Annual report pursuant to Section 13 and 15(d)

Finance and Operating Lease Obligations (Tables)

v3.22.1
Finance and Operating Lease Obligations (Tables)
12 Months Ended
Dec. 31, 2021
Finance And Operating Lease Obligations  
Schedule of Lease-related Assets and Liabilities

The following table presents our lease-related assets and liabilities at December 31, 2021 and 2020:

 

    Balance Sheet Classification   December 31,
2021
    December 31,
2020
 
                 
Assets:                    
Operating leases   Right-of-use operating lease assets   $ 821,274     $ 1,000,272  
Finance leases   Property and equipment, net     220,461       249,985  
                     
Total lease assets       $ 1,041,735     $ 1,250,257  
                     
Liabilities:                    
Current:                    
Operating leases   Right-of-use operating lease obligations   $ 247,017     $ 172,952  
Finance leases   Current liabilities     220,461       249,985  
Noncurrent:                    
Operating leases   Right-of-use operating lease obligations     574,257       827,320  
                     
Total lease liabilities       $ 1,041,735     $ 1,250,257  
                     
Weighted-average remaining term:                    
Operating leases         3.57 years        4.17 years  
Finance leases (1)         0 years       0 years  
Weighted-average discount rate:                    
Operating leases         13.0 %     13.0 %
Finance leases         4.9 %     4.9 %
Schedule of Supplemental Cash Flow Information

The following table presents certain information related to lease expense for finance and operating leases for the years ended December 31, 2021 and 2020:

 

    Year Ended December 31,
2021
    Year Ended December 31,
2020
 
Finance lease expense:                
Depreciation/amortization of leased assets   $ -     $ 26,349  
Interest on lease liabilities     -       9,455  
Operating leases:                
Short-term lease expense (2)     198,187       169,465  
Total lease expense   $ 198,187     $ 205,269  

 

Other Information

 

The following table presents supplemental cash flow information for the years ended December 31, 2021 and 2020:

 

   

Year Ended

December 31,
2021

   

Year Ended

December 31,
2020

 
Cash paid for amounts included in the measurement of lease liabilities:            
Operating cash flows for operating leases   $ 277,278     $ 137,847  
Operating cash flows for finance leases   $ -     $ 9,455  
Financing cash flows for finance lease payments   $ 29,524     $ 200,709  
Schedule of Supplemental Cash Flow Information

The following table presents supplemental cash flow information for the years ended December 31, 2021 and 2020:

 

   

Year Ended

December 31,
2021

   

Year Ended

December 31,
2020

 
Cash paid for amounts included in the measurement of lease liabilities:            
Operating cash flows for operating leases   $ 277,278     $ 137,847  
Operating cash flows for finance leases   $ -     $ 9,455  
Financing cash flows for finance lease payments   $ 29,524     $ 200,709  
Schedule of Future Minimum Rentals Under Right-to-use Operating and Finance Leases

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

 

Twelve months ending December 31,  

Right-of-Use Operating

Leases

    Finance Lease  
2022   $ 339,538     $ 224,252  
2023     275,176       -  
2024     219,463       -  
2025     186,496       -  
Thereafter     -       -  
Total     1,020,673      

224,252

 
                 
Less interest     (199,399 )     (3,791 )
Present value of minimum lease payments   $ 821,274     $

220,461

 
                 
Less current portion of lease obligations     (247,017 )     (220,461 )
Lease obligations, net of current portion   $ 574,257     $ -