Quarterly report pursuant to Section 13 or 15(d)

Leases

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

Note 4 – Leases

 

Operating Leases

 

The Company has lease arrangements for office spaces and an equipment lease. These leases expire at various dates through 2024.

 

    As of and
for the Three
Months
Ended
March 31,
2022
 
       
Operating Lease Expense   $ 248,391  
         
Additional Lease information:        
Weighted average remaining lease term-operating leases (in years)     1.60  
Weighted average discount rate-operating leases     7 %
         
Future minimum lease payments under non-cancellable leases as of March 31, 2022, were as follows:        
         
April 1, 2022 to March 31, 2023   $ 710,952  
April 1, 2023 to March 31, 2024     441,534  
Thereafter    
-
 
Total future minimum lease payments   $ 1,152,486  
Less portion representing interest     78,096  
Present value of lease obligations   $ 1,074,390  
Less current portion of lease obligations     680,173  
Long term portion of lease obligations   $ 394,217