Finance and Operating Lease Obligations (Tables)
|
3 Months Ended |
Mar. 31, 2022 |
|---|
| Finance And Operating Lease Obligations |
|
| Schedule of Lease-related Assets and Liabilities |
The
following table presents our lease-related assets and liabilities at March 31, 2022 (unaudited) and December 31, 2021:
Schedule of Lease-related Assets and Liabilities
| |
|
Balance Sheet Classification |
|
March 31, 2022
|
|
|
December 31, 2021
|
|
| |
|
|
|
|
|
|
|
|
| Assets: |
|
|
|
|
|
|
|
|
|
|
| Operating leases |
|
Right-of-use operating lease assets |
|
$ |
793,862 |
|
|
$ |
821,274 |
|
| Finance lease |
|
Property and equipment, net |
|
|
220,461 |
|
|
|
220,461 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Total lease assets |
|
|
|
$ |
1,014,323 |
|
|
$ |
1,041,735 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Liabilities: |
|
|
|
|
|
|
|
|
|
|
| Current: |
|
|
|
|
|
|
|
|
|
|
| Operating leases |
|
Right-of-use operating lease obligations |
|
$ |
247,017 |
|
|
$ |
247,017 |
|
| Finance lease |
|
Current liabilities |
|
|
220,461 |
|
|
|
220,461 |
|
| Noncurrent: |
|
|
|
|
|
|
|
|
|
|
| Operating leases |
|
Right-of-use operating lease obligations |
|
|
546,845 |
|
|
|
574,257 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Total lease liabilities |
|
|
|
$ |
1,014,323 |
|
|
$ |
1,041,735 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Weighted-average remaining term: |
|
|
|
|
|
|
|
|
|
|
| Operating leases |
|
|
|
|
3.62 years
|
|
|
|
3.57 years |
|
| Finance lease (1) |
|
|
|
|
0 years |
|
|
|
0 years |
|
| Weighted-average discount rate: |
|
|
|
|
|
|
|
|
|
|
| Operating leases |
|
|
|
|
13.0 |
% |
|
|
13.0 |
% |
| Finance leases |
|
|
|
|
4.9 |
% |
|
|
4.9 |
% |
|
| Schedule of Lease Expense |
The
following table presents certain information related to lease expense for finance and operating leases for the three months ended March
31, 2022 and 2021 (unaudited):
Schedule of Lease Expense
| |
|
Three Months Ended March 31, 2022
|
|
|
Three Months Ended March 31, 2021
|
|
| Finance lease expense: |
|
|
|
|
|
|
|
|
| Depreciation/amortization of leased assets |
|
$ |
- |
|
|
$ |
- |
|
| Interest on lease liabilities |
|
|
- |
|
|
|
- |
|
| Operating leases: |
|
|
|
|
|
|
|
|
| Short-term lease expense (2) |
|
|
49,182 |
|
|
|
72,650 |
|
| Total lease expense |
|
$ |
49,182 |
|
|
$ |
72,650 |
|
|
| Schedule of Lease Supplemental Cash Flow Information |
The
following table presents supplemental cash flow information for the three months ended March 31, 2022 and 2021 (unaudited):
Schedule
of Lease Supplemental Cash Flow Information
| |
|
Three Months Ended March 31, 2022
|
|
|
Three Months Ended March 31, 2021
|
|
| Cash paid for amounts included in the measurement of lease liabilities: |
|
|
|
|
|
|
|
|
| Operating cash flows for operating leases obligations |
|
$ |
56,208 |
|
|
$ |
34,861 |
|
| Operating cash flows for finance lease |
|
$ |
- |
|
|
$ |
- |
|
| Financing cash flows for finance lease payments |
|
$ |
- |
|
|
$ |
- |
|
|
| Schedule of Future Minimum Rentals Under Right-of-use Operating and Finance Leases |
Aggregate
future minimum lease payments under right-of-use operating and finance leases are as follows:
Schedule of Future Minimum Rentals Under Right-of-use Operating and Finance Leases
| |
|
Right-of-Use Operating Leases |
|
|
Finance Lease |
|
| Twelve months ending March 31: |
|
|
|
|
|
|
|
|
| 2023 |
|
$ |
341,718 |
|
|
|
224,252 |
|
| 2024 |
|
|
243,270 |
|
|
|
- |
|
| 2025 |
|
|
221,088 |
|
|
|
- |
|
| 2026 |
|
|
130,547 |
|
|
|
- |
|
| Thereafter |
|
|
- |
|
|
|
- |
|
| Total |
|
|
936,623 |
|
|
|
224,252 |
|
| |
|
|
|
|
|
|
|
|
| Less interest |
|
|
(142,761 |
) |
|
|
(3,791 |
) |
| Present value of minimum lease payments |
|
|
793,862 |
|
|
|
220,461 |
|
| |
|
|
|
|
|
|
|
|
| Less current portion of lease obligations |
|
|
(247,017 |
) |
|
|
(220,461 |
) |
| Lease obligations, net of current portion |
|
$ |
546,845 |
|
|
|
- |
|
|