1.2
Weighted average discount rate		6.88	%		2.62	%

Schedule of future annual minimum cash payments required under operating lease

The future annual minimum lease payments required under the Company's leases as of December 31, 2019 are as follows:

	Operating Leases			Finance Leases			Total
Future minimum lease payments
2020	$	310,532		$	363,022		$	673,554
2021		102,343			88,134			190,477
2022		7,175			50,033			57,208
Total future minimum lease payments		420,050			501,189			921,239
Less: Amount representing interest		(17,823	)		(14,494	)		(32,317	)
Present value of lease liabilities		402,227			486,695			888,922
Less current portion		(294,916	)		(354,158	)		(649,074	)
Long-term portion	$	107,311		$	132,537		$	239,848