Quarterly report pursuant to Section 13 or 15(d)

COMMITMENTS AND CONTINGENCIES (Tables)

v3.22.2.2
COMMITMENTS AND CONTINGENCIES (Tables)
 6 Months Ended
Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]  
Lease-Related Assets and Liabilities
The table below presents the lease-related assets and liabilities recorded on the balance sheet at June 30, 2022 and December 31, 2021:
 
Leases
 
Classification
 
 
As of June 30, 2022
 
 
As of December 31, 2021
 
Assets
 
 
 
 
 
 
 
 
 
 
 
 
Operating lease assets
 
Operating lease right-of-use assets
 
 
$
3,897,433
 
 
$
481,027
 
Finance lease assets
 
Buildings, net of depreciation
 
 
 
3,189,395
 
 
 
3,433,005
 
Total lease assets
 
 
 
 
 
$
7,086,828
 
 
$
3,914,032
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
Current
 
 
 
 
 
 
 
 
 
 
 
 
Operating
 
Current portion of operating lease obligations
 
 
$
768,076
 
 
$
198,440
 
Finance
 
Notes payable including current portion of long-term debt
 
 
 
46,257
 
 
 
714,659
 
Non-current
 
 
 
 
 
 
 
 
 
 
 
 
Operating
 
Operating lease obligations, net of current portion
 
 
 
3,129,444
 
 
 
283,197
 
Finance
 
Long-term debt, net
 
 
 
3,595,291
 
 
 
2,831,284
 
Total lease liabilities
 
 
 
 
 
$
7,539,068
 
 
$
4,027,580
 
Lease Cost
The table below presents the components of lease costs for the three and six months ended June 30, 2022 and 2021:
 
 
 
Three months
ended June 30,
2022
 
 
Three months
ended June 30,
2021
 
 
Six months
ended June 30,
2022
 
 
Six months
ended June 30,
2021
 
Operating lease cost
 
$
65,054
 
 
$
13,400
 
 
$
125,917
 
 
$
26,800
 
Finance lease cost
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amortization of leased assets
 
 
190,229
 
 
 
-
 
 
 
368,007
 
 
 
-
 
Interest on lease liabilities
 
 
47,222
 
 
 
-
 
 
 
93,853
 
 
 
-
 
Total lease costs
 
$
302,505
 
 
$
13,400
 
 
$
587,777
 
 
$
26,800
 
 
The table below presents the weighted average remaining lease terms and weighted average discount rates for the Company's leases as of June 30, 2022 and December 31, 2021:
 
 
 
As of June 30,
2022
 
 
As of December 31,
2021
 
Weighted average remaining lease term (in years)
 
 
 
 
 
 
 
 
Operating leases
 
 
2.8
 
 
 
2.2
 
Financing leases
 
 
4.3
 
 
 
4.8
 
 
 
 
 
 
 
 
 
 
Weighted average discount rate
 
 
 
 
 
 
 
 
Operating leases
 
 
4.58
%
 
 
1.00
%
Financing leases
 
 
4.25
%
 
 
4.25
%
Lessee, Operating Lease, Liability, Maturity [Table Text Block]
The table below presents the maturity of the lease liabilities as of June 30, 2022:
 
 
 
Operating leases
 
 
Finance Leases
 
2022
 
$
119,176
 
 
$
112,298
 
2023
 
 
1,442,002
 
 
 
230,188
 
2024
 
 
1,378,695
 
 
 
237,094
 
2025
 
 
1,232,556
 
 
 
244,207
 
2026
 
 
-
 
 
 
3,527,965
 
Thereafter
 
 
-
 
 
 
-
 
Total lease payments:
 
 
4,172,429
 
 
 
4,351,752
 
Less: present value discount
 
 
(274,909
 )
 
 
(710,204
)
Total lease liabilities
 
$
3,897,520
 
 
$
3,641,548
 
Finance Leases
The table below presents the maturity of the lease liabilities as of June 30, 2022:
 
 
 
Operating leases
 
 
Finance Leases
 
2022
 
$
119,176
 
 
$
112,298
 
2023
 
 
1,442,002
 
 
 
230,188
 
2024
 
 
1,378,695
 
 
 
237,094
 
2025
 
 
1,232,556
 
 
 
244,207
 
2026
 
 
-
 
 
 
3,527,965
 
Thereafter
 
 
-
 
 
 
-
 
Total lease payments:
 
 
4,172,429
 
 
 
4,351,752
 
Less: present value discount
 
 
(274,909
 )
 
 
(710,204
)
Total lease liabilities
 
$
3,897,520
 
 
$
3,641,548