Quarterly report pursuant to Section 13 or 15(d)

LEASES

v3.22.1
LEASES
 3 Months Ended
Mar. 31, 2022
Leases [Abstract]  
LEASES

NOTE 6 — LEASES

 

We have operating leases for our new corporate office location and our existing corporate offices.  These two leases have remaining lease terms of 10.5 years and 9 months, respectively.

 

The components of lease expense were as follows:

               
    Three Months Ended  
    March 31,  
    2022   2021  
               
Operating lease cost   $ 78,442   $ 37,921  
Short-term lease cost     49,709     34,889  
Total lease cost   $ 128,151   $ 72,810  
               
Finance lease cost:              
Amortization of right-of-use assets   $ —   $ 795  
Interest on lease liabilities     —     28  
Total finance lease cost   $ —   $ 823  

 

Supplemental cash flow information related to leases was as follows:

               
    Three Months Ended  
    March 31,  
    2022   2021  
Cash paid for amounts included in the measurement of lease liabilities:              
Operating cash flows from operating leases   $ 63,193   $ 35,248  
Financing cash flows from finance leases     —     803  

 

 

Supplemental balance sheet information related to leases was as follows:

 

    March 31,
2022		   December 31,
2021		  
               
Operating Leases              
Operating lease right-of-use assets   $ 4,309,282   $ 95,553  
               
Operating lease current liabilities     395,359     95,553  
Operating lease long term liabilities     3,913,923     —  
Total operating lease liabilities   $ 4,309,282   $ 95,553  
               
Finance Leases              
Property and equipment, at cost   $ —   $ 12,725  
Accumulated depreciation     —     (12,725 )
Property and equipment, net   $ —   $ —  
               
Finance lease current liabilities     —     —  
Finance lease long term liabilities     —     —  
Total finance lease liabilities   $ —   $ —  

 

 

    March 31,
2022		   December 31,
2021		  
           
Weighted Average Remaining Lease Term          
Operating leases   10.4 Years   0.6 Years  
Finance leases   0 Years   0 Years  
           
Weighted Average Discount Rate          
Operating leases   4.05%   4.75%  
Finance leases   —   4.75%  

 

 

Maturities of lease liabilities are as follows:

 

Year Ending December 31,   Operating Leases   Finance Leases  
2022 (excluding the three months ended March 31, 2022)   $ 435,067   $ —  
2023     499,503     —  
2024     499,503     —  
2025     499,503     —  
2026     499,503     —  
Thereafter     2,830,518     —  
Total undiscounted lease payments     5,263,597     —  
Less: imputed interest     (954,315 )   —  
Total lease liabilities   $ 4,309,282   $ —