Finance and Operating Lease Obligations (Tables)
|
9 Months Ended |
Sep. 30, 2022 |
|---|
| Finance And Operating Lease Obligations |
|
| Schedule of Lease-related Assets and Liabilities |
The
following table presents our lease-related assets and liabilities at September 30, 2022 (unaudited) and December 31, 2021:
Schedule of Lease-related Assets and Liabilities
| |
|
Balance Sheet Classification |
|
September 30, 2022
|
|
|
December 31, 2021
|
|
| |
|
|
|
|
|
|
|
|
| Assets: |
|
|
|
|
|
|
|
|
|
|
| Operating leases |
|
Right-of-use operating lease assets |
|
$ |
640,386 |
|
|
$ |
821,274 |
|
| Finance lease |
|
Property and equipment, net |
|
|
220,461 |
|
|
|
220,461 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Total lease assets |
|
|
|
$ |
860,847 |
|
|
$ |
1,041,735 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Liabilities: |
|
|
|
|
|
|
|
|
|
|
| Current: |
|
|
|
|
|
|
|
|
|
|
| Operating leases |
|
Right-of-use operating lease obligations |
|
$ |
239,449 |
|
|
$ |
247,017 |
|
| Finance lease |
|
Current liabilities |
|
|
220,461 |
|
|
|
220,461 |
|
| Noncurrent: |
|
|
|
|
|
|
|
|
|
|
| Operating leases |
|
Right-of-use operating lease obligations |
|
|
400,937 |
|
|
|
574,257 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Total lease liabilities |
|
|
|
$ |
860,847 |
|
|
$ |
1,041,735 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Weighted-average remaining term: |
|
|
|
|
|
|
|
|
|
|
| Operating leases |
|
|
|
|
2.68 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 and nine months
ended September 30, 2022 and 2021 (unaudited):
Schedule of Lease Expense
| |
|
Three
Months Ended
September 30, 2022 |
|
|
Three
Months Ended
September 30, 2021 |
|
|
Nine
Months Ended
September 30, 2022 |
|
|
Nine
Months Ended
September 30, 2021 |
|
| Finance lease
expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Depreciation/amortization
of lease assets |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
| Interest on lease liabilities |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Operating leases: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Short-term
lease expense (2) |
|
|
83,211 |
|
|
|
44,342 |
|
|
|
248,250 |
|
|
|
151,025 |
|
| Total
lease expense |
|
$ |
83,211 |
|
|
$ |
44,342 |
|
|
$ |
248,250 |
|
|
$ |
151,025 |
|
| |
(1) |
As
of September 30, 2022 and December 31, 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 in the amount of $0.2 million are deemed to be immediately
due. |
| |
|
|
| |
(2) |
Expenses
are included in general and administrative expenses in the unaudited condensed consolidated statements of operations. |
|
| Schedule of Lease Supplemental Cash Flow Information |
The
following table presents supplemental cash flow information for the nine months ended September 30, 2022 and 2021 (unaudited):
Schedule
of Lease Supplemental Cash Flow Information
| |
|
Nine Months Ended
September 30, 2022 |
|
|
Nine Months Ended
September 30, 2021 |
|
| Cash paid for amounts included in the measurement of lease liabilities: |
|
|
|
|
|
|
|
|
| Operating cash flows for operating leases obligations |
|
$ |
218,846 |
|
|
$ |
168,923 |
|
| Operating cash flows for finance lease |
|
$ |
- |
|
|
$ |
- |
|
| Financing cash flows for finance lease payments |
|
$ |
- |
|
|
$ |
29,524 |
|
|
| 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 (unaudited):
Schedule of Future Minimum Rentals Under Right-of-use Operating and Finance Leases
| |
|
Right-of-Use Operating Leases |
|
|
Finance Lease |
|
| Twelve months ending September 30: |
|
|
|
|
|
|
|
|
| 2023 |
|
$ |
307,082 |
|
|
$ |
224,252 |
|
| 2024 |
|
|
217,839 |
|
|
|
- |
|
| 2025 |
|
|
223,795 |
|
|
|
- |
|
| 2026 |
|
|
18,650 |
|
|
|
- |
|
| 2027 |
|
|
- |
|
|
|
- |
|
| Thereafter |
|
|
- |
|
|
|
- |
|
| Total |
|
|
767,366 |
|
|
|
224,252 |
|
| |
|
|
|
|
|
|
|
|
| Less interest |
|
|
(126,980 |
) |
|
|
(3,791 |
) |
| Present value of minimum lease payments |
|
|
640,386 |
|
|
|
220,461 |
|
| |
|
|
|
|
|
|
|
|
| Less current portion of lease obligations |
|
|
(239,449 |
) |
|
|
(220,461 |
) |
| Lease obligations, net of current portion |
|
$ |
400,937 |
|
|
$ |
- |
|
|