Quarterly report pursuant to Section 13 or 15(d)

COMMITMENTS AND CONTINGENCIES (Tables)

v3.22.2.2
COMMITMENTS AND CONTINGENCIES (Tables)
 9 Months Ended
Sep. 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 September 30, 2022 and December 31, 2021:
 
Leases
 
Classification
 
 
As of September
30, 2022
 
 
As of December
31, 2021
 
Assets
 
 
 
 
 
 
 
 
 
 
 
 
Operating lease assets
 
 
Operating lease right-of-use assets
 
 
$
5,674,378
 
 
$
481,027
 
Finance lease assets
 
 
Buildings, net of depreciation
 
 
 
-
 
 
 
3,433,005
 
Total lease assets
 
 
 
 
 
$
5,674,378
 
 
$
3,914,032
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
Current
 
 
 
 
 
 
 
 
 
 
 
 
Operating
 
 
Current portion of operating lease obligations
 
 
$
1,655,199
 
 
$
198,440
 
Finance
 
 
Notes payable including current portion of long-term debt
 
 
 
-
 
 
 
714,659
 
Non-current
 
 
 
 
 
 
 
 
 
 
 
 
Operating
 
 
Operating lease obligations, net of current portion
 
 
 
3,584,849
 
 
 
283,197
 
Finance
 
 
Long-term debt, net
 
 
 
-
 
 
 
2,831,284
 
Total lease liabilities
 
 
 
 
 
$
5,240,048
 
 
$
4,027,580
 
Lease Cost

The table below presents the components of lease costs for the three and nine months ended September 30, 2022 and 2021:
 
 
 
Three months ended September
30, 2022
 
 
Three months ended September
30, 2021
 
 
Nine months ended September
30, 2022
 
 
Nine months ended September
30, 2021
 
Operating lease cost
 
$
219,407
 
 
$
13,576
 
 
$
456,510
 
 
$
40,377
 
Finance lease cost
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amortization of leased assets
 
 
-
 
 
 
-
 
 
 
368,007
 
 
 
-
 
Interest on lease liabilities
 
 
-
 
 
 
-
 
 
 
93,853
 
 
 
-
 
Total lease costs
 
$
219,407
 
 
$
13,576
 
 
$
918,370
 
 
$
40,377
 

The table below presents the weighted average remaining lease terms and weighted average discount rates for the Company's leases as of September 30, 2022 and December 31, 2021:
 
 
 
As of September 30,
2022
 
 
As of December 31,
2021
 
Weighted average remaining lease term (in years)
 
 
 
 
 
 
 
 
Operating leases
 
 
2.9
 
 
 
2.2
 
Financing leases
 
 
-
 
 
 
4.8
 
 
 
 
 
 
 
 
 
 
Weighted average discount rate
 
 
 
 
 
 
 
 
Operating leases
 
 
4.52
%
 
 
1.00
%
Financing leases
 
 
-
 
 
 
4.25
%
Lessee, Operating Lease, Liability, Maturity [Table Text Block]
The table below presents the maturity of the lease liabilities as of September 30, 2022:
 
 
 
Operating leases
 
2022
 
$
630,136
 
2023
 
 
1,855,165
 
2024
 
 
1,800,227
 
2025
 
 
1,251,911
 
2026
 
 
208,568
 
Thereafter
 
 
0
 
Total lease payments:
 
 
5,746,007
 
Less: present value discount
 
 
(505,959
)
Total lease liabilities
 
$
5,240,048
 
Finance Leases
The table below presents the maturity of the lease liabilities as of September 30, 2022:
 
 
 
Operating leases
 
2022
 
$
630,136
 
2023
 
 
1,855,165
 
2024
 
 
1,800,227
 
2025
 
 
1,251,911
 
2026
 
 
208,568
 
Thereafter
 
 
0
 
Total lease payments:
 
 
5,746,007
 
Less: present value discount
 
 
(505,959
)
Total lease liabilities
 
$
5,240,048