Note 9 – Finance and Operating Lease Obligations

We lease property and equipment under finance and operating leases. For leases with terms greater than 12 months, we record the related right-of-use assets and right-of-use obligations at the present value of lease payments over the term. We do not separate lease and non-lease components of contracts.

Generally, we use our most recent agreed upon borrowing interest rate at lease commencement as our interest rate, as most of our operating leases do not provide a readily determinable implicit interest rate.

The following table presents our lease-related assets and liabilities at September 30, 2021 (unaudited) and December 31, 2020:

 Schedule of Lease-related Assets and Liabilities

The following table presents certain information related to lease expense for finance and operating leases for the three months and nine months ended September 30, 2021 and 2020:

Schedule of Information Related to Lease Expense for Finance and Operating Leases 

Other Information

The following table presents supplemental cash flow information for the nine months ended September 30, 2021 and 2020:

 Schedule of Supplemental Cash Flow Information

Aggregate future minimum lease payments under right-of-use operating and finance leases are as follows:

Schedule of Future Minimum Rentals Under Right-to-use Operating and Finance Leases 

As of September 30, 2021, the Company was in default under its finance lease obligation, therefore, the aggregate future minimum lease payments and accrued interest under this finance lease totaling approximately $0.2 million is deemed to be immediately due.